NetApp, Inc. (NASDAQ:NTAP) Shares Bought by Pinebridge Investments L.P.

Pinebridge Investments L.P. raised its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 38.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 135,559 shares of the data storage provider's stock after purchasing an additional 37,573 shares during the period. Pinebridge Investments L.P. owned 0.07% of NetApp worth $15,736,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in NetApp during the fourth quarter worth approximately $26,000. Assetmark Inc. increased its position in NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock worth $28,000 after purchasing an additional 215 shares during the last quarter. Synergy Investment Management LLC acquired a new position in NetApp during the fourth quarter worth approximately $32,000. Golden State Wealth Management LLC acquired a new position in NetApp during the fourth quarter worth approximately $35,000. Finally, OFI Invest Asset Management acquired a new position in NetApp during the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NTAP. Keefe, Bruyette & Woods upgraded shares of NetApp to an "outperform" rating in a research note on Wednesday, February 19th. Loop Capital decreased their price objective on shares of NetApp from $150.00 to $130.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Wells Fargo & Company decreased their price objective on shares of NetApp from $130.00 to $115.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Citigroup decreased their price objective on shares of NetApp from $110.00 to $90.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Susquehanna downgraded shares of NetApp from a "positive" rating to a "neutral" rating and decreased their price objective for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. Twelve investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $123.07.

Insider Buying and Selling at NetApp

In other NetApp news, President Cesar Cernuda sold 19,696 shares of the stock in a transaction on Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the transaction, the president now directly owns 11,928 shares in the company, valued at $1,075,309.20. This represents a 62.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Elizabeth M. O'callahan sold 452 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $120.75, for a total transaction of $54,579.00. Following the transaction, the executive vice president now owns 11,553 shares in the company, valued at $1,395,024.75. This trade represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,176 shares of company stock worth $5,095,701 in the last ninety days. 0.47% of the stock is owned by insiders.

NetApp Stock Up 0.5 %

NASDAQ NTAP traded up $0.41 during trading hours on Tuesday, reaching $88.41. 265,302 shares of the company traded hands, compared to its average volume of 1,920,204. NetApp, Inc. has a 12 month low of $71.84 and a 12 month high of $135.45. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $17.98 billion, a PE ratio of 16.25, a PEG ratio of 2.45 and a beta of 1.31. The company has a 50 day moving average of $92.14 and a two-hundred day moving average of $111.04.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.35%. NetApp's dividend payout ratio (DPR) is 38.52%.

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.