Cornercap Investment Counsel Inc. Has $1.47 Million Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Cornercap Investment Counsel Inc. cut its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 3.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 12,651 shares of the data storage provider’s stock after selling 498 shares during the period. Cornercap Investment Counsel Inc.’s holdings in NetApp were worth $1,469,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NTAP. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of NetApp during the 4th quarter valued at about $26,000. Assetmark Inc. boosted its holdings 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 during the period. Synergy Investment Management LLC acquired a new stake in shares of NetApp during the fourth quarter worth $32,000. Golden State Wealth Management LLC bought a new stake in shares of NetApp in the fourth quarter valued at about $35,000. Finally, OFI Invest Asset Management bought a new position in shares of NetApp during the fourth quarter worth about $39,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 528 shares of NetApp stock in a transaction that occurred 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 sale, the executive vice president now directly owns 12,900 shares in the company, valued at approximately $1,194,282. The trade was a 3.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael J. Berry sold 12,500 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total value of $1,509,250.00. Following the transaction, the chief financial officer now owns 123,243 shares in the company, valued at $14,880,359.82. The trade was a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,931 shares of company stock worth $6,252,759. Insiders own 0.47% of the company’s stock.

NetApp Price Performance

NetApp stock opened at $88.40 on Friday. The stock has a 50-day moving average price of $109.82 and a two-hundred day moving average price of $117.23. NetApp, Inc. has a 12 month low of $88.14 and a 12 month high of $135.45. The company has a market capitalization of $17.98 billion, a PE ratio of 16.25, a P/E/G ratio of 2.45 and a beta of 1.24. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.35%. The ex-dividend date is Friday, April 4th. NetApp’s dividend payout ratio is currently 38.52%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Barclays cut their target price on NetApp from $132.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Wedbush reissued a “neutral” rating and set a $110.00 price target (down from $120.00) on shares of NetApp in a research report on Friday, February 28th. Loop Capital dropped their target price on NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. JPMorgan Chase & Co. decreased their price target on NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, Wells Fargo & Company dropped their price objective on NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Twelve 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.com, the stock currently has a consensus rating of “Hold” and an average price target of $129.07.

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.