Tidal Investments LLC Increases Stake in NetApp, Inc. (NASDAQ:NTAP)

Tidal Investments LLC raised its stake in NetApp, Inc. (NASDAQ:NTAP) by 7.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 243,863 shares of the data storage provider’s stock after purchasing an additional 15,930 shares during the period. Tidal Investments LLC’s holdings in NetApp were worth $28,308,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in NetApp in the fourth quarter valued at about $26,000. Assetmark Inc. grew its stake in NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 215 shares during the last quarter. Synergy Investment Management LLC purchased a new position in NetApp in the fourth quarter valued at about $32,000. Itau Unibanco Holding S.A. grew its stake in NetApp by 929.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 251 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in NetApp in the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insider Transactions at NetApp

In other news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $81.83, for a total transaction of $695,555.00. Following the transaction, the chief executive officer now owns 249,765 shares in the company, valued at $20,438,269.95. This trade represents a 3.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 528 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $92.58, for a total value of $48,882.24. Following the completion of the transaction, the executive vice president now owns 12,900 shares in the company, valued at $1,194,282. The trade was a 3.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,224 shares of company stock valued at $3,531,872 in the last 90 days. 0.47% of the stock is currently owned by company insiders.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $100.53 on Friday. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The company’s 50 day moving average is $88.80 and its 200 day moving average is $108.39. 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 company has a market cap of $20.45 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 2.45 and a beta of 1.40.

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.07%. NetApp’s payout ratio is 38.52%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on NetApp from $153.00 to $113.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Evercore ISI cut their target price on NetApp from $120.00 to $100.00 and set an “in-line” rating on the stock in a research note on Monday, April 28th. Loop Capital dropped their price target on NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. TD Cowen dropped their price target on NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Finally, Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $121.00 to $128.00 in a research note on Wednesday, February 19th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $124.07.

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.