CIBC Private Wealth Group LLC Has $446,000 Position in NetApp, Inc. (NASDAQ:NTAP)

CIBC Private Wealth Group LLC trimmed its stake in NetApp, Inc. (NASDAQ:NTAP) by 13.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,778 shares of the data storage provider’s stock after selling 592 shares during the period. CIBC Private Wealth Group LLC’s holdings in NetApp were worth $446,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of NetApp during the fourth quarter worth approximately $306,440,000. Boston Partners increased its holdings in NetApp by 53.9% during the 4th quarter. Boston Partners now owns 2,083,189 shares of the data storage provider’s stock valued at $241,867,000 after purchasing an additional 729,394 shares in the last quarter. KBC Group NV raised its position in NetApp by 276.9% in the 4th quarter. KBC Group NV now owns 891,033 shares of the data storage provider’s stock valued at $103,431,000 after purchasing an additional 654,626 shares during the last quarter. Raymond James Financial Inc. acquired a new position in NetApp in the fourth quarter worth $64,683,000. Finally, Geode Capital Management LLC grew its holdings in shares of NetApp by 8.2% during the third 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 during the last quarter. Institutional investors own 92.17% of the company’s stock.

Insiders Place Their Bets

In related news, President Cesar Cernuda sold 19,696 shares of the stock in a transaction on Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the completion of the transaction, the president now owns 11,928 shares in the company, valued at approximately $1,075,309.20. This represents a 62.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 451 shares of NetApp 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 completion of the sale, the executive vice president now owns 12,005 shares in the company, valued at $1,402,063.95. The trade was a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,627 shares of company stock valued at $5,498,573 in the last quarter. 0.47% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NTAP. Bank of America raised NetApp from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $121.00 to $128.00 in a report on Wednesday, February 19th. Wedbush reissued a “neutral” rating and set a $110.00 price target (down from $120.00) on shares of NetApp in a research note on Friday, February 28th. Barclays dropped their price objective on shares of NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. JPMorgan Chase & Co. decreased their price objective on NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, Morgan Stanley boosted their target price on NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $129.07.

NetApp Stock Performance

NTAP opened at $76.10 on Friday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The company has a market capitalization of $15.48 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 2.45 and a beta of 1.31. The business’s 50-day moving average price is $105.85 and its two-hundred day moving average price is $116.12. NetApp, Inc. has a 1 year low of $74.83 and a 1 year high of $135.45.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, April 4th. NetApp’s payout ratio is 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.