Intact Investment Management Inc. Takes Position in NetApp, Inc. (NASDAQ:NTAP)

Intact Investment Management Inc. bought a new stake in shares of NetApp, Inc. (NASDAQ:NTAP) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 25,700 shares of the data storage provider’s stock, valued at approximately $2,983,000.

Other hedge funds have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of NetApp during the 4th quarter valued at about $26,000. Assetmark Inc. raised its position in shares of NetApp by 826.9% during the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after buying an additional 215 shares in the last quarter. Synergy Investment Management LLC purchased a new stake in shares of NetApp during the 4th quarter valued at about $32,000. Golden State Wealth Management LLC purchased a new stake in shares of NetApp during the 4th quarter valued at about $35,000. Finally, OFI Invest Asset Management purchased a new stake in shares of NetApp during the 4th quarter valued at about $39,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Price Performance

Shares of NTAP stock opened at $91.98 on Friday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The company has a market capitalization of $18.71 billion, a P/E ratio of 16.91, a P/E/G ratio of 2.45 and a beta of 1.24. The company’s 50-day simple moving average is $114.93 and its two-hundred day simple moving average is $119.20. NetApp, Inc. has a one year low of $89.88 and a one year high of $135.45.

NetApp Announces Dividend

The business 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 $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 yield of 2.26%. NetApp’s dividend payout ratio is currently 38.52%.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 528 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $92.58, for a total transaction of $48,882.24. Following the transaction, the executive vice president now directly owns 12,900 shares in the company, valued at approximately $1,194,282. This trade represents a 3.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $124.29, for a total transaction of $1,056,465.00. Following the transaction, the chief executive officer now owns 279,782 shares in the company, valued at approximately $34,774,104.78. This represents a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,431 shares of company stock worth $7,309,224 in the last three months. Corporate insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of NetApp to an “outperform” rating in a research report on Wednesday, February 19th. 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 report on Friday, February 28th. TD Cowen reduced their price objective on shares of NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Wedbush reissued a “neutral” rating and issued a $110.00 price objective (down from $120.00) on shares of NetApp in a research report on Friday, February 28th. Finally, Susquehanna lowered shares of NetApp from a “positive” rating to a “neutral” rating and reduced their price objective for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $129.07.

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.