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Mirae Asset Global Investments Co. Ltd. Lowers Position in NetApp, Inc. $NTAP

NetApp logo with Computer and Technology background

Key Points

  • Mirae Asset Global Investments Co. Ltd. reduced its stake in NetApp, Inc. by 29.5%, owning 41,848 shares valued at approximately $4.46 million after selling 17,509 shares.
  • CEO George Kurian sold 8,750 shares, reducing his ownership in the company by 3.08%, while other insiders sold a total of 29,529 shares valued at around $3.35 million in the last three months.
  • NetApp recently declared a quarterly dividend of $0.52 per share, which will be paid on October 22nd, offering an annualized yield of 1.7%.
  • Interested in NetApp? Here are five stocks we like better.

Mirae Asset Global Investments Co. Ltd. lessened its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 29.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,848 shares of the data storage provider's stock after selling 17,509 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in NetApp were worth $4,459,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Manchester Capital Management LLC lifted its stake in NetApp by 375.0% during the 1st 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 in the last quarter. 1248 Management LLC bought a new stake in shares of NetApp in the 1st quarter worth $25,000. Olde Wealth Management LLC purchased a new stake in shares of NetApp in the first quarter valued at about $29,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of NetApp by 54.9% during the first 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 in the last quarter. Finally, Summit Securities Group LLC purchased a new position in NetApp during the first quarter worth about $36,000. Institutional investors own 92.17% of the company's stock.

Insider Buying and Selling

In other news, CEO George Kurian sold 8,750 shares of NetApp stock in a transaction on Wednesday, September 17th. The stock was 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 approximately $33,792,629.58. The trade was a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lorenzo Daniel De sold 779 shares of the stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $121.87, for a total value of $94,936.73. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,529 shares of company stock valued at $3,350,714. Company insiders own 0.28% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on NTAP shares. Citigroup increased their price objective on shares of NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a research note on Monday, August 11th. Morgan Stanley set a $117.00 target price on NetApp in a research report on Thursday, August 28th. Wedbush reissued a "neutral" rating and issued a $150.00 price target on shares of NetApp in a report on Thursday, August 28th. Northland Securities raised 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, Barclays boosted their target price on shares of NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Seven equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $124.07.

View Our Latest Research Report on NetApp

NetApp Trading Up 1.4%

Shares of NetApp stock opened at $120.42 on Tuesday. The stock has a market capitalization of $24.04 billion, a P/E ratio of 21.28, a P/E/G ratio of 2.58 and a beta of 1.45. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. 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 stock's 50-day simple moving average is $114.64 and its 200 day simple moving average is $103.01.

NetApp Dividend Announcement

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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio is presently 36.75%.

NetApp Profile

(Free Report)

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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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