Resona Asset Management Co. Ltd. Purchases Shares of 63,707 NetApp, Inc. (NASDAQ:NTAP)

Resona Asset Management Co. Ltd. bought a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 63,707 shares of the data storage provider's stock, valued at approximately $7,403,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of NetApp during the 4th quarter valued at approximately $26,000. Assetmark Inc. raised its holdings in NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock valued at $28,000 after buying an additional 215 shares during the last quarter. Synergy Investment Management LLC acquired a new stake in NetApp during the 4th quarter worth approximately $32,000. Golden State Wealth Management LLC acquired a new position in NetApp in the 4th quarter valued at approximately $35,000. Finally, OFI Invest Asset Management bought a new position in shares of NetApp during the fourth quarter valued at $39,000. Institutional investors own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Loop Capital lowered their target price on NetApp from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Wells Fargo & Company reduced their target price on NetApp from $130.00 to $115.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods upgraded shares of NetApp to an "outperform" rating in a research report on Wednesday, February 19th. Barclays decreased their price objective on shares of NetApp from $132.00 to $115.00 and set an "equal weight" rating for the company in a research report on Friday, February 28th. Finally, Wedbush reiterated a "neutral" rating and set a $110.00 price target (down from $120.00) on shares of NetApp in a 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.com, the company has a consensus rating of "Hold" and a consensus target price of $129.07.

Insider Buying and Selling

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 271,282 shares in the company, valued at approximately $33,375,824.46. This trade represents a 3.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Anders Gustafsson acquired 2,800 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The shares were acquired at an average cost of $91.00 per share, for a total transaction of $254,800.00. Following the completion of the transaction, the director now directly owns 6,348 shares of the company's stock, valued at $577,668. The trade was a 78.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 50,176 shares of company stock valued at $5,445,901 over the last ninety days. Company insiders own 0.47% of the company's stock.

NetApp Trading Up 0.4 %

Shares of NTAP stock traded up $0.36 during mid-day trading on Friday, reaching $82.64. The stock had a trading volume of 2,738,498 shares, compared to its average volume of 1,917,005. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The stock's 50-day moving average price is $100.27 and its two-hundred day moving average price is $114.11. The firm has a market capitalization of $16.81 billion, a PE ratio of 15.19, a price-to-earnings-growth 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.

NetApp Dividend Announcement

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

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.