Federated Hermes Inc. Buys 408,541 Shares of NetApp, Inc. (NASDAQ:NTAP)

Federated Hermes Inc. boosted its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 280.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 554,399 shares of the data storage provider's stock after buying an additional 408,541 shares during the quarter. Federated Hermes Inc. owned approximately 0.27% of NetApp worth $64,355,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of NTAP. Vanguard Group Inc. boosted its stake in shares of NetApp by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider's stock worth $3,069,617,000 after acquiring an additional 429,343 shares during the period. Geode Capital Management LLC boosted its position in NetApp by 8.2% during the third quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider's stock worth $738,280,000 after purchasing an additional 453,324 shares during the period. Beutel Goodman & Co Ltd. increased its holdings in shares of NetApp by 0.4% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 2,887,795 shares of the data storage provider's stock valued at $335,215,000 after purchasing an additional 12,919 shares during the last quarter. Norges Bank bought a new position in shares of NetApp in the fourth quarter valued at about $306,440,000. Finally, Boston Partners lifted its stake in shares of NetApp by 53.9% during the 4th quarter. Boston Partners now owns 2,083,189 shares of the data storage provider's stock worth $241,867,000 after buying an additional 729,394 shares during the last quarter. Institutional investors own 92.17% of the company's stock.

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Analyst Upgrades and Downgrades

Several research analysts have weighed in on NTAP shares. Morgan Stanley increased their price target on shares of NetApp from $132.00 to $146.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Citigroup lowered their target price on NetApp from $135.00 to $110.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd. StockNews.com lowered NetApp from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Wedbush reiterated a "neutral" rating and set a $110.00 price objective (down previously from $120.00) on shares of NetApp in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. reduced their target price on shares of NetApp from $160.00 to $153.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $129.07.

NetApp Price Performance

NASDAQ NTAP traded up $0.36 on Friday, hitting $82.64. 2,738,498 shares of the company's stock were exchanged, compared to its average volume of 1,914,734. The stock has a 50-day moving average of $100.27 and a 200-day moving average of $114.19. The stock has a market cap of $16.81 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 2.45 and a beta of 1.31. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.52%. The ex-dividend date is Friday, April 4th. NetApp's dividend payout ratio (DPR) is presently 38.52%.

Insider Buying and Selling at NetApp

In other news, President Cesar Cernuda sold 19,696 shares of the stock in a transaction on Friday, March 28th. The stock was sold at an average price of $90.15, for a total value of $1,775,594.40. Following the completion of the transaction, the president now directly owns 11,928 shares in the company, valued at approximately $1,075,309.20. This represents a 62.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $123.03, for a total value of $1,045,755.00. Following the sale, the chief executive officer now owns 271,282 shares in the company, valued at $33,375,824.46. This represents a 3.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,176 shares of company stock worth $5,445,901 over the last 90 days. Insiders own 0.47% of the company's stock.

About NetApp

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.