1620 Investment Advisors Inc. Decreases Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

1620 Investment Advisors Inc. reduced its position in NetApp, Inc. (NASDAQ:NTAP) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,777 shares of the data storage provider’s stock after selling 138 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in NetApp were worth $787,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of NetApp in the 4th quarter valued at about $26,000. Assetmark Inc. boosted its stake in shares of NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after buying an additional 215 shares in the last quarter. Synergy Investment Management LLC purchased a new stake in shares of NetApp in the fourth quarter valued at approximately $32,000. Golden State Wealth Management LLC purchased a new stake in shares of NetApp in the fourth quarter valued at approximately $35,000. Finally, OFI Invest Asset Management purchased a new stake in NetApp during the fourth quarter worth $39,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NTAP has been the topic of a number of research reports. Barclays cut their price objective on NetApp from $132.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Northland Securities raised their price target on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday, November 22nd. Wells Fargo & Company cut their price target on NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. cut their target price on NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, Loop Capital dropped their price objective on NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Twelve investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $129.07.

Insider Activity

In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $123.03, for a total value of $1,045,755.00. Following the completion of the transaction, the chief executive officer now directly owns 271,282 shares in the company, valued at approximately $33,375,824.46. The trade was a 3.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the completion of the transaction, the president now owns 27,099 shares of the company’s stock, valued at $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock valued at $6,252,759 in the last three months. Company insiders own 0.47% of the company’s stock.

NetApp Trading Down 1.5 %

NASDAQ:NTAP opened at $92.10 on Friday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The firm has a 50-day moving average of $112.92 and a 200-day moving average of $118.27. The company has a market cap of $18.73 billion, a PE ratio of 16.93, a PEG ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a one year low of $89.88 and a one year high of $135.45.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s dividend payout ratio is currently 38.52%.

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.