abrdn plc Has $10.22 Million Stock Position in NetApp, Inc. (NASDAQ:NTAP)

abrdn plc lifted its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 116.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 115,880 shares of the data storage provider's stock after purchasing an additional 62,295 shares during the quarter. abrdn plc owned about 0.06% of NetApp worth $10,216,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of NTAP. Mirae Asset Global Investments Co. Ltd. boosted its position in NetApp by 65.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 88,615 shares of the data storage provider's stock worth $7,812,000 after acquiring an additional 35,172 shares during the last quarter. Nordea Investment Management AB grew its position in shares of NetApp by 26.1% in the fourth quarter. Nordea Investment Management AB now owns 317,073 shares of the data storage provider's stock valued at $27,855,000 after purchasing an additional 65,644 shares during the period. Vest Financial LLC lifted its position in NetApp by 24.1% during the fourth quarter. Vest Financial LLC now owns 147,518 shares of the data storage provider's stock worth $13,005,000 after buying an additional 28,609 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in NetApp by 2.2% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 86,556 shares of the data storage provider's stock worth $6,568,000 after buying an additional 1,875 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in shares of NetApp during the 3rd quarter valued at about $817,000. Hedge funds and other institutional investors own 92.17% of the company's stock.

NetApp Stock Up 0.4 %

NASDAQ:NTAP traded up $0.39 on Friday, reaching $101.33. The stock had a trading volume of 2,124,804 shares, compared to its average volume of 1,871,116. NetApp, Inc. has a 12-month low of $61.54 and a 12-month high of $112.48. The stock has a market cap of $20.91 billion, a P/E ratio of 23.03, a price-to-earnings-growth ratio of 2.21 and a beta of 1.28. The company has a current ratio of 1.15, a quick ratio of 1.11 and a debt-to-equity ratio of 2.00. The company has a 50-day moving average of $100.21 and a 200 day moving average of $89.27.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The data storage provider reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.69 by $0.25. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the firm earned $1.02 EPS. NetApp's quarterly revenue was up 5.2% on a year-over-year basis. On average, research analysts predict that NetApp, Inc. will post 5.16 earnings per share for the current year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Friday, April 5th were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $2.00 annualized dividend and a yield of 1.97%. NetApp's dividend payout ratio is presently 45.45%.

Insiders Place Their Bets

In related news, CEO George Kurian sold 8,500 shares of the business's stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $101.44, for a total value of $862,240.00. Following the completion of the sale, the chief executive officer now directly owns 261,202 shares of the company's stock, valued at $26,496,330.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other NetApp news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total value of $862,240.00. Following the completion of the transaction, the chief executive officer now owns 261,202 shares of the company's stock, valued at $26,496,330.88. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Michael J. Berry sold 15,000 shares of the business's stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $102.67, for a total transaction of $1,540,050.00. Following the sale, the chief financial officer now owns 144,909 shares of the company's stock, valued at approximately $14,877,807.03. The disclosure for this sale can be found here. Insiders sold a total of 40,371 shares of company stock valued at $4,139,505 in the last ninety days. Corporate insiders own 0.37% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Evercore ISI upped their price target on shares of NetApp from $95.00 to $105.00 and gave the stock an "in-line" rating in a research report on Friday, March 1st. Barclays upped their price target on NetApp from $80.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Friday, March 1st. Wedbush lifted their price objective on NetApp from $85.00 to $100.00 and gave the company a "neutral" rating in a research note on Friday, March 1st. Citigroup increased their target price on shares of NetApp from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 5th. Finally, StockNews.com cut shares of NetApp from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $100.60.

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.