NetApp, Inc. (NASDAQ:NTAP) Stock Position Lessened by Convergence Investment Partners LLC

Convergence Investment Partners LLC reduced its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,190 shares of the data storage provider’s stock after selling 2,819 shares during the quarter. NetApp comprises about 1.0% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 20th largest holding. Convergence Investment Partners LLC’s holdings in NetApp were worth $4,317,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of NTAP. Resonant Capital Advisors LLC increased its stake 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 valued at $516,000 after buying an additional 80 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of NetApp by 22.3% during the fourth 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 during the period. OLD National Bancorp IN raised its holdings in NetApp by 3.5% during the third quarter. OLD National Bancorp IN now owns 3,492 shares of the data storage provider’s stock worth $431,000 after purchasing an additional 118 shares in the last quarter. Ballentine Partners LLC raised its holdings in NetApp by 4.5% during the third quarter. Ballentine Partners LLC now owns 2,756 shares of the data storage provider’s stock worth $340,000 after purchasing an additional 118 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its position in NetApp by 2.0% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,448 shares of the data storage provider’s stock worth $796,000 after purchasing an additional 128 shares during the period. Institutional investors and hedge funds own 92.17% of the company’s stock.

Insider Buying and Selling

In related news, CFO Michael J. Berry sold 12,500 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the completion of the sale, the chief financial officer now directly owns 123,243 shares in the company, valued at approximately $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 279,782 shares in the company, valued at $34,774,104.78. This trade represents a 2.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,403 shares of company stock worth $6,248,501. 0.47% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NTAP has been the topic of several research analyst reports. Wells Fargo & Company lifted their price target on NetApp from $135.00 to $140.00 and gave the company an “equal weight” rating in a research report on Friday, November 22nd. Northland Securities lifted their target price on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday, November 22nd. StockNews.com raised shares of NetApp from a “hold” rating to a “buy” rating in a report on Wednesday. Bank of America lifted their price objective on shares of NetApp from $115.00 to $121.00 and gave the stock an “underperform” rating in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. raised shares of NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 target price for the company in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, NetApp presently has an average rating of “Hold” and an average target price of $137.53.

NetApp Trading Up 1.2 %

NASDAQ NTAP opened at $120.52 on Wednesday. The firm’s 50 day moving average price is $120.02 and its two-hundred day moving average price is $121.81. The stock has a market cap of $24.50 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 2.83 and a beta of 1.23. NetApp, Inc. has a twelve month low of $83.80 and a twelve month high of $135.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. The business had revenue of $1.66 billion for 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%. NetApp’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.23 earnings per share. Equities analysts anticipate that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend was Friday, January 3rd. NetApp’s dividend payout ratio (DPR) is 38.24%.

NetApp 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.