Corebridge Financial Inc. Raises Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Corebridge Financial Inc. raised its holdings in NetApp, Inc. (NASDAQ:NTAP) by 7.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 114,715 shares of the data storage provider’s stock after purchasing an additional 8,442 shares during the quarter. Corebridge Financial Inc. owned 0.06% of NetApp worth $13,316,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of NetApp in the fourth quarter worth about $26,000. Assetmark Inc. lifted its holdings in NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 215 shares during the period. Synergy Investment Management LLC purchased a new stake in NetApp in the 4th quarter worth approximately $32,000. Golden State Wealth Management LLC acquired a new stake in shares of NetApp during the 4th quarter worth approximately $35,000. Finally, OFI Invest Asset Management purchased a new position in shares of NetApp during the 4th quarter valued at approximately $39,000. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Trading Down 0.8 %

Shares of NetApp stock opened at $94.39 on Wednesday. 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 stock’s 50 day simple moving average is $111.60 and its 200-day simple moving average is $117.77. The stock has a market cap of $19.20 billion, a P/E ratio of 17.35, a P/E/G ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a 1-year low of $89.88 and a 1-year high of $135.45.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s payout ratio is currently 38.52%.

Analyst Ratings Changes

Several analysts recently commented on NTAP shares. Loop Capital dropped their price target on shares of NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Barclays reduced their price target on NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. 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 report on Friday, February 28th. Wedbush reaffirmed a “neutral” rating and set a $110.00 target price (down from $120.00) on shares of NetApp in a research note on Friday, February 28th. Finally, StockNews.com cut shares of NetApp from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Twelve equities research 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 currently has an average rating of “Hold” and a consensus target price of $129.07.

Insider Buying and Selling at NetApp

In related news, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction dated 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 sale, the president now owns 27,099 shares of the company’s stock, valued at approximately $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 transaction of $52,672.29. Following the transaction, the executive vice president now directly owns 12,005 shares in the company, 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. Insiders sold a total of 52,931 shares of company stock worth $6,252,759 in the last three months. 0.47% of the stock is owned by corporate insiders.

NetApp Company 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.