The Manufacturers Life Insurance Company Reduces Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Posted by on Jun 11th, 2023

The Manufacturers Life Insurance Company lessened its stake in NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 3.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 176,182 shares of the data storage provider’s stock after selling 6,684 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.08% of NetApp worth $10,581,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of NTAP. Fuller & Thaler Asset Management Inc. acquired a new position in shares of NetApp in the fourth quarter worth about $31,000. CoreCap Advisors LLC acquired a new position in shares of NetApp in the 4th quarter valued at approximately $53,000. Romano Brothers AND Company purchased a new position in shares of NetApp during the 4th quarter valued at approximately $57,000. Global Wealth Strategies & Associates acquired a new stake in shares of NetApp during the fourth quarter worth approximately $72,000. Finally, Quadrant Capital Group LLC increased its stake in shares of NetApp by 12.6% in the third quarter. Quadrant Capital Group LLC now owns 1,321 shares of the data storage provider’s stock worth $82,000 after buying an additional 148 shares during the last quarter. Institutional investors and hedge funds own 87.92% of the company’s stock.

Wall Street Analysts Forecast Growth

NTAP has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of NetApp from $75.00 to $73.00 and set a “neutral” rating for the company in a report on Thursday, February 23rd. Deutsche Bank Aktiengesellschaft upped their price objective on NetApp from $70.00 to $75.00 in a research note on Thursday, June 1st. SpectralCast reiterated a “maintains” rating on shares of NetApp in a research report on Thursday, June 1st. Stifel Nicolaus upped their price target on NetApp from $75.00 to $80.00 in a research report on Thursday, June 1st. Finally, Raymond James raised their price objective on NetApp from $72.00 to $77.00 in a research note on Thursday, June 1st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $74.81.

Insider Buying and Selling

In other NetApp news, President Cesar Cernuda sold 18,000 shares of the stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $60.09, for a total transaction of $1,081,620.00. Following the completion of the transaction, the president now directly owns 44,829 shares of the company’s stock, valued at approximately $2,693,774.61. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO George Kurian sold 2,250 shares of NetApp stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $63.49, for a total value of $142,852.50. Following the transaction, the chief executive officer now owns 140,420 shares of the company’s stock, valued at approximately $8,915,265.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Cesar Cernuda sold 18,000 shares of the stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $60.09, for a total transaction of $1,081,620.00. Following the sale, the president now directly owns 44,829 shares of the company’s stock, valued at $2,693,774.61. The disclosure for this sale can be found here. Insiders have sold a total of 29,250 shares of company stock valued at $1,829,205 over the last quarter. Corporate insiders own 0.26% of the company’s stock.

NetApp Trading Down 0.9 %

Shares of NTAP stock opened at $69.71 on Friday. NetApp, Inc. has a 1 year low of $58.08 and a 1 year high of $79.09. The firm has a market capitalization of $14.91 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 1.77 and a beta of 1.19. The stock has a fifty day moving average of $65.71 and a two-hundred day moving average of $64.90. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.30 and a current ratio of 1.35.

NetApp (NASDAQ:NTAP – Get Rating) last posted its quarterly earnings data on Wednesday, May 31st. The data storage provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.20. NetApp had a net margin of 20.02% and a return on equity of 93.62%. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the company posted $1.21 earnings per share. As a group, research analysts expect that NetApp, Inc. will post 4.52 EPS for the current year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 26th. Investors of record on Friday, July 7th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, July 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.87%. NetApp’s dividend payout ratio is presently 34.48%.

About NetApp

(Get Rating)

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

Featured Stories

Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp, Inc. (NASDAQ:NTAP – Get Rating).

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.