OFI Invest Asset Management Invests $39,000 in NetApp, Inc. (NASDAQ:NTAP)

OFI Invest Asset Management acquired a new position in NetApp, Inc. (NASDAQ:NTAP) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 345 shares of the data storage provider’s stock, valued at approximately $39,000.

Other hedge funds have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of NetApp in the 4th quarter worth about $26,000. Assetmark Inc. raised its position in shares of NetApp by 826.9% in the 4th 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 position in shares of NetApp in the 4th quarter worth about $32,000. Golden State Wealth Management LLC bought a new position in shares of NetApp in the 4th quarter worth about $35,000. Finally, True Wealth Design LLC raised its position in shares of NetApp by 2,833.3% in the 3rd quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock worth $43,000 after acquiring an additional 340 shares in the last quarter. 92.17% of the stock is owned by institutional investors.

Insider Transactions at NetApp

In other news, CFO Michael J. Berry sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total value of $1,509,250.00. Following the transaction, the chief financial officer now owns 123,243 shares in the company, valued at $14,880,359.82. The trade was a 9.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Cesar Cernuda sold 22,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the transaction, the president now owns 27,099 shares in the company, valued at $3,116,114.01. The trade was a 44.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,903 shares of company stock worth $7,260,341 in the last 90 days. Insiders own 0.47% of the company’s stock.

Analyst Upgrades and Downgrades

NTAP has been the subject of several research reports. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and raised their target price for the company from $121.00 to $128.00 in a research note on Wednesday, February 19th. Citigroup reduced their target price on NetApp from $135.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Oppenheimer initiated coverage on NetApp in a research note on Wednesday, November 13th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. reduced their target price on NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, NetApp currently has an average rating of “Hold” and an average target price of $129.07.

NetApp Price Performance

NTAP stock opened at $92.05 on Tuesday. NetApp, Inc. has a 52-week low of $90.12 and a 52-week high of $135.45. The business has a 50-day simple moving average of $116.94 and a two-hundred day simple moving average of $120.19. The company has a market capitalization of $18.72 billion, a P/E ratio of 16.92, 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 quick ratio of 0.84 and a current ratio of 0.91.

NetApp Announces Dividend

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

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.