State of Michigan Retirement System Buys 1,000 Shares of NetApp, Inc. (NASDAQ:NTAP)

State of Michigan Retirement System boosted its stake in NetApp, Inc. (NASDAQ:NTAPFree Report) by 1.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,229 shares of the data storage provider’s stock after purchasing an additional 1,000 shares during the quarter. State of Michigan Retirement System’s holdings in NetApp were worth $6,191,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Larson Financial Group LLC bought a new position in NetApp in the 3rd quarter worth about $27,000. Sunbelt Securities Inc. bought a new position in NetApp in the 1st quarter worth about $28,000. First Pacific Financial bought a new position in NetApp in the 3rd quarter worth about $29,000. Planned Solutions Inc. bought a new position in NetApp in the 4th quarter worth about $34,000. Finally, Huntington National Bank boosted its position in shares of NetApp by 40.4% during the 3rd quarter. Huntington National Bank now owns 490 shares of the data storage provider’s stock valued at $37,000 after acquiring an additional 141 shares during the last quarter. Institutional investors own 92.17% of the company’s stock.

Insider Activity

In related news, CFO Michael J. Berry sold 7,500 shares of NetApp stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $102.75, for a total transaction of $770,625.00. Following the sale, the chief financial officer now directly owns 152,409 shares in the company, valued at $15,660,024.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $102.75, for a total transaction of $770,625.00. Following the completion of the sale, the chief financial officer now owns 152,409 shares in the company, valued at $15,660,024.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $86.27, for a total value of $75,141.17. Following the sale, the executive vice president now owns 10,856 shares of the company’s stock, valued at approximately $936,547.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,371 shares of company stock valued at $2,351,656. Company insiders own 0.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NTAP. Barclays lifted their price target on NetApp from $80.00 to $100.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. StockNews.com downgraded NetApp from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. TD Cowen lifted their price target on NetApp from $100.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. UBS Group lifted their price target on NetApp from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Finally, Evercore ISI boosted their target price on NetApp from $95.00 to $105.00 and gave the stock an “in-line” rating in a research report on Friday, March 1st. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, NetApp has a consensus rating of “Hold” and a consensus target price of $97.94.

Check Out Our Latest Analysis on NetApp

NetApp Price Performance

Shares of NetApp stock opened at $106.48 on Thursday. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.15 and a quick ratio of 1.11. The business’s 50 day simple moving average is $95.14 and its two-hundred day simple moving average is $86.10. The stock has a market capitalization of $21.98 billion, a P/E ratio of 24.20, a price-to-earnings-growth ratio of 2.31 and a beta of 1.28. NetApp, Inc. has a one year low of $60.92 and a one year high of $112.48.

NetApp (NASDAQ:NTAPGet Free Report) last announced its quarterly earnings results on Thursday, February 29th. The data storage provider reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.69 by $0.25. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.59 billion. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.02 EPS. Analysts forecast that NetApp, Inc. will post 5.16 EPS for the current year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, April 4th. This represents a $2.00 annualized dividend and a dividend yield of 1.88%. NetApp’s dividend payout ratio (DPR) is presently 45.45%.

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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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