Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in NetApp, Inc. (NASDAQ:NTAP)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 7.6% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 196,726 shares of the data storage provider's stock after buying an additional 13,859 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.10% of NetApp worth $22,836,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. KBC Group NV raised its stake in NetApp by 276.9% during the 4th quarter. KBC Group NV now owns 891,033 shares of the data storage provider's stock valued at $103,431,000 after acquiring an additional 654,626 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of NetApp in the fourth quarter valued at approximately $64,683,000. Geode Capital Management LLC raised its stake in shares of NetApp by 8.2% during the third quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider's stock worth $738,280,000 after purchasing an additional 453,324 shares during the last quarter. Amundi lifted its holdings 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 worth $228,492,000 after purchasing an additional 397,871 shares during the period. Finally, Unigestion Holding SA lifted its holdings in shares of NetApp by 926.1% during the third quarter. Unigestion Holding SA now owns 283,674 shares of the data storage provider's stock worth $35,022,000 after purchasing an additional 256,028 shares during the period. Institutional investors and hedge funds own 92.17% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. StockNews.com downgraded shares of NetApp from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Bank of America raised shares of NetApp from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $121.00 to $128.00 in a report on Wednesday, February 19th. Wedbush restated a "neutral" rating and issued a $110.00 price objective (down previously from $120.00) on shares of NetApp in a research report on Friday, February 28th. Oppenheimer began coverage on NetApp in a research report on Wednesday, November 13th. They set a "market perform" rating on the stock. Finally, Morgan Stanley raised their price target on NetApp from $132.00 to $146.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Twelve investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, NetApp currently has an average rating of "Hold" and an average target price of $129.07.

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NetApp Price Performance

NetApp stock opened at $90.92 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The firm's 50-day simple moving average is $116.44 and its 200 day simple moving average is $119.89. NetApp, Inc. has a 52 week low of $90.08 and a 52 week high of $135.45. The firm has a market capitalization of $18.49 billion, a PE ratio of 16.71, a P/E/G ratio of 2.45 and a beta of 1.24.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a $0.52 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.29%. NetApp's dividend payout ratio is presently 38.52%.

Insider Transactions at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $124.29, for a total transaction of $1,056,465.00. Following the sale, the chief executive officer now owns 279,782 shares in the company, valued at approximately $34,774,104.78. This represents a 2.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Cesar Cernuda sold 22,000 shares of the firm's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the transaction, the president now directly owns 27,099 shares of the company's stock, valued at $3,116,114.01. The trade was a 44.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 61,431 shares of company stock valued at $7,309,224 in the last ninety days. Corporate insiders own 0.47% of the company's stock.

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.

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