25,700 Shares in NetApp, Inc. (NASDAQ:NTAP) Acquired by Intact Investment Management Inc.

Intact Investment Management Inc. acquired a new position in NetApp, Inc. (NASDAQ:NTAP) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 25,700 shares of the data storage provider’s stock, valued at approximately $2,983,000.

Other hedge funds also recently added to or reduced their stakes in the company. M&T Bank Corp grew its position in NetApp by 4.8% in the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider’s stock worth $1,485,000 after purchasing an additional 581 shares during the period. Versor Investments LP bought a new stake in NetApp in the 4th quarter worth approximately $395,000. Intech Investment Management LLC grew its position in NetApp by 8.9% in the 3rd quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock worth $37,301,000 after purchasing an additional 24,651 shares during the period. AMJ Financial Wealth Management grew its position in NetApp by 120.7% in the 4th quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider’s stock worth $7,998,000 after purchasing an additional 37,684 shares during the period. Finally, Daiwa Securities Group Inc. grew its position in NetApp by 20.9% in the 3rd quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider’s stock worth $5,225,000 after purchasing an additional 7,318 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of research analyst reports. Stifel Nicolaus lifted their target price 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 downgraded shares of NetApp from a “positive” rating to a “neutral” rating and cut their target price for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. TD Cowen cut their target price on shares of NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Northland Securities boosted their price objective on shares of NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research report on Friday, November 22nd. Finally, Loop Capital cut their price objective on shares of NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, NetApp currently has a consensus rating of “Hold” and an average price target of $129.07.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 528 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $92.58, for a total value of $48,882.24. Following the sale, the executive vice president now owns 12,900 shares in the company, valued at $1,194,282. The trade was a 3.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Cesar Cernuda sold 22,000 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the completion of the sale, the president now owns 27,099 shares in the company, 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. Insiders have sold a total of 61,431 shares of company stock worth $7,309,224 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

NetApp Trading Up 2.1 %

Shares of NetApp stock opened at $91.98 on Friday. The company has a market capitalization of $18.71 billion, a P/E ratio of 16.91, a P/E/G 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. The company has a fifty day moving average of $114.93 and a 200 day moving average of $119.20. NetApp, Inc. has a fifty-two week low of $89.88 and a fifty-two week high of $135.45.

NetApp Dividend Announcement

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