Comerica Bank Has $9.80 Million Stake in NetApp, Inc. (NASDAQ:NTAP)

Comerica Bank lifted its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 2.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 84,398 shares of the data storage provider’s stock after purchasing an additional 1,686 shares during the quarter. Comerica Bank’s holdings in NetApp were worth $9,797,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in NetApp during the 4th quarter worth about $26,000. Assetmark Inc. grew its stake in NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 215 shares during the period. Synergy Investment Management LLC bought a new stake in NetApp in the fourth quarter worth approximately $32,000. Golden State Wealth Management LLC acquired a new position in NetApp in the fourth quarter valued at approximately $35,000. Finally, Coppell Advisory Solutions LLC boosted its holdings in shares of NetApp by 50.0% during the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock worth $35,000 after buying an additional 100 shares in the last quarter. Institutional investors own 92.17% of the company’s stock.

Insiders Place Their Bets

In other NetApp news, CFO Michael J. Berry sold 12,500 shares of NetApp stock in a transaction dated 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 sale, the chief financial officer now owns 123,243 shares of the company’s stock, valued at approximately $14,880,359.82. The trade was a 9.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Elizabeth M. O’callahan sold 452 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $120.75, for a total transaction of $54,579.00. Following the transaction, the executive vice president now directly owns 11,553 shares of the company’s stock, valued at $1,395,024.75. This represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 50,176 shares of company stock valued at $5,095,701 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. TD Cowen dropped their target price on shares of NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. JPMorgan Chase & Co. cut their price objective on shares of NetApp from $153.00 to $113.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Wedbush reaffirmed a “neutral” rating and issued a $110.00 target price (down from $120.00) on shares of NetApp in a research report on Friday, February 28th. Citigroup cut their price target on NetApp from $110.00 to $90.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Finally, Barclays upgraded NetApp from an “equal weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Wednesday. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $123.07.

NetApp Stock Performance

NASDAQ NTAP opened at $92.33 on Friday. 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 company has a fifty day moving average price of $89.43 and a 200-day moving average price of $110.25. NetApp, Inc. has a 1 year low of $71.84 and a 1 year high of $135.45. The firm has a market cap of $18.78 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 2.45 and a beta of 1.31.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, April 4th. This represents a $2.08 annualized dividend and a yield of 2.25%. NetApp’s dividend payout ratio (DPR) is 38.52%.

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.