Fifth Third Bancorp increased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 4.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,884 shares of the data storage provider’s stock after buying an additional 157 shares during the quarter. Fifth Third Bancorp’s holdings in NetApp were worth $240,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its stake in NetApp by 237.1% during the 2nd quarter. First Horizon Advisors Inc. now owns 482 shares of the data storage provider’s stock worth $31,000 after buying an additional 339 shares during the period. Ronald Blue Trust Inc. raised its stake in NetApp by 183.5% during the 3rd quarter. Ronald Blue Trust Inc. now owns 550 shares of the data storage provider’s stock worth $36,000 after buying an additional 356 shares during the period. Gradient Investments LLC raised its stake in shares of NetApp by 57.3% in the 3rd quarter. Gradient Investments LLC now owns 629 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 229 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of NetApp by 410.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 659 shares of the data storage provider’s stock valued at $54,000 after purchasing an additional 530 shares during the period. Finally, Lindbrook Capital LLC raised its stake in shares of NetApp by 457.7% in the 2nd quarter. Lindbrook Capital LLC now owns 976 shares of the data storage provider’s stock valued at $64,000 after purchasing an additional 801 shares during the period. Institutional investors and hedge funds own 87.92% of the company’s stock.
NetApp Trading Up 0.4 %
NetApp stock opened at $64.45 on Thursday. NetApp, Inc. has a 52 week low of $58.08 and a 52 week high of $96.82. The company has a debt-to-equity ratio of 1.99, a quick ratio of 1.28 and a current ratio of 1.36. The stock has a market capitalization of $13.89 billion, a P/E ratio of 9.75, a PEG ratio of 1.66 and a beta of 1.18. The stock has a 50-day simple moving average of $66.00 and a 200 day simple moving average of $67.54.
NetApp Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 25th. Stockholders of record on Friday, January 6th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Thursday, January 5th. NetApp’s dividend payout ratio is presently 30.26%.
Insider Transactions at NetApp
In other news, CEO George Kurian sold 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $60.40, for a total transaction of $135,900.00. Following the completion of the sale, the chief executive officer now owns 156,976 shares in the company, valued at $9,481,350.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Carrie Palin sold 2,707 shares of NetApp stock in a transaction that occurred on Monday, December 5th. The shares were sold at an average price of $64.30, for a total value of $174,060.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 2,250 shares of NetApp stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $60.40, for a total transaction of $135,900.00. Following the completion of the sale, the chief executive officer now owns 156,976 shares of the company’s stock, valued at $9,481,350.40. The disclosure for this sale can be found here. Insiders sold a total of 11,707 shares of company stock worth $748,890 over the last quarter. Company insiders own 0.26% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have issued reports on NTAP shares. Wells Fargo & Company dropped their price target on NetApp from $85.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 30th. Morgan Stanley downgraded NetApp from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $66.00 to $58.00 in a research note on Tuesday, December 13th. UBS Group dropped their price target on NetApp from $80.00 to $78.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 30th. Jefferies Financial Group started coverage on NetApp in a research note on Monday, October 31st. They issued a “buy” rating and a $88.00 price target on the stock. Finally, Cowen lowered their target price on NetApp from $93.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 30th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $77.95.
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, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.
- Get a free copy of the StockNews.com research report on NetApp (NTAP)
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