Fifth Third Bancorp lessened its stake in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) by 11.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 9,252 shares of the data storage provider’s stock after selling 1,146 shares during the period. Fifth Third Bancorp’s holdings in NetApp were worth $1,074,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of NetApp by 8.2% in the third quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock valued at $738,280,000 after acquiring an additional 453,324 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in NetApp by 38.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,232,852 shares of the data storage provider’s stock valued at $152,270,000 after purchasing an additional 342,415 shares in the last quarter. Unigestion Holding SA lifted its holdings in NetApp by 926.1% in the 3rd quarter. Unigestion Holding SA now owns 283,674 shares of the data storage provider’s stock valued at $35,022,000 after purchasing an additional 256,028 shares in the last quarter. Weiss Asset Management LP acquired a new stake in shares of NetApp during the 3rd quarter worth about $27,721,000. Finally, Victory Capital Management Inc. grew its holdings in shares of NetApp by 49.4% during the third quarter. Victory Capital Management Inc. now owns 605,004 shares of the data storage provider’s stock worth $74,724,000 after buying an additional 200,081 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.
Insider Transactions at NetApp
In other NetApp news, EVP Elizabeth M. O’callahan sold 451 shares of NetApp stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $116.79, for a total transaction of $52,672.29. Following the sale, the executive vice president now directly owns 12,005 shares in the company, valued at $1,402,063.95. The trade was a 3.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $124.29, for a total value of $1,056,465.00. Following the transaction, the chief executive officer now owns 279,782 shares of the company’s stock, valued at approximately $34,774,104.78. This trade represents a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,610 shares of company stock valued at $6,123,351. Corporate insiders own 0.47% of the company’s stock.
NetApp Stock Up 0.6 %
NetApp (NASDAQ:NTAP – Get Free Report) last issued its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.09. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.23 earnings per share. Equities research analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.
NetApp Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd were paid a dividend of $0.52 per share. The ex-dividend date was Friday, January 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.73%. NetApp’s dividend payout ratio is currently 38.24%.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the stock. Wedbush reissued a “neutral” rating and set a $120.00 price objective on shares of NetApp in a research note on Friday, November 22nd. Barclays increased their price target on NetApp from $119.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. StockNews.com raised NetApp from a “hold” rating to a “buy” rating in a research report on Tuesday. Wells Fargo & Company increased their target price on NetApp from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. upgraded NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 price target for the company in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $139.20.
Read Our Latest Stock Report on NetApp
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.
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