Hillsdale Investment Management Inc. Increases Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Hillsdale Investment Management Inc. boosted its position in NetApp, Inc. (NASDAQ:NTAP) by 5.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,920 shares of the data storage provider’s stock after acquiring an additional 400 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in NetApp were worth $919,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Resonant Capital Advisors LLC increased its position in shares of NetApp by 1.8% during the fourth quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock worth $516,000 after acquiring an additional 80 shares during the last quarter. Larson Financial Group LLC increased its holdings in NetApp by 2.5% during the 4th quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock worth $438,000 after purchasing an additional 92 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of NetApp by 22.3% in the 4th quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock valued at $64,000 after purchasing an additional 100 shares in the last quarter. Moors & Cabot Inc. boosted its stake in shares of NetApp by 3.6% during the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider’s stock valued at $337,000 after buying an additional 100 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in shares of NetApp by 2.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,597 shares of the data storage provider’s stock worth $534,000 after buying an additional 111 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Stock Performance

NTAP opened at $92.25 on Monday. 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 business’s 50 day moving average is $112.44 and its 200-day moving average is $118.06. The stock has a market cap of $18.76 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a twelve month low of $89.88 and a twelve month high of $135.45.

NetApp Announces Dividend

The firm also recently announced 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. This represents a $2.08 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s payout ratio is currently 38.52%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. 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 note on Friday, February 28th. Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Loop Capital cut 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. Susquehanna lowered NetApp from a “positive” rating to a “neutral” rating and decreased their target price for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. Finally, TD Cowen dropped their price target on NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, NetApp currently has an average rating of “Hold” and an average price target of $129.07.

Insider Buying and Selling

In other news, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the sale, the president now owns 27,099 shares in the company, valued at $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $123.03, for a total transaction 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 $33,375,824.46. This represents a 3.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock valued at $6,252,759 over the last 90 days. 0.47% of the stock is currently owned by company insiders.

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.