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

Corebridge Financial Inc. grew its stake in NetApp, Inc. (NASDAQ:NTAP) by 7.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 114,715 shares of the data storage provider’s stock after acquiring an additional 8,442 shares during the period. Corebridge Financial Inc.’s holdings in NetApp were worth $13,316,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in NetApp in the 4th quarter valued at about $26,000. Assetmark Inc. boosted its position in 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 buying an additional 215 shares during the period. Synergy Investment Management LLC acquired a new position in shares of NetApp in the fourth quarter worth $32,000. Golden State Wealth Management LLC purchased a new stake in shares of NetApp during the fourth quarter worth $35,000. Finally, OFI Invest Asset Management acquired a new stake in shares of NetApp in the fourth quarter valued at $39,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at NetApp

In other NetApp news, CFO Michael J. Berry sold 12,500 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth M. O’callahan sold 528 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $92.58, for a total value of $48,882.24. Following the completion of the transaction, the executive vice president now directly owns 12,900 shares in the company, valued at approximately $1,194,282. The trade was a 3.93 % decrease in their position. 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 90 days. 0.47% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on NTAP shares. Susquehanna downgraded NetApp from a “positive” rating to a “neutral” rating and cut their price target for the stock from $155.00 to $130.00 in a report on Monday, February 10th. Keefe, Bruyette & Woods raised shares of NetApp to an “outperform” rating in a report on Wednesday, February 19th. StockNews.com cut shares of NetApp from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Wells Fargo & Company reduced their price objective on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. lowered their target price on shares of NetApp from $160.00 to $153.00 and set an “overweight” 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 given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $129.07.

NetApp Trading Down 0.8 %

NASDAQ:NTAP opened at $94.39 on Wednesday. The company has a market capitalization of $19.20 billion, a PE ratio of 17.35, a P/E/G ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a 52-week low of $89.88 and a 52-week high of $135.45. The stock’s 50 day moving average price is $111.60 and its 200 day moving average price is $117.77. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39.

NetApp Announces Dividend

The firm also recently announced 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. The ex-dividend date is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.20%. NetApp’s payout ratio is 38.52%.

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.