True North Advisors LLC Acquires 7,632 Shares of NetApp, Inc. $NTAP

Key Points

• True North Advisors LLC increased its holdings in NetApp, Inc. by 121.8%, acquiring an additional 7,632 shares, bringing its total to 13,899 shares worth approximately $1.48 million.
• Institutional investors currently own 92.17% of NetApp's stock, with significant recent investments from Vanguard Group and Ameriprise Financial.
• NetApp has declared a quarterly dividend of $0.52, translating to an annualized yield of 1.7%, with the payout scheduled for October 22nd.

True North Advisors LLC increased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 121.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,899 shares of the data storage provider's stock after acquiring an additional 7,632 shares during the period. True North Advisors LLC's holdings in NetApp were worth $1,481,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of NetApp by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider's stock worth $2,375,363,000 after purchasing an additional 597,956 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in NetApp by 1.0% in the first quarter. Ameriprise Financial Inc. now owns 7,096,679 shares of the data storage provider's stock worth $623,383,000 after acquiring an additional 72,223 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 acquiring an additional 560,218 shares during the last quarter. Invesco Ltd. grew its position in NetApp by 12.3% during the 1st quarter. Invesco Ltd. now owns 3,507,590 shares of the data storage provider's stock valued at $308,107,000 after purchasing an additional 384,362 shares during the last quarter. Finally, Amundi increased its position in shares of NetApp by 11.8% during the first quarter. Amundi now owns 2,179,710 shares of the data storage provider's stock valued at $183,209,000 after acquiring an additional 230,793 shares in the last quarter. Institutional investors own 92.17% of the company's stock.

NetApp Stock Down 2.0%

Shares of NTAP opened at $120.78 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.31 and a debt-to-equity ratio of 2.55. The business has a fifty day moving average of $112.81 and a 200 day moving average of $101.54. The company has a market cap of $24.11 billion, a PE ratio of 21.34, a P/E/G ratio of 2.68 and a beta of 1.46. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45.

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

Analysts Set New Price Targets

NTAP has been the subject of a number of recent analyst reports. Barclays boosted their target price on NetApp from $117.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Bank of America lifted their target price on NetApp from $121.00 to $125.00 and gave the company a "neutral" rating in a research report on Monday, August 25th. Wells Fargo & Company dropped their price target on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Morgan Stanley set a $117.00 price objective on NetApp in a research note on Thursday, August 28th. Finally, Northland Securities raised their target price on shares of NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research note on Thursday, August 28th. Seven investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $124.07.

Insider Activity at NetApp

In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total transaction 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 approximately $2,922,074.76. This trade represents a 4.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Kurian sold 8,750 shares of the business's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the sale, the chief executive officer directly owned 274,938 shares of the company's stock, 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. Over the last quarter, insiders sold 28,750 shares of company stock worth $3,255,778. Company insiders own 0.28% of the company's stock.

About NetApp

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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