Landscape Capital Management L.L.C. Purchases 7,942 Shares of NetApp, Inc. $NTAP

Key Points

• Landscape Capital Management L.L.C. increased its position in NetApp, Inc. by 132.9%, accumulating a total of 13,919 shares valued at approximately $1.22 million.
• Other institutional investors, such as Pacer Advisors and Federated Hermes, also significantly boosted their holdings in NetApp, contributing to an overall institutional ownership of 92.17%.
• NetApp has announced a quarterly dividend of $0.52 per share, reflecting a 1.8% dividend yield based on its current stock value.

Landscape Capital Management L.L.C. lifted its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 132.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,919 shares of the data storage provider's stock after acquiring an additional 7,942 shares during the quarter. Landscape Capital Management L.L.C.'s holdings in NetApp were worth $1,223,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in NTAP. Pacer Advisors Inc. grew its holdings in NetApp by 4,687.6% during the 1st quarter. Pacer Advisors Inc. now owns 1,068,694 shares of the data storage provider's stock worth $93,874,000 after acquiring an additional 1,046,372 shares during the period. Ameriprise Financial Inc. lifted its holdings in NetApp by 14.5% during the fourth quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider's stock worth $815,402,000 after acquiring an additional 888,671 shares in the last quarter. Clark Capital Management Group Inc. increased its holdings in shares of NetApp by 5,858.0% in the fourth quarter. Clark Capital Management Group Inc. now owns 895,435 shares of the data storage provider's stock worth $103,942,000 after acquiring an additional 880,406 shares in the last quarter. Vanguard Group Inc. raised its position in shares of NetApp by 2.3% during the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider's stock worth $2,375,363,000 after purchasing an additional 597,956 shares during the period. Finally, Federated Hermes Inc. raised its position in shares of NetApp by 97.7% during the first quarter. Federated Hermes Inc. now owns 1,096,236 shares of the data storage provider's stock worth $96,293,000 after purchasing an additional 541,837 shares during the period. Institutional investors and hedge funds own 92.17% of the company's stock.

Insider Buying and Selling at NetApp

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

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of research reports. Argus reissued a "buy" rating and set a $130.00 target price on shares of NetApp in a research note on Friday, August 29th. Morgan Stanley set a $117.00 price objective on shares of NetApp in a research report on Thursday, August 28th. Wedbush reaffirmed a "neutral" rating and issued a $150.00 price objective on shares of NetApp in a research report on Thursday, August 28th. Northland Securities increased their target price on NetApp from $119.00 to $120.00 and gave the stock a "market perform" rating in a report on Thursday, August 28th. Finally, Barclays upped their price objective on NetApp from $117.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Seven investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $124.07.

NetApp Stock Performance

NetApp stock traded up $1.08 during midday trading on Wednesday, reaching $116.45. 1,051,137 shares of the company's stock were exchanged, compared to its average volume of 2,054,291. The stock's 50-day simple moving average is $107.12 and its 200 day simple moving average is $100.01. The firm has a market cap of $23.24 billion, a price-to-earnings ratio of 20.57, a P/E/G ratio of 2.48 and a beta of 1.46. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.22 and a current ratio of 1.31. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio is 36.75%.

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.