New Age Alpha Advisors LLC Invests $2.47 Million in NetApp, Inc. (NASDAQ:NTAP)

New Age Alpha Advisors LLC bought a new stake in NetApp, Inc. (NASDAQ:NTAP) in the fourth quarter, HoldingsChannel reports. The fund bought 21,307 shares of the data storage provider’s stock, valued at approximately $2,473,000.

Several other hedge funds have also modified their holdings of NTAP. Norges Bank purchased a new position in NetApp in the 4th quarter worth approximately $306,440,000. NEOS Investment Management LLC boosted its stake in shares of NetApp by 29.6% in the fourth quarter. NEOS Investment Management LLC now owns 10,892 shares of the data storage provider’s stock valued at $1,264,000 after purchasing an additional 2,485 shares during the period. UniSuper Management Pty Ltd grew its holdings in NetApp by 2.4% during the 4th quarter. UniSuper Management Pty Ltd now owns 47,724 shares of the data storage provider’s stock valued at $5,540,000 after purchasing an additional 1,121 shares in the last quarter. Elo Mutual Pension Insurance Co increased its stake in NetApp by 28.2% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 23,437 shares of the data storage provider’s stock worth $2,721,000 after buying an additional 5,156 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in NetApp by 9.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 359,455 shares of the data storage provider’s stock worth $42,035,000 after buying an additional 31,308 shares in the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Stock Performance

Shares of NASDAQ NTAP opened at $88.40 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The firm’s 50-day moving average price is $109.82 and its two-hundred day moving average price is $117.25. NetApp, Inc. has a 52-week low of $88.14 and a 52-week high of $135.45. The stock has a market capitalization of $17.98 billion, a P/E ratio of 16.25, a P/E/G ratio of 2.45 and a beta of 1.24.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.35%. NetApp’s dividend payout ratio is currently 38.52%.

Wall Street Analysts Forecast Growth

NTAP has been the subject of several recent analyst reports. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and raised their target price for the company from $121.00 to $128.00 in a research note on Wednesday, February 19th. TD Cowen dropped 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. Wells Fargo & Company reduced their target price 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. Loop Capital dropped their price target on shares of NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $110.00 price target (down from $120.00) on shares of NetApp in a report on Friday, February 28th. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, NetApp has a consensus rating of “Hold” and a consensus target price of $129.07.

Insider Activity at NetApp

In other NetApp news, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Elizabeth M. O’callahan sold 528 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $92.58, for a total transaction of $48,882.24. Following the transaction, the executive vice president now owns 12,900 shares of the company’s stock, valued at $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 90 days. 0.47% of the stock is currently owned by company insiders.

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.