Ameriprise Financial Inc. Buys 888,671 Shares of NetApp, Inc. (NASDAQ:NTAP)

Ameriprise Financial Inc. grew its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 14.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,024,456 shares of the data storage provider's stock after purchasing an additional 888,671 shares during the quarter. Ameriprise Financial Inc. owned approximately 3.46% of NetApp worth $815,402,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Resonant Capital Advisors LLC grew its position in shares of NetApp by 1.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider's stock worth $516,000 after buying an additional 80 shares during the period. Larson Financial Group LLC grew its holdings in NetApp by 2.5% in the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider's stock worth $438,000 after purchasing an additional 92 shares during the period. Geneos Wealth Management Inc. increased its stake in NetApp by 22.3% in the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider's stock valued at $64,000 after purchasing an additional 100 shares in the last quarter. Moors & Cabot Inc. raised its holdings in shares of NetApp by 3.6% during the fourth quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider's stock valued at $337,000 after purchasing an additional 100 shares during the period. Finally, Coppell Advisory Solutions LLC boosted its position in shares of NetApp by 50.0% during the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. TD Cowen dropped their price target on NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company decreased their price target on shares of NetApp from $130.00 to $115.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Citigroup dropped their price objective on shares of NetApp from $110.00 to $90.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. decreased their target price on shares of NetApp from $153.00 to $113.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Finally, Barclays upgraded shares of NetApp from an "equal weight" rating to an "overweight" rating and set a $115.00 target price on the stock in a report on Wednesday. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, NetApp has a consensus rating of "Hold" and a consensus target price of $123.07.

Insider Activity at NetApp

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $81.83, for a total value of $695,555.00. Following the completion of the transaction, the chief executive officer now owns 249,765 shares in the company, valued at $20,438,269.95. This trade represents a 3.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cesar Cernuda sold 19,696 shares of the company's stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the sale, the president now owns 11,928 shares in the company, valued at $1,075,309.20. The trade was a 62.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,176 shares of company stock worth $5,095,701. Insiders own 0.47% of the company's stock.

NetApp Stock Performance

Shares of NTAP stock opened at $92.33 on Friday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The firm has a market cap of $18.78 billion, a price-to-earnings ratio of 16.97, a P/E/G ratio of 2.45 and a beta of 1.40. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The firm's 50-day simple moving average is $89.43 and its two-hundred day simple moving average is $110.14.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 23rd. Investors of record on Friday, April 4th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.25%. NetApp's dividend payout ratio (DPR) 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.

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