Mizuho Securities Increases Stake in NetApp, Inc.

Mizuho Securities USA LLC has significantly increased its stake in NetApp, Inc. (NASDAQ:NTAP) by 45.6% during the fourth quarter, based on the latest Form 13F filing with the SEC. The firm now holds 19,409 shares of this data storage company after purchasing an additional 6,079 shares in the quarter. As of the most recent reporting period, Mizuho Securities' holdings in NetApp were valued at approximately $2.25 million.

Other institutional investors have also been active in their dealings with NetApp's shares. M&T Bank Corp raised its ownership in NetApp by 4.8%, acquiring a total of 12,794 shares worth $1.485 million after buying an extra 581 shares in the last quarter. Versor Investments LP entered the scene with a new position in NetApp valued at $395,000 during the same period. Furthermore, AMJ Financial Wealth Management made a noteworthy increase of 120.7% in their stake, now holding 68,897 shares valued at around $8 million after buying an additional 37,684 shares. In the previous quarter, Daiwa Securities Group Inc. grew its holdings in NetApp by 20.9%, now owning 42,302 shares valued at about $5.225 million after acquiring 7,318 more shares. Lastly, Robeco Institutional Asset Management B.V. boosted its position by 9.2%, now controlling 1,346,212 shares worth $156.268 million after acquiring 113,360 additional shares. Institutional investors collectively own approximately 92.17% of the company's stock.

NetApp Stock Performance

On Tuesday, shares of NetApp opened at $95.12. The company has seen a 52-week low of $89.88 and a high of $135.45. The 50-day moving average for the stock stands at $112.05, while the 200-day moving average is $117.91. With a market capitalization of $19.35 billion, NetApp has a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 2.45, and a beta of 1.24. Financial indicators show a quick ratio of 0.84 and a current ratio of 0.91, with a debt-to-equity ratio of 1.39.

Dividend Information

Recently, NetApp also announced a quarterly dividend that will be paid on April 23rd. Shareholders who are on record as of April 4th will receive a dividend of $0.52 per share. The dividend presents an annual payout of $2.08, reflecting a dividend yield of 2.19%. Currently, the company has a payout ratio of 38.52%.

Insider Activity

In other news regarding NetApp's internal dealings, President Cesar Cernuda sold 22,000 shares on December 30th at an average price of $114.99, amounting to approximately $2.53 million. Post-sale, he maintains ownership of 27,099 shares, valued around $3.12 million, marking a 44.81% decrease in his vested interest. Additionally, EVP Elizabeth M. O'callahan sold 528 shares on March 10th at an average price of $92.58, totaling roughly $48,882.24. Following this transaction, she owns 12,900 shares worth about $1.19 million, reflecting a 3.93% decrease in her holdings. Overall, insiders have sold a total of 52,931 shares, corresponding to a value of $6.25 million in the last ninety days, with company insiders currently holding 0.47% of the stock.

Analyst Updates

Many equity research analysts have shared their insights on NetApp shares. For instance, JPMorgan Chase lowered its target price from $160.00 to $153.00 while maintaining an "overweight" rating. Similarly, Wells Fargo cut their price target from $130.00 to $115.00 and assigned an "equal weight" rating on February 28th. Barclays made a similar adjustment, dropping their target from $132.00 to $115.00. Citigroup reduced its estimate from $135.00 to $110.00, marking a "neutral" outlook. Lastly, Loop Capital decreased its price target from $150.00 to $130.00 while giving it a "buy" recommendation. Currently, twelve analysts classify the stock with a hold rating while six recommend buying, leading to a consensus rating of "Hold" with an average price target of $129.07 according to MarketBeat.com.

Company Overview

NetApp, Inc. is engaged in providing cloud-led and data-centric services designed to manage and share data across various platforms, including on-premises and public and private clouds globally. The company operates in two key segments: Hybrid Cloud and Public Cloud. Among its offerings are intelligent data management software solutions like NetApp ONTAP as well as various storage infrastructure solutions.

NetApp, Mizuho, Investment