Sei Investments Co. Sells 92,711 Shares of NetApp, Inc. (NASDAQ:NTAP)

Sei Investments Co. reduced its position in NetApp, Inc. (NASDAQ:NTAP) by 21.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 341,613 shares of the data storage provider’s stock after selling 92,711 shares during the period. Sei Investments Co.’s holdings in NetApp were worth $39,654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of NTAP. Migdal Insurance & Financial Holdings Ltd. purchased a new position in NetApp in the fourth quarter worth about $26,000. Assetmark Inc. lifted its stake in shares of NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 215 shares during the period. Synergy Investment Management LLC purchased a new position in shares of NetApp in the fourth quarter worth approximately $32,000. Golden State Wealth Management LLC bought a new stake in NetApp during the fourth quarter valued at approximately $35,000. Finally, OFI Invest Asset Management purchased a new stake in NetApp during the fourth quarter valued at approximately $39,000. Institutional investors own 92.17% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on NTAP shares. Bank of America upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $121.00 to $128.00 in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Citigroup reduced their price target on NetApp from $135.00 to $110.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. Wedbush reaffirmed a “neutral” rating and issued a $110.00 price objective (down previously from $120.00) on shares of NetApp in a research note on Friday, February 28th. Finally, Wells Fargo & Company cut their price objective on NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, NetApp presently has a consensus rating of “Hold” and an average target price of $129.07.

Insider Buying and Selling at NetApp

In related news, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $123.03, for a total value of $1,045,755.00. Following the completion of the transaction, the chief executive officer now owns 271,282 shares of the company’s stock, valued at approximately $33,375,824.46. This trade represents a 3.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 528 shares of NetApp stock in a transaction dated 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 transaction, the executive vice president now owns 12,900 shares of the company’s stock, valued at approximately $1,194,282. This represents a 3.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock worth $6,252,759 in the last quarter. 0.47% of the stock is owned by corporate insiders.

NetApp Stock Up 3.1 %

NTAP opened at $95.12 on Tuesday. The company has a market capitalization of $19.35 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. The firm has a 50-day simple moving average of $112.05 and a two-hundred day simple moving average of $117.91. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. NetApp, Inc. has a 52 week low of $89.88 and a 52 week high of $135.45.

NetApp Announces Dividend

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 paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Friday, April 4th. NetApp’s payout ratio is presently 38.52%.

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.