Wellington Management Group LLP Increases Holdings in NetApp, Inc. $NTAP

Key Points

• Wellington Management Group LLP increased its stake in NetApp, Inc. by 25.3%, owning a total of 21,884 shares valued at approximately $1.92 million following the addition of 4,423 shares.
• NetApp recently announced a quarterly dividend of $0.52 per share, with a dividend yield of 1.8%, payable on October 22nd.
• The company's stock has a market capitalization of $22.52 billion and reported $1.93 earnings per share for the latest quarter, exceeding analysts' expectations.

Wellington Management Group LLP boosted its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 25.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,884 shares of the data storage provider's stock after purchasing an additional 4,423 shares during the quarter. Wellington Management Group LLP's holdings in NetApp were worth $1,922,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in 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 buying an additional 597,956 shares during the last quarter. Ameriprise Financial Inc. increased its stake in NetApp by 14.5% in the 4th quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider's stock worth $815,402,000 after purchasing an additional 888,671 shares during the period. Invesco Ltd. increased its stake in NetApp by 12.3% in the 1st quarter. Invesco Ltd. now owns 3,507,590 shares of the data storage provider's stock worth $308,107,000 after purchasing an additional 384,362 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in NetApp by 8.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,986,330 shares of the data storage provider's stock worth $346,653,000 after purchasing an additional 220,393 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in shares of NetApp by 11.7% during the first quarter. Allianz Asset Management GmbH now owns 2,014,237 shares of the data storage provider's stock valued at $176,931,000 after buying an additional 210,207 shares during the period. Institutional investors own 92.17% of the company's stock.

NetApp Stock Performance

Shares of NetApp stock traded up $1.78 during trading on Thursday, hitting $118.25. 1,016,530 shares of the company's stock traded hands, compared to its average volume of 2,054,045. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.22. NetApp, Inc. has a 1 year low of $71.84 and a 1 year high of $135.45. The stock has a market capitalization of $23.60 billion, a P/E ratio of 20.87, a PEG ratio of 2.48 and a beta of 1.46. The business has a 50-day simple moving average of $107.35 and a 200-day simple moving average of $100.13.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp's dividend payout ratio (DPR) is 36.75%.

Insider Activity at NetApp

In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $105.90, for a total value of $105,900.00. Following the transaction, the executive vice president owned 23,251 shares of the company's stock, valued at $2,462,280.90. This represents a 4.12% 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 8,500 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $108.85, for a total value of $925,225.00. Following the transaction, the chief executive officer directly owned 283,688 shares in the company, valued at $30,879,438.80. The trade was a 2.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,500 shares of company stock worth $2,921,775 in the last three months. 0.28% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Barclays boosted their price objective on shares of NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Morgan Stanley set a $117.00 price objective on shares of NetApp in a research report on Thursday, August 28th. JPMorgan Chase & Co. boosted 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. Bank of America upped their price target on NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a research note on Monday, August 25th. Finally, UBS Group upped their price target on NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating in a research note on Thursday, August 28th. Seven investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock 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.