Director Anders Gustafsson Increases Stake in NetApp, Inc. (NASDAQ:NTAP)

On Thursday, March 27th, Anders Gustafsson, a director at NetApp, Inc. (NASDAQ:NTAP), made a significant investment by acquiring 2,800 shares of the company's stock. The shares were purchased at an average price of $91.00 each, bringing the total transaction value to $254,800. Following this acquisition, Gustafsson now owns a total of 6,348 shares in NetApp, which are valued at approximately $577,668. This purchase marks a notable 78.92% increase in his ownership stake in the company. The details of this trade were officially disclosed in a filing with the Securities and Exchange Commission, which is accessible for public viewing.

NetApp Price Performance Analysis

As of Monday, NTAP stock witnessed a decrease of $0.56, closing at $87.84. During the trading session, approximately 2,943,099 shares exchanged hands, surpassing the average trading volume of 1,853,334 shares. NetApp, Inc. currently holds a market capitalization of $17.87 billion, with a price-to-earnings (P/E) ratio of 16.15. It also holds a P/E to growth (P/E/G) ratio of 2.45, along with a beta of 1.24. Over the past year, the stock reached a low of $86.41 and a high of $135.45. Financial ratios indicate a current ratio of 0.91, a quick ratio of 0.84, and a debt-to-equity ratio of 1.39. The fifty-day moving average stands at $109.82, while the 200-day moving average is $117.26.

Upcoming Dividend Announcement

In other news, NetApp has announced a quarterly dividend which is scheduled to be paid on Wednesday, April 23rd. Shareholders who are on record as of Friday, April 4th, will receive a dividend of $0.52 per share, translating to an annualized dividend of $2.08 and a dividend yield of 2.37%. The ex-dividend date is also set for Friday, April 4th. Currently, NetApp's dividend payout ratio is at 38.52%.

Institutional Investors Show Interest in NetApp

Recently, several hedge funds have adjusted their holdings in NetApp stock. Resonant Capital Advisors LLC increased its stake by 1.8% during the fourth quarter, while Larson Financial Group LLC raised its holdings by 2.5% during the same period. Geneos Wealth Management Inc. expanded its position by 22.3%, and Moors & Cabot Inc. boosted its holdings by 3.6%. Moreover, Coppell Advisory Solutions LLC ramped up its stake by a striking 50.0%. Collectively, institutional investors and hedge funds own approximately 92.17% of the company’s stock.

Insights from Wall Street Analysts

Recent reports from various research analysts indicated a mix of opinions regarding NTAP shares. Morgan Stanley raised its price target from $132.00 to $146.00 while maintaining an "equal weight" rating. Meanwhile, TD Cowen lowered their target from $160.00 to $130.00 and upheld a "buy" rating for the stock. Furthermore, Bank of America upgraded NetApp's rating from "underperform" to "neutral," increasing its price target from $121.00 to $128.00. Overall, twelve analysts currently suggest holding the stock, whereas six analysts advocate for buying NetApp shares. According to MarketBeat, NetApp holds an average rating of "Hold" alongside an average price target of $129.07.

About NetApp, Inc.

NetApp, Inc. offers cloud-led and data-centric services for managing and sharing data across various platforms, including on-premises, private, and public clouds worldwide. The company operates through two primary segments: Hybrid Cloud and Public Cloud. NetApp provides intelligent data management software such as NetApp ONTAP and various storage solutions including the NetApp All-Flash FAS series and NetApp StorageGRID.

NetApp, Gustafsson, Investments