Quantbot Technologies LP Makes New $711,000 Investment in NetApp, Inc. (NASDAQ:NTAP)

Quantbot Technologies LP purchased a new position in NetApp, Inc. (NASDAQ:NTAP - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 6,126 shares of the data storage provider's stock, valued at approximately $711,000.

Other hedge funds have also recently modified their holdings of the company. Boston Partners lifted its holdings in NetApp by 53.9% in 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 period. KBC Group NV lifted its position in shares of NetApp by 276.9% in the 4th quarter. KBC Group NV now owns 891,033 shares of the data storage provider's stock worth $103,431,000 after purchasing an additional 654,626 shares during the period. Raymond James Financial Inc. bought a new stake in shares of NetApp during the 4th quarter valued at about $64,683,000. Geode Capital Management LLC grew its holdings in shares of NetApp by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider's stock worth $738,280,000 after acquiring an additional 453,324 shares during the period. Finally, Amundi boosted its position in shares of NetApp by 25.7% during the fourth quarter. Amundi now owns 1,948,917 shares of the data storage provider's stock valued at $228,492,000 after purchasing an additional 397,871 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

Insider Activity at NetApp

In other news, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $123.03, for a total transaction of $1,045,755.00. Following the completion of the transaction, the chief executive officer now owns 271,282 shares in the company, valued at $33,375,824.46. This trade represents a 3.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Michael J. Berry sold 12,500 shares of NetApp stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total value of $1,509,250.00. Following the completion of the sale, the chief financial officer now directly owns 123,243 shares in the company, valued at $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,931 shares of company stock valued at $6,252,759. Corporate insiders own 0.47% of the company's stock.

Remove Ads

NetApp Price Performance

Shares of NASDAQ:NTAP traded down $2.69 during trading on Friday, hitting $88.40. 2,662,211 shares of the company's stock were exchanged, compared to its average volume of 1,848,948. The business's 50-day simple moving average is $109.82 and its 200 day simple moving average is $117.26. The company has a market cap of $17.98 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a 52-week low of $88.14 and a 52-week high of $135.45. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, April 4th. This represents a $2.08 annualized dividend and a yield of 2.35%. NetApp's payout ratio is 38.52%.

Wall Street Analyst Weigh In

NTAP has been the subject of a number of analyst reports. Citigroup decreased their target price on shares of NetApp from $135.00 to $110.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd. JPMorgan Chase & Co. lowered their price objective on NetApp from $160.00 to $153.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Keefe, Bruyette & Woods raised NetApp to an "outperform" rating in a research note on Wednesday, February 19th. Loop Capital lowered their price target on NetApp from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Finally, Bank of America upgraded shares of NetApp from an "underperform" rating to a "neutral" rating and raised their price objective for the company from $121.00 to $128.00 in a research note on Wednesday, February 19th. Twelve investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $129.07.

NetApp Company 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.