NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Bridgeway Capital Management LLC

Bridgeway Capital Management LLC cut its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 16.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,250 shares of the data storage provider's stock after selling 5,350 shares during the period. Bridgeway Capital Management LLC's holdings in NetApp were worth $3,163,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. M&T Bank Corp raised its position in shares of NetApp by 4.8% in the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider's stock valued at $1,485,000 after purchasing an additional 581 shares during the last quarter. Versor Investments LP purchased a new stake in shares of NetApp in the fourth quarter worth about $395,000. AMJ Financial Wealth Management lifted its holdings in NetApp by 120.7% in the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider's stock valued at $7,998,000 after acquiring an additional 37,684 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in shares of NetApp by 9.2% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider's stock worth $156,268,000 after purchasing an additional 113,360 shares during the period. Finally, Brandywine Global Investment Management LLC purchased a new position in shares of NetApp during the 4th quarter valued at approximately $5,151,000. 92.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NTAP. Bank of America raised NetApp from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $121.00 to $128.00 in a research note on Wednesday, February 19th. Citigroup reduced their price objective on NetApp from $110.00 to $90.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Barclays raised NetApp from an "equal weight" rating to an "overweight" rating and set a $115.00 target price for the company in a research note on Wednesday, April 30th. StockNews.com lowered NetApp from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Finally, Wells Fargo & Company reduced their target price on shares of NetApp from $130.00 to $115.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $123.07.

NetApp Trading Up 5.3%

Shares of NTAP traded up $4.98 on Monday, hitting $98.43. 1,532,473 shares of the stock traded hands, compared to its average volume of 1,928,322. NetApp, Inc. has a 1 year low of $71.84 and a 1 year high of $135.45. The stock's 50 day moving average is $88.11 and its two-hundred day moving average is $109.02. The firm has a market capitalization of $20.02 billion, a P/E ratio of 18.09, a P/E/G ratio of 2.45 and a beta of 1.40. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 23rd. Investors of record on Friday, April 4th were paid a $0.52 dividend. The ex-dividend date was Friday, April 4th. This represents a $2.08 annualized dividend and a yield of 2.11%. NetApp's payout ratio is currently 38.52%.

Insider Buying and Selling

In related news, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $119.04, for a total value of $1,011,840.00. Following the sale, the chief executive officer now directly owns 266,765 shares of the company's stock, valued at approximately $31,755,705.60. This trade represents a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anders Gustafsson bought 2,800 shares of the firm's stock in a transaction that occurred on Thursday, March 27th. The stock was bought at an average cost of $91.00 per share, for a total transaction of $254,800.00. Following the completion of the transaction, the director now directly owns 6,348 shares of the company's stock, valued at approximately $577,668. The trade was a 78.92% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 37,224 shares of company stock worth $3,531,872. 0.47% of the stock is owned by company insiders.

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.