Redwood Investment Management LLC Buys Shares of 12,344 NetApp, Inc. (NASDAQ:NTAP)

Redwood Investment Management LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the fourth quarter, Holdings Channel.com reports. The fund purchased 12,344 shares of the data storage provider’s stock, valued at approximately $1,433,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in NetApp in the 4th quarter valued at approximately $26,000. Assetmark Inc. increased its stake in shares of NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after buying an additional 215 shares during the period. Synergy Investment Management LLC acquired a new stake in shares of NetApp in the 4th quarter valued at $32,000. Itau Unibanco Holding S.A. boosted its position in shares of NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock worth $32,000 after acquiring an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in NetApp in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insider Transactions at NetApp

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $81.83, for a total value of $695,555.00. Following the completion of the transaction, the chief executive officer now directly owns 249,765 shares of the company’s stock, valued at approximately $20,438,269.95. The trade was a 3.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 528 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $92.58, for a total transaction of $48,882.24. Following the sale, the executive vice president now owns 12,900 shares in the company, valued at approximately $1,194,282. This trade represents a 3.93% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,224 shares of company stock valued at $3,531,872. Insiders own 0.47% of the company’s stock.

NetApp Trading Up 0.2%

NTAP opened at $99.82 on Friday. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The firm has a market capitalization of $20.30 billion, a P/E ratio of 18.35, a P/E/G ratio of 2.45 and a beta of 1.40. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The firm’s 50 day moving average is $88.61 and its 200-day moving average is $108.60.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 23rd. Investors of record on Friday, April 4th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, April 4th. This represents a $2.08 annualized dividend and a yield of 2.08%. NetApp’s dividend payout ratio is presently 38.52%.

Analyst Ratings Changes

A number of brokerages recently weighed in on NTAP. Barclays raised shares of NetApp from an “equal weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research report on Wednesday, April 30th. Keefe, Bruyette & Woods upgraded shares of NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Evercore ISI dropped their target price on NetApp from $120.00 to $100.00 and set an “in-line” rating on the stock in a report on Monday, April 28th. Wedbush reaffirmed a “neutral” rating and issued a $110.00 target price (down previously from $120.00) on shares of NetApp in a report on Friday, February 28th. Finally, Bank of America raised 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 report on Wednesday, February 19th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $123.07.

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.