NetApp, Inc. (NASDAQ:NTAP) Stake Boosted by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co raised its stake in NetApp, Inc. (NASDAQ:NTAP) by 28.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,437 shares of the data storage provider’s stock after acquiring an additional 5,156 shares during the period. Elo Mutual Pension Insurance Co’s holdings in NetApp were worth $2,721,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. bought a new position in NetApp in the 4th quarter worth about $26,000. Assetmark Inc. raised its position in NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 215 shares in the last quarter. Synergy Investment Management LLC bought a new stake in shares of NetApp in the 4th quarter worth approximately $32,000. Golden State Wealth Management LLC acquired a new stake in shares of NetApp during the 4th quarter valued at $35,000. Finally, OFI Invest Asset Management purchased a new stake in shares of NetApp during the fourth quarter valued at $39,000. 92.17% of the stock is currently owned by institutional investors.

NetApp Trading Down 3.0 %

NTAP opened at $88.40 on Friday. The firm has a 50 day simple moving average of $109.82 and a 200 day simple moving average of $117.23. NetApp, Inc. has a fifty-two week low of $88.14 and a fifty-two week high of $135.45. The company has a market cap of $17.98 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.35%. NetApp’s dividend payout ratio is currently 38.52%.

Analyst Ratings Changes

NTAP has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Morgan Stanley increased their price objective on NetApp from $132.00 to $146.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Loop Capital dropped their price target on NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. TD Cowen dropped their price objective on shares of NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, Citigroup lowered their price objective on NetApp from $135.00 to $110.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $129.07.

Insider Buying and Selling

In other news, EVP Elizabeth M. O’callahan sold 451 shares of NetApp stock in a transaction on Friday, January 10th. The shares were sold at an average price of $116.79, for a total transaction of $52,672.29. Following the transaction, the executive vice president now directly owns 12,005 shares of the company’s stock, valued at $1,402,063.95. This trade represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $119.04, for a total transaction of $1,011,840.00. Following the completion of the sale, the chief executive officer now owns 266,765 shares of the company’s stock, valued at approximately $31,755,705.60. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,931 shares of company stock valued at $6,252,759 over the last three months. Company insiders own 0.47% of the company’s stock.

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.