Wellington Management Group LLP Acquires 4,423 Shares of 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 raised its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 25.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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.

Other institutional investors also recently modified their holdings of the company. Manchester Capital Management LLC boosted its holdings in NetApp by 375.0% in the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock valued at $25,000 after acquiring an additional 225 shares in the last quarter. Olde Wealth Management LLC bought a new position in shares of NetApp during the 1st quarter valued at approximately $29,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock worth $31,000 after purchasing an additional 124 shares during the period. Itau Unibanco Holding S.A. grew its position in shares of NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after buying an additional 251 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new stake in shares of NetApp during the fourth quarter valued at about $36,000. 92.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on NTAP. Wells Fargo & Company reduced their price objective on NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Bank of America raised their price target on NetApp from $121.00 to $125.00 and gave the company a "neutral" rating in a research report on Monday, August 25th. JPMorgan Chase & Co. raised their price target on NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. UBS Group boosted their price target on NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Finally, Wedbush restated a "neutral" rating and issued a $150.00 target price on shares of NetApp in a research note on Thursday, August 28th. Seven investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, NetApp presently has an average rating of "Hold" and a consensus target price of $124.07.

NetApp Stock Performance

NetApp stock traded down $0.30 during mid-day trading on Friday, reaching $118.53. 386,410 shares of the company's stock were exchanged, compared to its average volume of 2,050,473. The firm has a market capitalization of $23.66 billion, a PE ratio of 20.91, a P/E/G ratio of 2.53 and a beta of 1.46. The business's fifty day simple moving average is $107.63 and its 200 day simple moving average is $100.12. The company has a quick ratio of 1.28, a current ratio of 1.31 and a debt-to-equity ratio of 2.55. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45.

NetApp Dividend Announcement

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

Insider Activity

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 283,688 shares in the company, valued at approximately $30,879,438.80. This trade represents a 2.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $105.90, for a total value of $105,900.00. Following the sale, the executive vice president owned 23,251 shares in the company, valued at $2,462,280.90. This represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,500 shares of company stock valued at $2,921,775 over the last 90 days. 0.28% of the stock is currently owned by company insiders.

NetApp 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.