Dynamic Technology Lab Private Ltd Raises Holdings in NetApp, Inc. $NTAP

Key Points

• Dynamic Technology Lab Private Ltd increased its holdings in NetApp, Inc. by 119.3% during the first quarter, owning 5,869 shares valued at $516,000 after acquiring 3,193 additional shares.
• Several institutional investors, including Vanguard Group and Invesco Ltd., also boosted their stakes in NetApp, showcasing a strong institutional interest in the company.
• NetApp announced a quarterly dividend of $0.52 per share, with the ex-dividend date set for October 3rd, reflecting a dividend yield of 1.7%.

Dynamic Technology Lab Private Ltd grew its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 119.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,869 shares of the data storage provider's stock after purchasing an additional 3,193 shares during the period. Dynamic Technology Lab Private Ltd's holdings in NetApp were worth $516,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NTAP. Vanguard Group Inc. increased its holdings in NetApp by 2.3% in 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 buying an additional 597,956 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of NetApp by 1.0% during the 1st quarter. Ameriprise Financial Inc. now owns 7,096,679 shares of the data storage provider's stock valued at $623,383,000 after acquiring an additional 72,223 shares during the last quarter. Invesco Ltd. grew its stake in shares of NetApp by 12.3% in the first quarter. Invesco Ltd. now owns 3,507,590 shares of the data storage provider's stock worth $308,107,000 after acquiring an additional 384,362 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of NetApp by 8.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,986,330 shares of the data storage provider's stock worth $346,653,000 after acquiring an additional 220,393 shares during the period. Finally, Amundi raised its holdings in shares of NetApp by 11.8% during the first quarter. Amundi now owns 2,179,710 shares of the data storage provider's stock valued at $183,209,000 after purchasing an additional 230,793 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

Insider Activity at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $108.85, for a total transaction of $925,225.00. Following the sale, the chief executive officer owned 283,688 shares in the company, valued at approximately $30,879,438.80. This trade represents a 2.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $105.90, for a total transaction of $105,900.00. Following the transaction, the executive vice president directly owned 23,251 shares in the company, valued at $2,462,280.90. This represents a 4.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,500 shares of company stock valued at $2,921,775 over the last three months. 0.28% of the stock is currently owned by insiders.

NetApp Stock Performance

NASDAQ:NTAP opened at $123.53 on Thursday. The stock has a 50-day simple moving average of $108.83 and a two-hundred day simple moving average of $100.07. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31. The firm has a market capitalization of $24.66 billion, a PE ratio of 21.83, a P/E/G ratio of 2.68 and a beta of 1.46.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, October 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.7%. NetApp's payout ratio is 36.75%.

Analysts Set New Price Targets

Several brokerages recently issued reports on NTAP. Bank of America raised their target price on shares of NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, August 25th. Argus restated a "buy" rating and issued a $130.00 price target on shares of NetApp in a research note on Friday, August 29th. JPMorgan Chase & Co. upped their price objective on NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. UBS Group raised their target price on NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Finally, Morgan Stanley set a $117.00 price target on NetApp in a research note on Thursday, August 28th. Seven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $124.07.

About NetApp

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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