NetApp, Inc. (NASDAQ:NTAP) Stock Position Cut by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. trimmed its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 3.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,651 shares of the data storage provider’s stock after selling 498 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in NetApp were worth $1,469,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. M&T Bank Corp raised its holdings in shares of NetApp by 4.8% during the fourth quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider’s stock valued at $1,485,000 after acquiring an additional 581 shares during the period. Versor Investments LP acquired a new stake in shares of NetApp in the fourth quarter worth $395,000. AMJ Financial Wealth Management grew its holdings in shares of NetApp by 120.7% during the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider’s stock valued at $7,998,000 after buying an additional 37,684 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in NetApp by 9.2% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider’s stock valued at $156,268,000 after buying an additional 113,360 shares during the period. Finally, Orion Portfolio Solutions LLC lifted its stake in NetApp by 232.2% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 6,731 shares of the data storage provider’s stock worth $831,000 after acquiring an additional 4,705 shares in the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O’callahan sold 528 shares of NetApp stock in a transaction on Monday, March 10th. The stock was sold at an average price of $92.58, for a total value of $48,882.24. Following the completion of the sale, the executive vice president now directly owns 12,900 shares of the company’s stock, valued at approximately $1,194,282. This trade represents a 3.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $123.03, for a total transaction of $1,045,755.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,931 shares of company stock worth $6,252,759 over the last ninety days. Corporate insiders own 0.47% of the company’s stock.

NetApp Price Performance

NetApp stock opened at $88.40 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 business has a 50 day simple moving average of $109.82 and a 200 day simple moving average of $117.23. NetApp, Inc. has a one year low of $88.14 and a one year high of $135.45. The company has a market capitalization of $17.98 billion, a PE ratio of 16.25, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s dividend payout ratio is currently 38.52%.

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of research analyst reports. Bank of America raised shares of NetApp from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Barclays lowered their price target on NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Susquehanna lowered shares of NetApp from a “positive” rating to a “neutral” rating and dropped their price target for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. TD Cowen reduced their price objective 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. Finally, Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a report on Wednesday, February 19th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, NetApp presently has a consensus rating of “Hold” and a consensus target price of $129.07.

NetApp 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.