NetApp, Inc. Director Anders Gustafsson Acquires Shares

On March 27th, Anders Gustafsson, a director at NetApp, Inc. (NASDAQ:NTAP), purchased 2,800 shares of the company's stock. The shares were acquired at an average price of $91.00 each, amounting to a total investment of $254,800. After this transaction, Gustafsson now holds a total of 6,348 shares in NetApp, which are valued at approximately $577,668. This acquisition represents a 78.92% increase in his ownership of the stock. The details of this purchase were made public through a filing with the Securities and Exchange Commission (SEC), which can be accessed online.

NetApp Price Performance

As of the latest market session, NTAP stock fell by $0.56, bringing its price down to $87.84. The trading volume reached 2,943,099 shares, significantly surpassing the average volume of 1,853,334. NetApp currently has a market capitalization of $17.87 billion. The company has a price-to-earnings (P/E) ratio of 16.15 and a beta of 1.24, indicating its relative volatility in the market. Over the past year, the stock has fluctuated between a low of $86.41 and a high of $135.45. The company reports a current ratio of 0.91, signifying its short-term financial health, and a debt-to-equity ratio of 1.39, suggesting its reliance on debt for financing.

NetApp Announces Dividend

NetApp recently announced its quarterly dividend, with a scheduled payment for April 23rd. Shareholders who are on record as of April 4th will receive a dividend of $0.52 per share. This translates to an annualized dividend of $2.08 and a yield of 2.37%. The ex-dividend date is set for April 4th. Presently, NetApp's dividend payout ratio stands at 38.52%, reflecting a balanced approach towards rewarding shareholders.

Institutional Investors Update

Recent activity among hedge funds and institutional investors shows a trend of increasing investment in NetApp. For instance, Resonant Capital Advisors LLC raised its stake in the company by 1.8% in the fourth quarter, gaining an additional 80 shares to hold a total of 4,442 shares valued at $516,000. Similarly, Larson Financial Group LLC increased its position by 2.5%, securing 3,778 shares worth $438,000 after acquiring 92 shares. Other firms, such as Geneos Wealth Management Inc. and Moors & Cabot Inc., also reported slight increases in their holdings. It’s noteworthy that 92.17% of NetApp's stock is owned by institutional investors, reflecting substantial confidence in the company’s prospects.

Analysts' Perspectives on NetApp

Several financial analysts have weighed in on netapp stock recently. Morgan Stanley increased its price target from $132 to $146 and maintained an "equal weight" rating on the stock. Conversely, TD Cowen revised its target down from $160 to $130, reiterating a "buy" rating. In a contrasting move, Bank of America upgraded NetApp from an "underperform" to a "neutral" rating and adjusted its price target from $121 to $128. Wedbush and Susquehanna have both reaffirmed a "neutral" stance on the stock, with price targets of $110 and $130, respectively. Currently, a collective rating among analysts lists twelve as "hold" and six as "buy," indicating a cautious optimism surrounding NetApp's market position.

Company Overview

NetApp, Inc. specializes in providing cloud-led and data-centric solutions aimed at managing and sharing data across various platforms, including on-premises and both private and public clouds globally. The company operates in two main segments: Hybrid Cloud and Public Cloud. Their product offerings include intelligent data management software and robust storage infrastructure solutions.

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