Livforsakringsbolaget Skandia Omsesidigt Has $107.36 Million Stock Position in NetApp, Inc. $NTAP

Key Points

• Livforsakringsbolaget Skandia Omsesidigt has increased its ownership in NetApp, Inc. by 1,230.3% during the second quarter, holding a total of 1,007,591 shares valued at approximately $107.36 million.
• Major analysts have raised their price targets for NetApp, with Bank of America setting a target of $125.00 and JPMorgan Chase increasing it to $130.00, while maintaining varied ratings from "Hold" to "Overweight."
• NetApp has declared a quarterly dividend of $0.52 per share, translating to an annual yield of 1.7%, with the payout ratio standing at approximately 36.75%.

Livforsakringsbolaget Skandia Omsesidigt raised its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 1,230.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,007,591 shares of the data storage provider's stock after buying an additional 931,850 shares during the quarter. NetApp accounts for about 0.1% of Livforsakringsbolaget Skandia Omsesidigt's portfolio, making the stock its 6th largest position. Livforsakringsbolaget Skandia Omsesidigt owned approximately 0.50% of NetApp worth $107,359,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. 1248 Management LLC acquired a new stake in NetApp during the 1st quarter worth $25,000. Manchester Capital Management LLC raised its holdings in NetApp by 375.0% during the 1st quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock worth $25,000 after buying an additional 225 shares during the period. Park Square Financial Group LLC acquired a new stake in NetApp during the 4th quarter worth approximately $36,000. Olde Wealth Management LLC acquired a new stake in shares of NetApp during the first quarter worth $29,000. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of NetApp by 54.9% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock valued at $31,000 after purchasing an additional 124 shares during the period. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO George Kurian sold 8,750 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total transaction of $123,670.00. Following the completion of the transaction, the executive vice president owned 23,628 shares of the company's stock, valued at $2,922,074.76. This trade represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,750 shares of company stock valued at $3,255,778. Insiders own 0.28% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on NTAP shares. Morgan Stanley set a $117.00 price target on shares of NetApp in a research note on Thursday, August 28th. Wedbush reiterated a "neutral" rating and set a $150.00 target price on shares of NetApp in a research report on Thursday, August 28th. Bank of America boosted their target price on shares of NetApp from $121.00 to $125.00 and gave the company a "neutral" rating in a research report on Monday, August 25th. Northland Securities upped their price objective on shares of NetApp from $119.00 to $120.00 and gave the stock a "market perform" rating in a report on Thursday, August 28th. Finally, UBS Group increased their target price on shares of NetApp from $108.00 to $114.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Seven equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $124.07.

NetApp Trading Down 0.9%

NTAP stock traded down $1.20 during midday trading on Friday, hitting $125.16. The company had a trading volume of 7,250,396 shares, compared to its average volume of 2,221,680. The stock's 50 day moving average price is $111.36 and its 200 day moving average price is $100.72. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55. The stock has a market cap of $24.98 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 2.75 and a beta of 1.46.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend 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.