M&T Bank Corp increased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) by 4.8% during the 4th quarter, HoldingsChannel reports. The firm owned 12,794 shares of the data storage provider’s stock after purchasing an additional 581 shares during the period. M&T Bank Corp’s holdings in NetApp were worth $1,485,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Resonant Capital Advisors LLC lifted its holdings in shares of NetApp by 1.8% in the fourth quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock valued at $516,000 after purchasing an additional 80 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in NetApp by 22.3% during the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock worth $64,000 after buying an additional 100 shares during the last quarter. Steward Partners Investment Advisory LLC raised its position in NetApp by 2.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,597 shares of the data storage provider’s stock worth $534,000 after acquiring an additional 111 shares in the last quarter. Wealthspire Advisors LLC lifted its stake in NetApp by 4.1% in the 4th quarter. Wealthspire Advisors LLC now owns 3,132 shares of the data storage provider’s stock valued at $364,000 after purchasing an additional 123 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its position in shares of NetApp by 2.0% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,448 shares of the data storage provider’s stock valued at $796,000 after buying an additional 128 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Bank of America raised shares of NetApp from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. TD Cowen decreased their price objective on NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Oppenheimer started coverage on shares of NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating for the company. StockNews.com cut NetApp from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, Susquehanna downgraded NetApp from a “positive” rating to a “neutral” rating and dropped their price target for the company from $155.00 to $130.00 in a research note on Monday, February 10th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $129.07.

Check Out Our Latest Report on NetApp

Insider Activity at NetApp

In other news, EVP Elizabeth M. O’callahan sold 451 shares of NetApp stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the transaction, the executive vice president now directly owns 12,005 shares of the company’s stock, valued at approximately $1,402,063.95. This trade represents a 3.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the sale, the president now directly owns 27,099 shares of the company’s stock, valued at $3,116,114.01. This represents a 44.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,903 shares of company stock worth $7,260,341 over the last three months. Company insiders own 0.47% of the company’s stock.

NetApp Price Performance

NetApp stock opened at $92.05 on Tuesday. The company has a market capitalization of $18.72 billion, a PE ratio of 16.92, a P/E/G ratio of 2.45 and a beta of 1.24. 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 stock has a 50-day moving average price of $116.94 and a two-hundred day moving average price of $120.19. NetApp, Inc. has a 12 month low of $90.12 and a 12 month high of $135.45.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, April 4th. NetApp’s dividend payout ratio (DPR) is currently 38.52%.

NetApp Company Profile

(Free Report)

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.

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