Bayesian Capital Management LP Takes Position in NetApp, Inc. (NASDAQ:NTAP)

Bayesian Capital Management LP acquired a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 8,400 shares of the data storage provider's stock, valued at approximately $975,000.

Several other hedge funds also recently added to or reduced their stakes in NTAP. Vanguard Group Inc. raised its stake in NetApp by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider's stock valued at $3,069,617,000 after buying an additional 429,343 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of NetApp by 14.5% during the 4th quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider's stock worth $815,402,000 after buying an additional 888,671 shares in the last quarter. Invesco Ltd. lifted its holdings in NetApp by 20.4% in the 4th quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider's stock valued at $362,544,000 after acquiring an additional 529,471 shares during the last quarter. Beutel Goodman & Co Ltd. grew its holdings in shares of NetApp by 0.4% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 2,887,795 shares of the data storage provider's stock valued at $335,215,000 after acquiring an additional 12,919 shares in the last quarter. Finally, Northern Trust Corp lifted its position in NetApp by 24.2% during the 4th quarter. Northern Trust Corp now owns 2,824,327 shares of the data storage provider's stock worth $327,848,000 after acquiring an additional 550,607 shares during the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at NetApp

In other news, Director Anders Gustafsson bought 2,800 shares of the company's stock in a transaction on Thursday, March 27th. The shares were acquired at an average cost of $91.00 per share, with a total value of $254,800.00. Following the completion of the transaction, the director now owns 6,348 shares of the company's stock, valued at approximately $577,668. This trade represents a 78.92 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the company's stock in a transaction dated Monday, April 21st. The stock was 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 owns 249,765 shares of the company's stock, valued at approximately $20,438,269.95. The trade was a 3.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,676 shares of company stock worth $3,586,451. 0.47% of the stock is owned by company insiders.

NetApp Price Performance

NASDAQ NTAP traded down $1.00 on Friday, hitting $93.44. 1,365,012 shares of the company's stock were exchanged, compared to its average volume of 1,929,918. The stock has a market cap of $19.01 billion, a price-to-earnings ratio of 17.18, a P/E/G ratio of 2.45 and a beta of 1.40. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The stock has a 50-day moving average of $88.11 and a 200-day moving average of $109.09. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.23%. NetApp's dividend payout ratio (DPR) is currently 38.52%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of NetApp to an "outperform" rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. decreased their price target on shares of NetApp from $153.00 to $113.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Barclays raised NetApp from an "equal weight" rating to an "overweight" rating and set a $115.00 price objective on the stock in a research note on Wednesday, April 30th. Wedbush reissued a "neutral" rating and issued a $110.00 price objective (down previously from $120.00) on shares of NetApp in a report on Friday, February 28th. Finally, TD Cowen reduced their target price on shares of NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $123.07.

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.