Bank of America Corp DE Sells 207,804 Shares of NetApp, Inc. (NASDAQ:NTAP)

Bank of America Corp DE lowered its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 23.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 662,325 shares of the data storage provider's stock after selling 207,804 shares during the period. Bank of America Corp DE owned approximately 0.33% of NetApp worth $76,883,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Resonant Capital Advisors LLC grew its stake in shares of NetApp by 1.8% in the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider's stock worth $516,000 after purchasing an additional 80 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of NetApp by 2.5% in the 4th 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 last quarter. Geneos Wealth Management Inc. grew its stake in shares of NetApp by 22.3% in the 4th quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider's stock worth $64,000 after purchasing an additional 100 shares during the last quarter. Moors & Cabot Inc. grew its stake in shares of NetApp by 3.6% in the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider's stock worth $337,000 after purchasing an additional 100 shares during the last quarter. Finally, Coppell Advisory Solutions LLC grew its stake in shares of NetApp by 50.0% in 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 during the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Stock Up 0.2%

NTAP traded up $0.17 on Thursday, reaching $99.82. 1,894,379 shares of the company traded hands, compared to its average volume of 1,918,656. The stock's 50 day moving average price is $88.46 and its 200-day moving average price is $108.74. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The company has a market cap of $20.30 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 2.45 and a beta of 1.40. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

NetApp Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Susquehanna cut shares of NetApp from a "positive" rating to a "neutral" rating and lowered their price objective for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. Barclays upgraded shares of NetApp from an "equal weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a report on Wednesday, April 30th. Keefe, Bruyette & Woods upgraded shares of NetApp to an "outperform" rating in a report on Wednesday, February 19th. Evercore ISI cut their price target on shares of NetApp from $120.00 to $100.00 and set an "in-line" rating on the stock in a report on Monday, April 28th. Finally, Citigroup cut their price target on shares of NetApp from $110.00 to $90.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $123.07.

Insiders Place Their Bets

In other NetApp news, CEO George Kurian sold 8,500 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 249,765 shares of the company's stock, valued at $20,438,269.95. The trade was a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Cesar Cernuda sold 19,696 shares of the company's stock in a transaction on Friday, March 28th. The stock was sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the sale, the president now directly owns 11,928 shares of the company's stock, valued at approximately $1,075,309.20. This represents a 62.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,224 shares of company stock valued at $3,531,872 over the last ninety days. Corporate 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.