Berger Financial Group Inc reduced its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 94.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,881 shares of the data storage provider's stock after selling 45,321 shares during the quarter. Berger Financial Group Inc's holdings in NetApp were worth $307,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of NTAP. Assenagon Asset Management S.A. boosted its stake in NetApp by 39.6% in the first quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider's stock worth $3,250,000 after purchasing an additional 10,494 shares in the last quarter. Achmea Investment Management B.V. lifted its position in NetApp by 55.8% during the 1st quarter. Achmea Investment Management B.V. now owns 221,907 shares of the data storage provider's stock worth $19,492,000 after buying an additional 79,457 shares in the last quarter. Burns Matteson Capital Management LLC bought a new stake in NetApp during the 1st quarter worth about $321,000. UNICOM Systems Inc. bought a new stake in NetApp during the 1st quarter worth about $13,483,000. Finally, Hennessy Advisors Inc. acquired a new stake in NetApp in the 1st quarter valued at about $2,050,000. 92.17% of the stock is owned by institutional investors and hedge funds.
NetApp Stock Performance
Shares of NTAP stock opened at $120.42 on Tuesday. The stock has a market cap of $24.04 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 2.58 and a beta of 1.45. The stock has a 50-day moving average of $114.64 and a 200-day moving average of $103.01. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45.
NetApp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be given a dividend of $0.52 per share. 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 dividend payout ratio (DPR) is currently 36.75%.
Wall Street Analyst Weigh In
NTAP has been the topic of a number of research reports. Bank of America upped their target price on shares of NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a research report on Monday, August 25th. Morgan Stanley set a $117.00 price objective on NetApp in a report on Thursday, August 28th. Citigroup increased their price objective on NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Monday, August 11th. 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 report on Thursday, July 17th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of NetApp in a report on Saturday, September 27th. Seven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $124.07.
Read Our Latest Report on NTAP
Insider Activity
In related news, CEO George Kurian sold 8,750 shares of the company's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total value of $1,075,462.50. Following the completion of the sale, the chief executive officer owned 274,938 shares in the company, valued at $33,792,629.58. This represents a 3.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $105.90, for a total value of $105,900.00. Following the sale, the executive vice president directly owned 23,251 shares in the company, valued at $2,462,280.90. The trade was a 4.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,529 shares of company stock valued at $3,350,714 in the last quarter. Company insiders own 0.28% of the company's stock.
About NetApp
(
Free Report)
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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