Russell Investments Group Ltd. Raises Stake in NetApp, Inc. (NASDAQ:NTAP)

Russell Investments Group Ltd. boosted its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 2.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 674,993 shares of the data storage provider's stock after purchasing an additional 13,942 shares during the period. Russell Investments Group Ltd. owned about 0.33% of NetApp worth $78,411,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NTAP. Norges Bank bought a new stake in NetApp during the 4th quarter valued at $306,440,000. Boston Partners raised its stake in shares of NetApp by 53.9% during the fourth quarter. Boston Partners now owns 2,083,189 shares of the data storage provider's stock valued at $241,867,000 after acquiring an additional 729,394 shares during the last quarter. KBC Group NV grew its stake in shares of NetApp by 276.9% in the fourth 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 last quarter. Raymond James Financial Inc. bought a new stake in shares of NetApp in the fourth quarter worth about $64,683,000. Finally, Geode Capital Management LLC increased its holdings in 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 valued at $738,280,000 after purchasing an additional 453,324 shares during the period. Institutional investors own 92.17% of the company's stock.

NetApp Stock Performance

NTAP traded up $0.79 during midday trading on Friday, hitting $83.07. 776,784 shares of the company traded hands, compared to its average volume of 1,904,787. The company's 50-day moving average is $101.04 and its 200 day moving average is $114.46. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The firm has a market capitalization of $16.90 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39.

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NetApp Announces Dividend

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 issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.50%. The ex-dividend date is Friday, April 4th. NetApp's dividend payout ratio is currently 38.52%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods upgraded NetApp to an "outperform" rating in a research report on Wednesday, February 19th. Wedbush restated a "neutral" rating and issued a $110.00 price objective (down from $120.00) on shares of NetApp in a report on Friday, February 28th. Morgan Stanley lifted their target price on shares of NetApp from $132.00 to $146.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Barclays decreased their price target on shares of NetApp from $132.00 to $115.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Finally, Wells Fargo & Company cut their price objective on NetApp from $130.00 to $115.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $129.07.

Insiders Place Their Bets

In other news, President Cesar Cernuda sold 19,696 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the transaction, the president now owns 11,928 shares in the company, valued at $1,075,309.20. This represents a 62.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The shares were 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 owns 271,282 shares of the company's stock, valued at $33,375,824.46. This trade represents a 3.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,176 shares of company stock valued at $5,445,901. Company 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.