NetApp, Inc. (NASDAQ:NTAP) Stock Position Increased by Federated Hermes Inc.

Federated Hermes Inc. grew its position in NetApp, Inc. (NASDAQ:NTAP) by 280.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 554,399 shares of the data storage provider’s stock after purchasing an additional 408,541 shares during the period. Federated Hermes Inc. owned approximately 0.27% of NetApp worth $64,355,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in NTAP. M&T Bank Corp increased its position in NetApp by 4.8% in the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider’s stock valued at $1,485,000 after acquiring an additional 581 shares during the period. Versor Investments LP acquired a new position in shares of NetApp during the fourth quarter valued at $395,000. AMJ Financial Wealth Management increased its holdings in shares of NetApp by 120.7% during the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider’s stock valued at $7,998,000 after purchasing an additional 37,684 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in shares of NetApp by 9.2% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider’s stock valued at $156,268,000 after purchasing an additional 113,360 shares in the last quarter. Finally, Brandywine Global Investment Management LLC acquired a new stake in NetApp in the fourth quarter worth about $5,151,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $76.10 on Monday. The company has a market cap of $15.48 billion, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. The company’s fifty day moving average is $105.85 and its two-hundred day moving average is $116.10. 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 12-month low of $71.44 and a 12-month high of $135.45.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors 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 of this dividend is Friday, April 4th. NetApp’s dividend payout ratio is currently 38.52%.

Analysts Set New Price Targets

A number of research firms have commented on NTAP. Bank of America upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Barclays dropped their target price on NetApp from $132.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. TD Cowen cut their target price on NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Wedbush reiterated a “neutral” rating and set a $110.00 price target (down from $120.00) on shares of NetApp in a research report on Friday, February 28th. Finally, Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a report on Wednesday, February 19th. Twelve investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $129.07.

Insiders Place Their Bets

In other news, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $123.03, for a total value of $1,045,755.00. Following the sale, the chief executive officer now directly 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 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 dated Friday, January 10th. The stock was sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the transaction, 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. In the last ninety days, insiders sold 50,627 shares of company stock worth $5,498,573. 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.