Primecap Management Co. CA Sells 1,207,067 Shares of NetApp, Inc. (NASDAQ:NTAP)

Primecap Management Co. CA lessened its holdings in NetApp, Inc. (NASDAQ:NTAP) by 9.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,220,339 shares of the data storage provider’s stock after selling 1,207,067 shares during the period. NetApp makes up about 1.1% of Primecap Management Co. CA’s investment portfolio, making the stock its 27th largest position. Primecap Management Co. CA owned about 0.06% of NetApp worth $1,418,537,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. M&T Bank Corp increased its position in NetApp by 4.8% in the fourth quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider’s stock worth $1,485,000 after purchasing an additional 581 shares during the last quarter. Versor Investments LP bought a new stake in NetApp in the fourth quarter worth $395,000. Intech Investment Management LLC increased its position in NetApp by 8.9% in the third quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock worth $37,301,000 after purchasing an additional 24,651 shares during the last quarter. AMJ Financial Wealth Management increased its position in NetApp by 120.7% in the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider’s stock worth $7,998,000 after purchasing an additional 37,684 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in NetApp by 20.9% during the third quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider’s stock worth $5,225,000 after buying an additional 7,318 shares during the period. Institutional investors own 92.17% of the company’s stock.

Insider Buying and Selling

In other NetApp news, President Cesar Cernuda sold 22,000 shares of the business’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 transaction, the president now directly owns 27,099 shares in the company, valued at approximately $3,116,114.01. The trade was 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 the SEC website. Also, EVP Elizabeth M. O’callahan sold 451 shares of the business’s 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 completion of the transaction, the executive vice president now owns 12,005 shares of the company’s stock, valued at $1,402,063.95. This 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 valued at $6,252,759 over the last three months. 0.47% of the stock is owned by company insiders.

NetApp Stock Up 1.4 %

NASDAQ:NTAP opened at $93.28 on Tuesday. NetApp, Inc. has a 1-year low of $89.88 and a 1-year high of $135.45. The company has a 50-day moving average of $114.43 and a 200 day moving average of $118.83. The firm has a market cap of $18.97 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

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 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Friday, April 4th. NetApp’s dividend payout ratio (DPR) is presently 38.52%.

Analyst Ratings Changes

Several research firms have commented on NTAP. TD Cowen dropped their price objective on shares of NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Loop Capital dropped their price objective 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. Stifel Nicolaus lifted their price objective on shares of NetApp from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Wedbush reaffirmed a “neutral” rating and set a $110.00 price objective (down from $120.00) on shares of NetApp in a research note on Friday, February 28th. Finally, 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 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 MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $129.07.

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.