Envestnet Asset Management Inc. Increases Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Envestnet Asset Management Inc. increased its holdings in NetApp, Inc. (NASDAQ:NTAP) by 29.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 382,136 shares of the data storage provider’s stock after buying an additional 87,878 shares during the period. Envestnet Asset Management Inc. owned about 0.19% of NetApp worth $44,358,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Orion Portfolio Solutions LLC grew its holdings in NetApp by 232.2% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 6,731 shares of the data storage provider’s stock valued at $831,000 after buying an additional 4,705 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of NetApp by 4.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 90,355 shares of the data storage provider’s stock worth $11,160,000 after buying an additional 3,476 shares in the last quarter. Barclays PLC raised its position in shares of NetApp by 31.4% in the third quarter. Barclays PLC now owns 784,339 shares of the data storage provider’s stock valued at $96,873,000 after buying an additional 187,638 shares during the last quarter. M&T Bank Corp boosted its position in NetApp by 1.9% during the third quarter. M&T Bank Corp now owns 12,213 shares of the data storage provider’s stock worth $1,508,000 after acquiring an additional 226 shares during the last quarter. Finally, Vestcor Inc grew its stake in NetApp by 6.5% in the 3rd quarter. Vestcor Inc now owns 15,488 shares of the data storage provider’s stock worth $1,913,000 after acquiring an additional 949 shares during the period. 92.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NTAP. Citigroup reduced 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. JPMorgan Chase & Co. reduced their target price on NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. TD Cowen lowered their price target on NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 28th. Bank of America upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $121.00 to $128.00 in a report on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods upgraded shares of NetApp to an “outperform” rating in a report on Wednesday, February 19th. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, NetApp currently has a consensus rating of “Hold” and an average target price of $129.07.

Insider Activity at NetApp

In other NetApp news, CFO Michael J. Berry sold 12,500 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total value of $1,509,250.00. Following the completion of the transaction, the chief financial officer now directly owns 123,243 shares of the company’s stock, valued at $14,880,359.82. This represents a 9.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $123.03, for a total value of $1,045,755.00. Following the sale, the chief executive officer now owns 271,282 shares of the company’s stock, valued at $33,375,824.46. This represents a 3.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,176 shares of company stock worth $5,445,901. 0.47% of the stock is currently owned by company insiders.

NetApp Stock Down 4.4 %

Shares of NASDAQ NTAP opened at $82.28 on Friday. The stock has a fifty day moving average price of $101.04 and a 200 day moving average price of $114.46. 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, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The company has a market cap of $16.74 billion, a P/E ratio of 15.13, a P/E/G ratio of 2.45 and a beta of 1.31.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.53%. NetApp’s dividend payout ratio (DPR) is currently 38.52%.

About NetApp

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.