Mn Services Vermogensbeheer B.V. Invests $8.23 Million in NetApp, Inc. $NTAP

Key Points

• Mn Services Vermogensbeheer B.V. acquired 77,200 shares of NetApp, Inc. valued at approximately $8,226,000 in the second quarter, highlighting institutional interest in the company.
• Analysts have raised their price targets for NetApp, with Citigroup setting a new target of $115.00 and Barclays increasing theirs to $125.00, indicating positive outlooks for the stock.
• NetApp announced a quarterly dividend of $0.52 per share, with a dividend yield of 1.7%, scheduled to be paid on October 22nd.

Mn Services Vermogensbeheer B.V. acquired a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 77,200 shares of the data storage provider's stock, valued at approximately $8,226,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its stake in NetApp by 4,687.6% during the first quarter. Pacer Advisors Inc. now owns 1,068,694 shares of the data storage provider's stock worth $93,874,000 after purchasing an additional 1,046,372 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of NetApp by 1,230.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,007,591 shares of the data storage provider's stock valued at $107,359,000 after buying an additional 931,850 shares during the period. Vanguard Group Inc. lifted its stake in NetApp by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider's stock worth $2,375,363,000 after acquiring an additional 597,956 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in NetApp by 18.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,546,548 shares of the data storage provider's stock valued at $311,529,000 after acquiring an additional 560,218 shares during the period. Finally, Federated Hermes Inc. grew its position in NetApp by 97.7% in the 1st quarter. Federated Hermes Inc. now owns 1,096,236 shares of the data storage provider's stock valued at $96,293,000 after acquiring an additional 541,837 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total transaction of $123,670.00. Following the transaction, the executive vice president directly owned 23,628 shares of the company's stock, valued at approximately $2,922,074.76. This trade represents a 4.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO George Kurian sold 8,750 shares of the firm's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total value of $1,075,462.50. Following the transaction, the chief executive officer directly owned 274,938 shares in the company, valued at approximately $33,792,629.58. This represents a 3.08% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,750 shares of company stock valued at $3,255,778. 0.28% of the stock is owned by company insiders.

NetApp Stock Down 0.2%

NTAP stock traded down $0.26 during trading on Tuesday, hitting $124.35. 180,434 shares of the company's stock were exchanged, compared to its average volume of 2,074,234. The stock has a market capitalization of $24.82 billion, a price-to-earnings ratio of 21.98, a PEG ratio of 2.73 and a beta of 1.46. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The business has a 50-day moving average price of $111.76 and a two-hundred day moving average price of $101.04.

NetApp Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp's payout ratio is presently 36.75%.

Wall Street Analysts Forecast Growth

NTAP has been the topic of several research reports. Barclays increased their price target on shares of NetApp from $117.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Wells Fargo & Company reduced their target price on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Argus restated a "buy" rating and issued a $130.00 price target on shares of NetApp in a research note on Friday, August 29th. Citigroup increased their price objective on NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a research note on Monday, August 11th. Finally, JPMorgan Chase & Co. boosted their target price on NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $124.07.

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.