United Services Automobile Association Invests $379,000 in NetApp, Inc. $NTAP

Key Points

• United Services Automobile Association acquired a total of 4,286 shares of NetApp, Inc. for approximately $379,000 in the first quarter of the year.
• NetApp will pay a quarterly dividend of $0.52 per share on October 22, with a 1.7% dividend yield based on annualized figures.
• Institutional investors own 92.17% of NetApp's stock, indicating significant institutional backing for the company.

United Services Automobile Association acquired a new position in NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,286 shares of the data storage provider's stock, valued at approximately $379,000.

Several other large investors have also recently made changes to their positions in NTAP. Manchester Capital Management LLC increased its stake in NetApp by 375.0% during the 1st quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock worth $25,000 after buying an additional 225 shares during the period. 1248 Management LLC purchased a new stake in NetApp during the 1st quarter worth approximately $25,000. Olde Wealth Management LLC purchased a new stake in NetApp during the 1st quarter worth approximately $29,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in NetApp by 54.9% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock worth $31,000 after buying an additional 124 shares during the period. Finally, Park Square Financial Group LLC purchased a new stake in NetApp during the 4th quarter worth approximately $36,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on NTAP shares. Citigroup upped their target price on shares of NetApp from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Monday, August 11th. Northland Securities increased their price objective 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. Argus reissued a "buy" rating and issued a $130.00 price objective on shares of NetApp in a research report on Friday, August 29th. JPMorgan Chase & Co. increased their price objective on shares of NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Finally, UBS Group increased their price objective on shares of NetApp from $108.00 to $114.00 and gave the company a "neutral" rating in a research report on Thursday, August 28th. Seven equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $124.07.

Insider Activity

In other NetApp news, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $108.08, for a total transaction of $918,680.00. Following the completion of the transaction, the chief executive officer directly owned 288,305 shares in the company, valued at approximately $31,160,004.40. This trade represents a 2.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total transaction of $123,670.00. Following the transaction, the executive vice president owned 23,628 shares of the company's stock, valued at $2,922,074.76. This trade represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,000 shares of company stock valued at $2,180,315 over the last 90 days. 0.28% of the stock is currently owned by insiders.

NetApp Price Performance

NASDAQ:NTAP traded up $0.38 during mid-day trading on Wednesday, hitting $123.75. 341,565 shares of the company's stock traded hands, compared to its average volume of 2,052,125. 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 firm's 50 day simple moving average is $110.22 and its 200 day simple moving average is $100.13. NetApp, Inc. has a 1 year low of $71.84 and a 1 year high of $135.45. The company has a market cap of $24.70 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 2.70 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 issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio (DPR) is 36.75%.

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.