Truist Financial Corp Has $2.12 Million Position in NetApp, Inc. (NASDAQ:NTAP)

Truist Financial Corp grew its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 10.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 18,222 shares of the data storage provider’s stock after acquiring an additional 1,657 shares during the quarter. Truist Financial Corp’s holdings in NetApp were worth $2,115,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in NTAP. KBC Group NV boosted its position in shares of NetApp by 276.9% during the 4th quarter. KBC Group NV now owns 891,033 shares of the data storage provider’s stock worth $103,431,000 after purchasing an additional 654,626 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of NetApp by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock worth $738,280,000 after purchasing an additional 453,324 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in NetApp by 38.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,232,852 shares of the data storage provider’s stock valued at $152,270,000 after acquiring an additional 342,415 shares in the last quarter. Unigestion Holding SA lifted its position in NetApp by 926.1% in the 3rd quarter. Unigestion Holding SA now owns 283,674 shares of the data storage provider’s stock valued at $35,022,000 after acquiring an additional 256,028 shares in the last quarter. Finally, Retirement Systems of Alabama lifted its position in NetApp by 546.8% in the 4th quarter. Retirement Systems of Alabama now owns 289,504 shares of the data storage provider’s stock valued at $33,606,000 after acquiring an additional 244,746 shares in the last quarter. Institutional investors own 92.17% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NTAP. Citigroup raised their price target on shares of NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Northland Securities raised their price target on shares of NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research report on Friday, November 22nd. Wedbush reaffirmed a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research report on Friday, November 22nd. Wells Fargo & Company dropped their target price on shares of NetApp from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. raised shares of NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 target price on the stock in a research report on Monday, December 16th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $137.33.

NetApp Stock Up 1.5 %

NetApp stock opened at $124.49 on Thursday. NetApp, Inc. has a 1-year low of $86.43 and a 1-year high of $135.45. The firm has a market capitalization of $25.31 billion, a price-to-earnings ratio of 22.88, a P/E/G ratio of 2.45 and a beta of 1.23. 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 firm has a 50 day simple moving average of $120.19 and a 200 day simple moving average of $122.04.

Insider Activity at NetApp

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

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.