Cullen Frost Bankers Inc. Buys 872 Shares of NetApp, Inc. (NASDAQ:NTAP)

Cullen Frost Bankers Inc. increased its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 66.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,190 shares of the data storage provider’s stock after buying an additional 872 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in NetApp were worth $254,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Resonant Capital Advisors LLC grew its holdings in NetApp by 1.8% during the fourth quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock worth $516,000 after buying an additional 80 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in NetApp by 22.3% during the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock worth $64,000 after buying an additional 100 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in NetApp by 2.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,597 shares of the data storage provider’s stock valued at $534,000 after purchasing an additional 111 shares during the period. Wealthspire Advisors LLC grew its stake in NetApp by 4.1% in the 4th quarter. Wealthspire Advisors LLC now owns 3,132 shares of the data storage provider’s stock valued at $364,000 after purchasing an additional 123 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. grew its stake in NetApp by 2.0% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,448 shares of the data storage provider’s stock valued at $796,000 after purchasing an additional 128 shares during the period. Institutional investors own 92.17% of the company’s stock.

Insider Buying and Selling

In other NetApp news, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $119.04, for a total value of $1,011,840.00. Following the sale, the chief executive officer now owns 266,765 shares of the company’s stock, valued at $31,755,705.60. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Elizabeth M. O’callahan sold 451 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the sale, the executive vice president now directly owns 12,005 shares in the company, valued at approximately $1,402,063.95. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,903 shares of company stock valued at $7,260,341. Corporate insiders own 0.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NTAP shares. Wells Fargo & Company reduced their price objective 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. Barclays reduced their price objective on NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Loop Capital reduced their price objective on NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. JPMorgan Chase & Co. reduced their price objective on NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, Stifel Nicolaus upped their price objective on NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Twelve equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $129.07.

NetApp Stock Performance

Shares of NTAP opened at $93.77 on Friday. The stock’s 50-day simple moving average is $117.43 and its 200 day simple moving average is $120.56. The stock has a market capitalization of $19.07 billion, a price-to-earnings ratio of 17.24, 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 quick ratio of 0.84 and a current ratio of 0.91. NetApp, Inc. has a 52-week low of $91.16 and a 52-week high of $135.45.

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 issued 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 2.22%. NetApp’s dividend payout ratio (DPR) is 38.52%.

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.