MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Cuts Holdings in NetApp, Inc. $NTAP

Key Points

• MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH reduced its stake in NetApp, Inc. by 42.5%, holding 40,365 shares valued at approximately $4.3 million after selling 29,793 shares in Q2.
• NetApp recently announced a quarterly dividend of $0.52, with an annualized payout amounting to $2.08, representing a yield of 1.7% and a payout ratio of 36.75%.
• Analysts have mixed views on NetApp; with recent price targets ranging from $100 to $130 and a current consensus rating of "Hold" based on various research reports.

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH decreased its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 42.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,365 shares of the data storage provider's stock after selling 29,793 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in NetApp were worth $4,301,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Sylvest Advisors LLC grew its position in shares of NetApp by 3.0% during the second quarter. Sylvest Advisors LLC now owns 8,368 shares of the data storage provider's stock valued at $892,000 after purchasing an additional 241 shares in the last quarter. McAdam LLC grew its position in shares of NetApp by 8.0% during the second quarter. McAdam LLC now owns 2,741 shares of the data storage provider's stock valued at $292,000 after purchasing an additional 204 shares in the last quarter. Signet Financial Management LLC grew its position in shares of NetApp by 4.3% during the second quarter. Signet Financial Management LLC now owns 6,212 shares of the data storage provider's stock valued at $662,000 after purchasing an additional 256 shares in the last quarter. Ballentine Partners LLC purchased a new position in shares of NetApp during the second quarter valued at about $380,000. Finally, Cigna Investments Inc. New purchased a new position in shares of NetApp during the second quarter valued at about $212,000. Hedge funds and other institutional investors own 92.17% of the company's stock.

NetApp Stock Down 0.2%

Shares of NASDAQ NTAP opened at $123.25 on Thursday. 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 $24.60 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 2.68 and a beta of 1.46. The stock has a 50 day moving average price of $112.54 and a 200 day moving average price of $101.35. 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 disclosed 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. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.7%. NetApp's payout ratio is 36.75%.

Insider Buying and Selling

In related news, CEO George Kurian sold 8,750 shares of the business's stock in a transaction that occurred on 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 owned 274,938 shares of the company's stock, valued at $33,792,629.58. The trade was a 3.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction that occurred 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 directly owned 23,628 shares of the company's stock, valued at $2,922,074.76. This trade represents a 4.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,750 shares of company stock valued at $3,255,778 in the last three months. 0.28% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NTAP has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price target on NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Wells Fargo & Company dropped their price target on NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Barclays lifted their price target on NetApp from $117.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. UBS Group lifted their price target on NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Finally, Citigroup raised their price objective on shares of NetApp from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $124.07.

NetApp Company 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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