NetApp, Inc. $NTAP Position Raised by Tealwood Asset Management Inc.

Key Points

• Tealwood Asset Management increased its Stake in NetApp, Inc. by 23.4% during Q2, now owning 28,175 shares worth approximately $3 million.
• NetApp has declared a quarterly dividend of $0.52 per share, with a yield of 1.8% and a payout ratio of 36.75%.
• Several analysts have raised their price targets for NetApp, with an average target of $124.07, where seven analysts rated it as a "Buy."

Tealwood Asset Management Inc. boosted its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 23.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,175 shares of the data storage provider's stock after purchasing an additional 5,349 shares during the quarter. NetApp comprises 1.3% of Tealwood Asset Management Inc.'s portfolio, making the stock its 7th largest position. Tealwood Asset Management Inc.'s holdings in NetApp were worth $3,002,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of NTAP. Wellington Management Group LLP raised its stake in NetApp by 16.4% during the fourth quarter. Wellington Management Group LLP now owns 17,461 shares of the data storage provider's stock valued at $2,027,000 after buying an additional 2,463 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of NetApp by 32.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 976 shares of the data storage provider's stock valued at $86,000 after acquiring an additional 238 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of NetApp by 7,160.0% during the first quarter. GAMMA Investing LLC now owns 238,925 shares of the data storage provider's stock valued at $20,987,000 after acquiring an additional 235,634 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of NetApp by 5.6% during the first quarter. Rhumbline Advisers now owns 580,655 shares of the data storage provider's stock valued at $51,005,000 after acquiring an additional 30,981 shares in the last quarter. Finally, Czech National Bank increased its holdings in shares of NetApp by 5.2% during the first quarter. Czech National Bank now owns 46,696 shares of the data storage provider's stock valued at $4,102,000 after acquiring an additional 2,295 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

NetApp Trading Down 1.1%

NASDAQ:NTAP opened at $118.57 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55. NetApp, Inc. has a 12 month low of $71.84 and a 12 month high of $135.45. The company has a market cap of $23.67 billion, a PE ratio of 20.95, a price-to-earnings-growth ratio of 2.60 and a beta of 1.46. The company has a 50 day simple moving average of $113.27 and a two-hundred day simple moving average of $102.08.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be given a dividend of $0.52 per share. 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%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. UBS Group raised their price objective on shares of NetApp from $108.00 to $114.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Argus restated a "buy" rating and set a $130.00 price objective on shares of NetApp in a research note on Friday, August 29th. Barclays raised their price target on shares of NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Northland Securities raised their price target on shares of NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Finally, Citigroup lifted their target price on NetApp from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Monday, August 11th. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, NetApp has an average rating of "Hold" and an average target price of $124.07.

Insider Buying and Selling at NetApp

In other NetApp news, CEO George Kurian sold 8,750 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 274,938 shares of the company's stock, valued at approximately $33,792,629.58. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lorenzo Daniel De sold 779 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were 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. Over the last 90 days, insiders have sold 29,529 shares of company stock valued at $3,350,714. 0.28% of the stock is owned by company insiders.

NetApp 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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