2,124 Shares in NetApp, Inc. $NTAP Bought by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd. acquired 2,124 shares of NetApp, Inc. valued at approximately $226,000, reflecting growing institutional interest in the data storage provider.
• NetApp announced a quarterly dividend of $0.52 per share, with a dividend yield of 1.8%, payable on October 22nd, which demonstrates the company's commitment to returning value to shareholders.
• Analysts have a consensus rating of "Hold" on NetApp with a price target of approximately $124.07, indicating a cautious outlook amidst mixed performance trends.

LGT Fund Management Co Ltd. purchased a new stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,124 shares of the data storage provider's stock, valued at approximately $226,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Manchester Capital Management LLC grew its position in NetApp by 375.0% during the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock valued at $25,000 after buying an additional 225 shares during the period. 1248 Management LLC acquired a new stake in NetApp during the first quarter valued at $25,000. Olde Wealth Management LLC acquired a new stake in NetApp during the first quarter valued at $29,000. Migdal Insurance & Financial Holdings Ltd. grew its position in NetApp by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock valued at $31,000 after buying an additional 124 shares during the period. Finally, Summit Securities Group LLC acquired a new stake in NetApp during the first quarter valued at $36,000. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Price Performance

Shares of NTAP stock opened at $118.72 on Friday. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28. The firm's 50-day moving average is $114.37 and its two-hundred day moving average is $102.74. NetApp, Inc. has a 12 month low of $71.84 and a 12 month high of $135.45. The company has a market capitalization of $23.70 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 2.58 and a beta of 1.45.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio is currently 36.75%.

Insider Transactions at NetApp

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $105.90, for a total value of $105,900.00. Following the transaction, the executive vice president directly owned 23,251 shares in the company, valued at approximately $2,462,280.90. This represents a 4.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Lorenzo Daniel De sold 779 shares of the company's stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $121.87, for a total transaction of $94,936.73. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,529 shares of company stock worth $3,350,714. 0.28% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on NTAP shares. Weiss Ratings restated a "hold (c+)" rating on shares of NetApp in a research report on Saturday, September 27th. Barclays lifted their target price on shares of NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Citigroup lifted their target price on shares of NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Monday, August 11th. Argus reiterated a "buy" rating and issued a $130.00 target price on shares of NetApp in a research report on Friday, August 29th. Finally, Northland Securities lifted their target price on shares of NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Seven investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, NetApp presently has a consensus rating of "Hold" and a consensus price target of $124.07.

NetApp Company 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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