Fifth Third Bancorp Has $1.42 Million Stake in NetApp, Inc. $NTAP

Key Points

• Fifth Third Bancorp increased its stake in NetApp, Inc. by 22.3%, owning 13,347 shares valued at approximately $1.42 million as of the latest reporting period.
• Analysts from UBS and Bank of America raised their price targets for NetApp, reflecting a consensus average price target of $124.07 with a mix of "buy" and "hold" ratings.
• NetApp recently announced a $0.52 quarterly dividend, representing an annualized yield of 1.7%, with the dividend payout ratio at 36.75%.

Fifth Third Bancorp lifted its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 22.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,347 shares of the data storage provider's stock after purchasing an additional 2,437 shares during the quarter. Fifth Third Bancorp's holdings in NetApp were worth $1,422,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Manchester Capital Management LLC grew its position in NetApp by 375.0% in the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock valued at $25,000 after acquiring an additional 225 shares during the period. 1248 Management LLC bought a new stake in NetApp in the first quarter valued at $25,000. Olde Wealth Management LLC bought a new stake in NetApp in the first quarter valued at $29,000. Migdal Insurance & Financial Holdings Ltd. grew its position in NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock valued at $31,000 after acquiring an additional 124 shares during the period. Finally, Summit Securities Group LLC bought a new stake in NetApp in the first quarter valued at $36,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. UBS Group upped their price target on NetApp from $108.00 to $114.00 and gave the company a "neutral" rating in a research report on Thursday, August 28th. Bank of America increased their target price on NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, August 25th. Morgan Stanley set a $117.00 target price on NetApp in a report on Thursday, August 28th. Argus restated a "buy" rating and set a $130.00 target price on shares of NetApp in a report on Friday, August 29th. Finally, Wedbush restated a "neutral" rating and set a $150.00 target price on shares of NetApp in a report on Thursday, August 28th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $124.07.

NetApp Trading Down 0.7%

Shares of NTAP opened at $119.88 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.31 and a debt-to-equity ratio of 2.55. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The firm has a market capitalization of $23.93 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 2.60 and a beta of 1.46. The stock's fifty day simple moving average is $113.04 and its 200-day simple moving average is $101.82.

NetApp Announces Dividend

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

Insider Activity

In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total value of $123,670.00. Following the transaction, the executive vice president owned 23,628 shares of the company's stock, valued at approximately $2,922,074.76. This represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,750 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 274,938 shares in the company, valued at $33,792,629.58. The trade was a 3.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,750 shares of company stock worth $3,255,778 in the last three months. Insiders own 0.28% of the company's stock.

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.

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