Shell Asset Management Co. raised its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 17.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,725 shares of the data storage provider's stock after acquiring an additional 2,626 shares during the quarter. Shell Asset Management Co.'s holdings in NetApp were worth $1,889,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of NTAP. Wedmont Private Capital boosted its position in NetApp by 16.0% during the 1st quarter. Wedmont Private Capital now owns 4,361 shares of the data storage provider's stock valued at $360,000 after acquiring an additional 603 shares in the last quarter. Park Avenue Securities LLC boosted its position in NetApp by 46.5% during the 1st quarter. Park Avenue Securities LLC now owns 19,286 shares of the data storage provider's stock valued at $1,694,000 after acquiring an additional 6,118 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of NetApp by 62.8% during the 1st quarter. Farther Finance Advisors LLC now owns 1,141 shares of the data storage provider's stock valued at $102,000 after purchasing an additional 440 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of NetApp by 78.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 4,444 shares of the data storage provider's stock valued at $390,000 after purchasing an additional 1,959 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of NetApp by 310.3% during the 1st quarter. SG Americas Securities LLC now owns 24,771 shares of the data storage provider's stock valued at $2,176,000 after purchasing an additional 18,733 shares during the last quarter. Institutional investors own 92.17% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on the company. Morgan Stanley set a $117.00 price objective on NetApp in a report on Thursday, August 28th. Barclays increased their price objective on NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Northland Securities increased their price objective on NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. UBS Group increased their price objective on NetApp from $108.00 to $114.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Finally, Citigroup increased their price objective on NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a report on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $124.07.
Check Out Our Latest Research Report on NetApp
NetApp Stock Performance
Shares of NTAP stock opened at $121.82 on Thursday. The firm has a market capitalization of $24.32 billion, a price-to-earnings ratio of 21.52, a price-to-earnings-growth ratio of 2.56 and a beta of 1.45. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28. The business has a fifty day moving average of $115.22 and a 200 day moving average of $103.24. NetApp, Inc. has a 1 year low of $71.84 and a 1 year high of $135.45.
NetApp Announces Dividend
The business also recently declared 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. This represents a $2.08 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp's dividend payout ratio (DPR) is currently 36.75%.
Insiders Place Their Bets
In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total transaction of $123,670.00. Following the sale, the executive vice president directly owned 23,628 shares of the company's stock, valued at approximately $2,922,074.76. This trade represents a 4.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the chief executive officer directly owned 274,938 shares in the company, valued at $33,792,629.58. This represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,529 shares of company stock valued at $3,243,874. Company insiders own 0.28% of the company's stock.
About NetApp
(
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.
Further Reading

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