State of Tennessee Department of Treasury Buys 15,507 Shares of NetApp, Inc. (NASDAQ:NTAP)

State of Tennessee Department of Treasury raised its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 24.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 77,913 shares of the data storage provider's stock after buying an additional 15,507 shares during the quarter. State of Tennessee Department of Treasury's holdings in NetApp were worth $9,044,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in NTAP. Resonant Capital Advisors LLC raised its position in shares of NetApp by 1.8% during the fourth quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider's stock valued at $516,000 after buying an additional 80 shares during the last quarter. Larson Financial Group LLC raised its position in NetApp by 2.5% in the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider's stock worth $438,000 after purchasing an additional 92 shares in the last quarter. Geneos Wealth Management Inc. raised its position in NetApp by 22.3% in the 4th quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider's stock valued at $64,000 after purchasing an additional 100 shares during the last quarter. Moors & Cabot Inc. grew its holdings in shares of NetApp by 3.6% during the fourth quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider's stock worth $337,000 after purchasing an additional 100 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of NetApp by 2.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,597 shares of the data storage provider's stock valued at $534,000 after buying an additional 111 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Susquehanna cut shares of NetApp from a "positive" rating to a "neutral" rating and dropped their price objective for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. TD Cowen cut their price objective on shares of NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 28th. Citigroup dropped their price objective on NetApp from $110.00 to $90.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Bank of America upgraded shares of NetApp from an "underperform" rating to a "neutral" rating and raised their price target for the company from $121.00 to $128.00 in a research note on Wednesday, February 19th. Finally, StockNews.com downgraded shares of NetApp from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $123.07.

Insiders Place Their Bets

In other NetApp news, CFO Michael J. Berry sold 12,500 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the completion of the transaction, the chief financial officer now owns 123,243 shares in the company, valued at $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Elizabeth M. O'callahan sold 452 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $120.75, for a total transaction of $54,579.00. Following the completion of the transaction, the executive vice president now owns 11,553 shares in the company, valued at approximately $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 a total of 50,176 shares of company stock valued at $5,095,701 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

NetApp Stock Up 0.7 %

NASDAQ NTAP traded up $0.61 on Tuesday, reaching $88.61. The company had a trading volume of 242,673 shares, compared to its average volume of 1,920,115. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The company's fifty day moving average is $92.14 and its 200 day moving average is $111.04. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The stock has a market capitalization of $18.02 billion, a P/E ratio of 16.26, a P/E/G ratio of 2.45 and a beta of 1.31.

NetApp Dividend Announcement

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