Patton Fund Management Inc. Buys Shares of 2,489 NetApp, Inc. $NTAP

Key Points

• Patton Fund Management Inc. purchased 2,489 shares of NetApp, Inc. for approximately $265,000 in the second quarter.
• Recent insider transactions revealed both EVP Elizabeth M. O'Callahan and CEO George Kurian sold shares, reducing their ownership stakes by 4.06% and 3.08%, respectively.
• NetApp is set to distribute a quarterly dividend of $0.52 per share on October 22nd, which represents an annualized yield of 1.7%.

Patton Fund Management Inc. bought a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,489 shares of the data storage provider's stock, valued at approximately $265,000.

A number of other institutional investors have also recently added to or reduced their stakes in NTAP. Pacer Advisors Inc. lifted its stake in shares of NetApp by 4,687.6% in the first quarter. Pacer Advisors Inc. now owns 1,068,694 shares of the data storage provider's stock worth $93,874,000 after buying an additional 1,046,372 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of NetApp by 1,230.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,007,591 shares of the data storage provider's stock worth $107,359,000 after buying an additional 931,850 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of NetApp by 2.3% in the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider's stock worth $2,375,363,000 after buying an additional 597,956 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of NetApp by 18.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,546,548 shares of the data storage provider's stock worth $311,529,000 after buying an additional 560,218 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of NetApp by 97.7% in the first quarter. Federated Hermes Inc. now owns 1,096,236 shares of the data storage provider's stock worth $96,293,000 after buying an additional 541,837 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

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 Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total value of $123,670.00. Following the completion of the sale, the executive vice president directly owned 23,628 shares of the company's stock, valued at $2,922,074.76. This represents a 4.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO George Kurian sold 8,750 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 274,938 shares of the company's stock, valued at approximately $33,792,629.58. The trade was a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,750 shares of company stock worth $3,255,778. Corporate insiders own 0.28% of the company's stock.

NetApp Stock Down 0.7%

Shares of NASDAQ:NTAP opened at $119.88 on Friday. 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 company's fifty day moving average is $113.04 and its 200-day moving average is $101.82. The company has a market capitalization of $23.93 billion, a PE ratio of 21.18, a P/E/G ratio of 2.60 and a beta of 1.46.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be given a dividend of $0.52 per share. The ex-dividend date is Friday, October 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.7%. NetApp's dividend payout ratio is presently 36.75%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NTAP shares. Northland Securities boosted their price objective on shares of NetApp from $119.00 to $120.00 and gave the stock a "market perform" rating in a research note on Thursday, August 28th. Barclays boosted their target price on shares of NetApp from $117.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. UBS Group boosted their target price on shares of NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating 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 stock a "neutral" rating in a research report on Monday, August 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Seven investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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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