Elo Mutual Pension Insurance Co Raises Position in NetApp, Inc. (NASDAQ:NTAP)

Elo Mutual Pension Insurance Co increased its stake in NetApp, Inc. (NASDAQ:NTAP) by 28.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,437 shares of the data storage provider’s stock after purchasing an additional 5,156 shares during the period. Elo Mutual Pension Insurance Co’s holdings in NetApp were worth $2,721,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in NetApp by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider’s stock worth $3,069,617,000 after acquiring an additional 429,343 shares during the period. State Street Corp grew its holdings in shares of NetApp by 2.0% during the third quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock worth $1,267,357,000 after buying an additional 199,384 shares in the last quarter. Geode Capital Management LLC raised its holdings in NetApp by 8.2% in the 3rd quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock valued at $738,280,000 after acquiring an additional 453,324 shares during the last quarter. Boston Partners lifted its position in NetApp by 53.9% during the fourth quarter. Boston Partners now owns 2,083,189 shares of the data storage provider’s stock worth $241,867,000 after buying an additional 729,394 shares in the last quarter. Finally, Amundi raised its holdings in shares of NetApp by 25.7% during the 4th quarter. Amundi now owns 1,948,917 shares of the data storage provider’s stock worth $228,492,000 after acquiring an additional 397,871 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NTAP has been the topic of several recent analyst reports. Morgan Stanley upped their price target on NetApp from $132.00 to $146.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. TD Cowen dropped their price target on shares of NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Loop Capital cut their target price on shares of NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Citigroup cut their price target on NetApp from $135.00 to $110.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. reduced their price objective 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 equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $129.07.

Insider Activity

In other NetApp news, EVP Elizabeth M. O’callahan sold 451 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the sale, the executive vice president now owns 12,005 shares of the company’s stock, valued at $1,402,063.95. This trade represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction dated 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 sale, 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. Insiders sold 52,931 shares of company stock valued at $6,252,759 in the last ninety days. Company insiders own 0.47% of the company’s stock.

NetApp Stock Performance

Shares of NTAP opened at $88.40 on Friday. NetApp, Inc. has a 1 year low of $88.14 and a 1 year high of $135.45. The company’s 50 day simple moving average is $109.82 and its 200 day simple moving average is $117.23. 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 company has a market capitalization of $17.98 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 2.45 and a beta of 1.24.

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 issued a $0.52 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.35%. NetApp’s payout ratio is 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.