NetApp, Inc. (NASDAQ:NTAP) Shares Purchased by Intact Investment Management Inc.

Intact Investment Management Inc. lifted its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 37.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 35,300 shares of the data storage provider's stock after purchasing an additional 9,600 shares during the quarter. Intact Investment Management Inc.'s holdings in NetApp were worth $3,101,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. M&T Bank Corp grew its stake in shares of NetApp by 4.8% during the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider's stock worth $1,485,000 after purchasing an additional 581 shares during the period. Versor Investments LP purchased a new stake in shares of NetApp in the 4th quarter worth about $395,000. AMJ Financial Wealth Management boosted its position in shares of NetApp by 120.7% in the 4th quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider's stock worth $7,998,000 after buying an additional 37,684 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of NetApp by 39.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider's stock worth $3,250,000 after buying an additional 10,494 shares in the last quarter. Finally, Brandywine Global Investment Management LLC purchased a new stake in shares of NetApp in the 4th quarter worth about $5,151,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on NTAP shares. Loop Capital decreased their price objective on shares of NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Wells Fargo & Company decreased their price objective on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. UBS Group decreased their price objective on shares of NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Morgan Stanley reiterated a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. Finally, TD Cowen decreased their price objective on shares of NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $117.79.

Insider Activity

In related news, President Cesar Cernuda sold 19,696 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the completion of the sale, the president now owns 11,928 shares of the company's stock, valued at approximately $1,075,309.20. This represents a 62.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $101.78, for a total transaction of $865,130.00. Following the sale, the chief executive officer now directly owns 296,805 shares of the company's stock, valued at approximately $30,208,812.90. This trade represents a 2.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,998 shares of company stock valued at $3,366,108 in the last 90 days. 0.47% of the stock is currently owned by insiders.

NetApp Trading Down 0.1%

NASDAQ:NTAP traded down $0.06 on Friday, reaching $102.69. The stock had a trading volume of 3,005,801 shares, compared to its average volume of 1,926,311. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The firm's fifty day moving average is $95.79 and its two-hundred day moving average is $104.73. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.25 and a quick ratio of 1.22. The company has a market cap of $20.58 billion, a price-to-earnings ratio of 18.08, a P/E/G ratio of 2.35 and a beta of 1.42.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 EPS for the quarter, beating analysts' consensus estimates of $1.90 by $0.03. NetApp had a net margin of 18.05% and a return on equity of 126.96%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the company posted $1.80 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts expect that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Thursday, July 3rd. NetApp's dividend payout ratio is currently 36.62%.

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.