Massachusetts Financial Services Co. MA Has $2.49 Million Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Massachusetts Financial Services Co. MA decreased its position in NetApp, Inc. (NASDAQ:NTAP) by 40.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 21,458 shares of the data storage provider’s stock after selling 14,782 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in NetApp were worth $2,491,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NTAP. Migdal Insurance & Financial Holdings Ltd. bought a new stake in NetApp in the fourth quarter valued at about $26,000. Assetmark Inc. increased its stake in shares of NetApp by 826.9% in the 4th 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 last quarter. Synergy Investment Management LLC acquired a new stake in shares of NetApp in the 4th quarter valued at approximately $32,000. Golden State Wealth Management LLC bought a new position in NetApp during the 4th quarter worth approximately $35,000. Finally, OFI Invest Asset Management acquired a new position in NetApp during the fourth quarter valued at approximately $39,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NTAP has been the topic of several analyst reports. Bank of America upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $121.00 to $128.00 in a report on Wednesday, February 19th. Citigroup decreased their target price on NetApp from $135.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. JPMorgan Chase & Co. lowered their price target on NetApp from $160.00 to $153.00 and set an “overweight” 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 on the stock in a report on Friday, February 28th. Finally, Wedbush reissued 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. Twelve 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.com, the company currently has a consensus rating of “Hold” and a consensus target price of $129.07.

Insider Activity at NetApp

In related news, CFO Michael J. Berry sold 12,500 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total value of $1,509,250.00. Following the completion of the transaction, the chief financial officer now directly owns 123,243 shares of the company’s stock, valued at approximately $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 19,696 shares of the company’s stock in a transaction on Friday, March 28th. The stock was sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the sale, the president now directly owns 11,928 shares in the company, valued at $1,075,309.20. This trade represents a 62.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,627 shares of company stock valued at $5,498,573. 0.47% of the stock is owned by insiders.

NetApp Stock Down 1.2 %

NetApp stock opened at $76.14 on Wednesday. The company has a fifty day simple moving average of $103.24 and a 200 day simple moving average of $115.20. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45. The company has a market cap of $15.49 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31.

NetApp Dividend Announcement

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