NetApp, Inc. $NTAP Stock Position Raised by Maverick Capital Ltd.

Key Points

• Maverick Capital Ltd. increased its stake in NetApp, Inc. by 24.6% in Q1, owning 22,923 shares valued at approximately $2 million.
• Multiple hedge funds have significantly raised their positions in NetApp, including Pacer Advisors, which boosted its holdings by 4,687.6% and now owns over 1 million shares worth about $93.9 million.
• NetApp announced a quarterly dividend of $0.52 per share, with a dividend yield of 1.8%, scheduled to be paid on October 22nd, 2023.

Maverick Capital Ltd. lifted its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 24.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,923 shares of the data storage provider's stock after acquiring an additional 4,525 shares during the quarter. Maverick Capital Ltd.'s holdings in NetApp were worth $2,014,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assenagon Asset Management S.A. lifted its holdings in shares of NetApp by 39.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider's stock valued at $3,250,000 after acquiring an additional 10,494 shares in the last quarter. Achmea Investment Management B.V. lifted its holdings in shares of NetApp by 55.8% during the 1st quarter. Achmea Investment Management B.V. now owns 221,907 shares of the data storage provider's stock valued at $19,492,000 after acquiring an additional 79,457 shares in the last quarter. Burns Matteson Capital Management LLC acquired a new position in shares of NetApp during the 1st quarter valued at $321,000. UNICOM Systems Inc. acquired a new position in shares of NetApp during the 1st quarter valued at $13,483,000. Finally, Hennessy Advisors Inc. acquired a new position in shares of NetApp during the 1st quarter valued at $2,050,000. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Stock Down 0.1%

Shares of NetApp stock traded down $0.08 during trading on Friday, reaching $118.75. The company had a trading volume of 1,412,919 shares, compared to its average volume of 2,025,987. The company has a market cap of $23.70 billion, a price-to-earnings ratio of 20.98, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. The firm's fifty day moving average is $107.89 and its 200-day moving average is $100.11. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders 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 dividend yield of 1.8%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio is 36.75%.

Insider Transactions at NetApp

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $105.90, for a total value of $105,900.00. Following the sale, the executive vice president owned 23,251 shares in the company, valued at approximately $2,462,280.90. This represents a 4.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $108.85, for a total transaction of $925,225.00. Following the completion of the sale, the chief executive officer owned 283,688 shares in the company, valued at approximately $30,879,438.80. This trade represents a 2.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,500 shares of company stock worth $2,921,775. Company insiders own 0.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Northland Securities lifted their target price on shares of NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. UBS Group boosted their price objective on shares of NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Bank of America boosted their price objective on shares of NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, August 25th. JPMorgan Chase & Co. boosted their price objective on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Finally, Argus reiterated a "buy" rating and issued a $130.00 price objective on shares of NetApp in a report on Friday, August 29th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company presently 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.