Redwood Investment Management LLC Buys Shares of 12,344 NetApp, Inc. (NASDAQ:NTAP)

Redwood Investment Management LLC purchased a new stake in shares of NetApp, Inc. (NASDAQ:NTAP) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 12,344 shares of the data storage provider’s stock, valued at approximately $1,433,000.

Other large investors have also made changes to their positions in the company. Resonant Capital Advisors LLC boosted 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 valued at $516,000 after buying an additional 80 shares during the period. Larson Financial Group LLC boosted 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 valued at $438,000 after acquiring an additional 92 shares during the period. Geneos Wealth Management Inc. grew its position in 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 acquiring an additional 100 shares during the last quarter. Moors & Cabot Inc. grew its position in NetApp by 3.6% in the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider’s stock valued at $337,000 after acquiring an additional 100 shares during the last quarter. Finally, Coppell Advisory Solutions LLC increased its stake in NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock worth $35,000 after purchasing an additional 100 shares during the period. 92.17% of the stock is currently owned by institutional investors.

NetApp Trading Up 0.2%

NTAP opened at $99.82 on Friday. The stock has a market capitalization of $20.30 billion, a PE ratio of 18.35, a P/E/G ratio of 2.45 and a beta of 1.40. NetApp, Inc. has a one year low of $71.84 and a one year 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. The business’s 50 day moving average price is $88.61 and its 200 day moving average price is $108.60.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Friday, April 4th. NetApp’s dividend payout ratio (DPR) is presently 38.52%.

Insider Transactions at NetApp

In other news, President Cesar Cernuda sold 19,696 shares of the company’s stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the transaction, the president now directly owns 11,928 shares in the company, valued at approximately $1,075,309.20. This represents a 62.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $81.83, for a total transaction of $695,555.00. Following the transaction, the chief executive officer now directly owns 249,765 shares of the company’s stock, valued at $20,438,269.95. The trade was a 3.29% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,224 shares of company stock worth $3,531,872. 0.47% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NTAP. Susquehanna lowered shares of NetApp from a “positive” rating to a “neutral” rating and lowered their target price for the company from $155.00 to $130.00 in a research note on Monday, February 10th. JPMorgan Chase & Co. lowered their price objective on shares of NetApp from $153.00 to $113.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Citigroup decreased their price target on shares of NetApp from $110.00 to $90.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. 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. Finally, Barclays upgraded NetApp from an “equal weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Wednesday, April 30th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, NetApp has a consensus rating of “Hold” and an average target price of $123.07.

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.