NetApp, Inc. (NASDAQ:NTAP) Director Anders Gustafsson Acquires 2,800 Shares

NetApp, Inc. (NASDAQ:NTAP) Director Anders Gustafsson acquired 2,800 shares of NetApp stock in a transaction that occurred on Thursday, March 27th. The shares were purchased at an average price of $91.00 per share, for a total transaction of $254,800.00. Following the completion of the purchase, the director now directly owns 6,348 shares of the company’s stock, valued at $577,668. The trade was a 78.92 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

NetApp Price Performance

NTAP stock traded down $0.56 on Monday, hitting $87.84. 2,943,099 shares of the company’s stock traded hands, compared to its average volume of 1,853,334. The stock has a market cap of $17.87 billion, a price-to-earnings ratio of 16.15, a P/E/G ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a 1-year low of $86.41 and a 1-year high of $135.45. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The stock has a fifty day moving average of $109.82 and a 200-day moving average of $117.26.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Friday, April 4th. NetApp’s dividend payout ratio is presently 38.52%.

Institutional Investors Weigh In On NetApp

Hedge funds have recently modified their holdings of the stock. Resonant Capital Advisors LLC raised 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 buying an additional 80 shares during the period. Larson Financial Group LLC raised its holdings in shares of NetApp by 2.5% during the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock valued at $438,000 after acquiring an additional 92 shares during the period. Geneos Wealth Management Inc. lifted its position 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 acquiring an additional 100 shares in the last quarter. Moors & Cabot Inc. boosted its stake in NetApp by 3.6% in the 4th 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 period. Finally, Coppell Advisory Solutions LLC boosted its position in shares of NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock worth $35,000 after buying an additional 100 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on NTAP shares. Morgan Stanley raised their price target on shares of NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. TD Cowen decreased their target price on NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Wedbush restated a “neutral” rating and set a $110.00 price objective (down previously from $120.00) on shares of NetApp in a research report on Friday, February 28th. Finally, Susquehanna lowered shares of NetApp from a “positive” rating to a “neutral” rating and dropped their price target for the company from $155.00 to $130.00 in a research note on Monday, February 10th. Twelve analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, NetApp has an average rating of “Hold” and an average target price of $129.07.

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.