Quinn Opportunity Partners LLC Invests $351,000 in NetApp, Inc. (NASDAQ:NTAP)

Quinn Opportunity Partners LLC purchased a new stake in NetApp, Inc. (NASDAQ:NTAP) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 3,020 shares of the data storage provider’s stock, valued at approximately $351,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of NetApp by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider’s stock valued at $3,069,617,000 after acquiring an additional 429,343 shares during the last quarter. Invesco Ltd. increased its position in shares of NetApp by 20.4% during the fourth quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider’s stock worth $362,544,000 after purchasing an additional 529,471 shares in the last quarter. Beutel Goodman & Co Ltd. raised its stake in NetApp by 0.4% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 2,887,795 shares of the data storage provider’s stock valued at $335,215,000 after purchasing an additional 12,919 shares during the last quarter. Norges Bank purchased a new position in NetApp in the 4th quarter valued at $306,440,000. Finally, Boston Partners lifted its holdings in NetApp by 53.9% in the 4th quarter. Boston Partners now owns 2,083,189 shares of the data storage provider’s stock valued at $241,867,000 after purchasing an additional 729,394 shares in the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Stock Up 0.4 %

Shares of NTAP opened at $82.64 on Friday. The company’s 50-day moving average price is $100.27 and its 200 day moving average price is $114.19. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. 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 firm has a market cap of $16.81 billion, a P/E ratio of 15.19, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31.

NetApp Dividend Announcement

The business also recently declared 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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s dividend payout ratio (DPR) is 38.52%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NTAP. Wedbush reiterated a “neutral” rating and issued a $110.00 target price (down from $120.00) on shares of NetApp in a research report on Friday, February 28th. Morgan Stanley increased their price objective on shares of NetApp from $132.00 to $146.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Barclays lowered their target price on NetApp from $132.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Susquehanna cut NetApp from a “positive” rating to a “neutral” rating and cut their price target for the company from $155.00 to $130.00 in a report on Monday, February 10th. Finally, Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $129.07.

Insider Transactions at NetApp

In related news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was 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 in the company, valued at approximately $33,375,824.46. The trade was a 3.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael J. Berry sold 12,500 shares of the firm’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 transaction, the chief financial officer now owns 123,243 shares of the company’s stock, valued at $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,176 shares of company stock worth $5,445,901. 0.47% of the stock is currently owned by insiders.

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.