OVERSEA CHINESE BANKING Corp Ltd Has $596,000 Position in NetApp, Inc. (NASDAQ:NTAP)

OVERSEA CHINESE BANKING Corp Ltd lowered its stake in NetApp, Inc. (NASDAQ:NTAP) by 45.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,132 shares of the data storage provider’s stock after selling 4,258 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in NetApp were worth $596,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Resonant Capital Advisors LLC grew its holdings in NetApp by 1.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock worth $516,000 after acquiring an additional 80 shares during the period. Larson Financial Group LLC grew its holdings in shares of NetApp by 2.5% in the 4th quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock valued at $438,000 after buying an additional 92 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of 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 buying an additional 100 shares during the period. Moors & Cabot Inc. lifted its position in NetApp by 3.6% in the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider’s stock valued at $337,000 after acquiring an additional 100 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in NetApp by 2.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,597 shares of the data storage provider’s stock valued at $534,000 after acquiring an additional 111 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Loop Capital cut 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. Keefe, Bruyette & Woods raised shares of NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Stifel Nicolaus boosted their price target on shares of NetApp from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Susquehanna cut shares of NetApp from a “positive” rating to a “neutral” rating and cut their price target for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. Finally, Wedbush restated a “neutral” rating and set a $110.00 price objective (down from $120.00) on shares of NetApp in a research note on Friday, February 28th. Twelve investment 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 stock currently has a consensus rating of “Hold” and a consensus target price of $129.07.

NetApp Stock Performance

Shares of NASDAQ:NTAP opened at $92.10 on Friday. The company’s 50 day moving average price is $112.92 and its two-hundred day moving average price is $118.27. NetApp, Inc. has a 12-month low of $89.88 and a 12-month high of $135.45. The firm has a market cap of $18.73 billion, a PE ratio of 16.93, a PEG ratio of 2.45 and a beta of 1.24. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be given a dividend of $0.52 per share. The ex-dividend date 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%.

Insider Transactions at NetApp

In related news, CFO Michael J. Berry sold 12,500 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total value of $1,509,250.00. Following the completion of the transaction, the chief financial officer now owns 123,243 shares of the company’s stock, valued at $14,880,359.82. This represents a 9.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Cesar Cernuda sold 22,000 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the completion of the transaction, the president now directly owns 27,099 shares of the company’s stock, valued at approximately $3,116,114.01. The trade was a 44.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,931 shares of company stock valued at $6,252,759. Company insiders own 0.47% of the company’s stock.

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.