State of Tennessee Department of Treasury Grows Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

State of Tennessee Department of Treasury grew its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 24.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 77,913 shares of the data storage provider's stock after purchasing an additional 15,507 shares during the quarter. State of Tennessee Department of Treasury's holdings in NetApp were worth $9,044,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in NTAP. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in NetApp in the 4th quarter worth about $26,000. Assetmark Inc. lifted its holdings in shares of NetApp by 826.9% during the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock worth $28,000 after acquiring an additional 215 shares during the period. Synergy Investment Management LLC acquired a new stake in shares of NetApp in the fourth quarter worth approximately $32,000. Golden State Wealth Management LLC purchased a new stake in NetApp in the fourth quarter valued at approximately $35,000. Finally, OFI Invest Asset Management purchased a new stake in NetApp in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of NetApp to an "outperform" rating in a report on Wednesday, February 19th. Susquehanna cut NetApp from a "positive" rating to a "neutral" rating and reduced their target price for the company from $155.00 to $130.00 in a report on Monday, February 10th. JPMorgan Chase & Co. dropped their price target on NetApp from $153.00 to $113.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. 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 report on Friday, February 28th. Finally, Loop Capital decreased their target price on NetApp from $150.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Twelve equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, NetApp has a consensus rating of "Hold" and an average price target of $125.07.

NetApp Price Performance

Shares of NTAP stock opened at $84.86 on Thursday. The firm has a fifty day simple moving average of $94.13 and a 200-day simple moving average of $112.03. The company has a market capitalization of $17.26 billion, a PE ratio of 15.60, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. NetApp, Inc. has a twelve month low of $71.84 and a twelve month 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th were given a $0.52 dividend. The ex-dividend date was Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.45%. NetApp's payout ratio is currently 38.52%.

Insider Activity

In related news, CFO Michael J. Berry sold 12,500 shares of the 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 transaction, the chief financial officer now owns 123,243 shares of the company's stock, valued at approximately $14,880,359.82. This represents a 9.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 452 shares of NetApp stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $120.75, for a total value of $54,579.00. Following the sale, the executive vice president now owns 11,553 shares in the company, valued at $1,395,024.75. This represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,176 shares of company stock worth $5,095,701 over the last ninety days. 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.

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