OVERSEA CHINESE BANKING Corp Ltd Sells 4,258 Shares of NetApp, Inc. (NASDAQ:NTAP)

OVERSEA CHINESE BANKING Corp Ltd lowered its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 45.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,132 shares of the data storage provider's stock after selling 4,258 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in NetApp were worth $596,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. M&T Bank Corp increased its stake in shares of NetApp by 4.8% during the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider's stock worth $1,485,000 after purchasing an additional 581 shares during the last quarter. Versor Investments LP bought a new stake in NetApp in the fourth quarter worth $395,000. Intech Investment Management LLC boosted its holdings in NetApp by 8.9% in the third quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider's stock worth $37,301,000 after purchasing an additional 24,651 shares in the last quarter. AMJ Financial Wealth Management increased its position in NetApp by 120.7% during the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider's stock worth $7,998,000 after buying an additional 37,684 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in NetApp by 20.9% during the third quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider's stock valued at $5,225,000 after buying an additional 7,318 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

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NetApp Stock Performance

Shares of NTAP traded down $0.73 on Tuesday, reaching $94.39. 2,095,288 shares of the stock traded hands, compared to its average volume of 1,748,144. The stock's 50-day moving average price is $112.05 and its 200-day moving average price is $117.91. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The firm has a market cap of $19.20 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a 12 month low of $89.88 and a 12 month high of $135.45.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, April 4th. NetApp's payout ratio is 38.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NTAP. StockNews.com lowered NetApp from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Wells Fargo & Company lowered their price target on NetApp from $130.00 to $115.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Barclays dropped their price target on shares of NetApp from $132.00 to $115.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. JPMorgan Chase & Co. lowered their target price on shares of NetApp from $160.00 to $153.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, Morgan Stanley lifted their target price on shares of NetApp from $132.00 to $146.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $129.07.

Insider Activity

In other news, President Cesar Cernuda sold 22,000 shares of the business's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $114.99, for a total value of $2,529,780.00. Following the sale, the president now owns 27,099 shares in the company, valued at approximately $3,116,114.01. The trade was a 44.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 451 shares of the business's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $116.79, for a total transaction of $52,672.29. Following the completion of the transaction, the executive vice president now owns 12,005 shares in the company, valued at approximately $1,402,063.95. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,931 shares of company stock worth $6,252,759. Corporate insiders own 0.47% of the company's stock.

NetApp Profile

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.