Cibc World Markets Corp Grows Position in NetApp, Inc. (NASDAQ:NTAP)

Cibc World Markets Corp raised its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 15.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 32,286 shares of the data storage provider’s stock after acquiring an additional 4,385 shares during the quarter. Cibc World Markets Corp’s holdings in NetApp were worth $3,748,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Natixis Advisors LLC increased its position in shares of NetApp by 66.0% during the third quarter. Natixis Advisors LLC now owns 72,137 shares of the data storage provider’s stock valued at $8,910,000 after buying an additional 28,693 shares during the period. Thrivent Financial for Lutherans increased its position in shares of NetApp by 0.6% during the third quarter. Thrivent Financial for Lutherans now owns 92,817 shares of the data storage provider’s stock valued at $11,463,000 after buying an additional 592 shares during the period. Caprock Group LLC increased its position in shares of NetApp by 19.6% during the third quarter. Caprock Group LLC now owns 9,348 shares of the data storage provider’s stock valued at $1,155,000 after buying an additional 1,530 shares during the period. Prospera Financial Services Inc bought a new stake in shares of NetApp during the third quarter valued at about $744,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of NetApp during the third quarter valued at about $2,618,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $123.03, for a total value of $1,045,755.00. Following the completion of the transaction, the chief executive officer now owns 271,282 shares in the company, valued at approximately $33,375,824.46. This represents a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $114.99, for a total value of $2,529,780.00. Following the transaction, the president now owns 27,099 shares of the company’s stock, valued at $3,116,114.01. The trade was a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock valued at $6,252,759 over the last quarter. 0.47% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NTAP shares. Wedbush reiterated a “neutral” rating and set a $110.00 price target (down from $120.00) on shares of NetApp in a research report on Friday, February 28th. StockNews.com cut shares of NetApp from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Loop Capital decreased their price objective on shares of NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Bank of America upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company cut their target price on NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company 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’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $129.07.

NetApp Stock Performance

NASDAQ:NTAP opened at $92.10 on Friday. The firm has a market cap of $18.73 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a fifty-two week low of $89.88 and a fifty-two week high of $135.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The business has a 50 day moving average price of $112.92 and a 200-day moving average price of $118.27.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Friday, April 4th. NetApp’s payout ratio is 38.52%.

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.