Sei Investments Co. Cuts Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Sei Investments Co. lowered its stake in NetApp, Inc. (NASDAQ:NTAP) by 21.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 341,613 shares of the data storage provider’s stock after selling 92,711 shares during the period. Sei Investments Co. owned approximately 0.17% of NetApp worth $39,654,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. PNC Financial Services Group Inc. grew its holdings in shares of NetApp by 10.0% in the third quarter. PNC Financial Services Group Inc. now owns 22,941 shares of the data storage provider’s stock worth $2,833,000 after purchasing an additional 2,088 shares during the last quarter. Eagle Asset Management Inc. boosted its position in NetApp by 4.5% during the 3rd quarter. Eagle Asset Management Inc. now owns 44,213 shares of the data storage provider’s stock valued at $5,483,000 after buying an additional 1,901 shares during the period. Raymond James Trust N.A. grew its holdings in NetApp by 13.1% in the 3rd quarter. Raymond James Trust N.A. now owns 4,206 shares of the data storage provider’s stock worth $519,000 after acquiring an additional 487 shares during the last quarter. Meridian Wealth Management LLC purchased a new position in shares of NetApp in the third quarter valued at about $331,000. Finally, Cerity Partners LLC raised its stake in shares of NetApp by 20.9% during the third quarter. Cerity Partners LLC now owns 49,378 shares of the data storage provider’s stock valued at $6,099,000 after acquiring an additional 8,520 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 528 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $92.58, for a total value of $48,882.24. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $114.99, for a total value of $2,529,780.00. Following the transaction, the president now directly owns 27,099 shares in the company, valued at approximately $3,116,114.01. The trade was a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,931 shares of company stock valued at $6,252,759. Insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NTAP. Susquehanna downgraded NetApp from a “positive” rating to a “neutral” rating and reduced their price target for the company from $155.00 to $130.00 in a report on Monday, February 10th. Citigroup reduced their target price on NetApp from $135.00 to $110.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Barclays dropped their price target on NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Wells Fargo & Company reduced their price objective on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. dropped their target price on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Twelve analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $129.07.

NetApp Trading Up 3.1 %

NASDAQ NTAP opened at $95.12 on Tuesday. The stock’s fifty day moving average price is $112.05 and its 200-day moving average price is $117.91. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The stock has a market cap of $19.35 billion, a P/E ratio of 17.49, a P/E/G ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a 12 month low of $89.88 and a 12 month high of $135.45.

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.19%. 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.