Corebridge Financial Increases Holdings in NetApp Inc.

Corebridge Financial Inc. has increased its stake in NetApp, Inc. (NASDAQ:NTAP) by 7.9% during the fourth quarter, as detailed in its latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 114,715 shares of the data storage company's stock, having acquired an additional 8,442 shares during this reporting period. As of the end of the last quarter, Corebridge Financial's ownership in NetApp represents 0.06% of the company, valued at approximately $13,316,000.

Institutional Investments in NetApp

Other institutional investors have also recently adjusted their positions in NetApp. For instance, Migdal Insurance & Financial Holdings Ltd. made a fresh investment in the fourth quarter, buying shares valued at around $26,000. Assetmark Inc. dramatically increased its ownership in NetApp by 826.9% over the same period, now possessing 241 shares worth approximately $28,000 after adding 215 shares to its portfolio. Synergy Investment Management LLC also bought new shares valued at roughly $32,000, while Golden State Wealth Management LLC and OFI Invest Asset Management acquired stakes valued at approximately $35,000 and $39,000, respectively. Currently, institutional investors and hedge funds own about 92.17% of NetApp's stock.

Current Trading Status

As of Wednesday, NetApp's stock opened at $94.39, reflecting a decline of 0.8%. The company's financial metrics indicate a debt-to-equity ratio of 1.39, a current ratio of 0.91, and a quick ratio of 0.84. The 50-day simple moving average stands at $111.60, with the 200-day simple moving average at $117.77. NetApp possesses a market capitalization of $19.20 billion, a price-to-earnings (P/E) ratio of 17.35, and a P/E growth (P/E/G) ratio of 2.45. The stock has fluctuated between a yearly low of $89.88 and a high of $135.45.

Dividend Announcement

NetApp has recently declared a quarterly dividend, which is set to be paid on April 23. Shareholders on record as of April 4 will receive a dividend of $0.52 per share, translating to an annualized dividend of $2.08 and a yield of 2.20%. The ex-dividend date is also April 4, and currently, NetApp's payout ratio stands at 38.52%.

Analyst Ratings Updates

Recent analyst reports on NetApp shares reflect some adjustments in price targets. For instance, Loop Capital reduced its price target from $150.00 to $130.00 while maintaining a “buy” rating. In a report from Barclays, the target price dropped from $132.00 to $115.00 with an “equal weight” rating. Wells Fargo further cut its price objective from $130.00 to $115.00, also retaining an “equal weight” rating. Wedbush has reaffirmed a “neutral” rating with a price target of $110.00, down from $120.00. Overall, twelve analysts have rated NetApp with a hold designation, while six have issued a buy rating, according to MarketBeat's consensus, which indicates an average rating of “Hold” with a target price of $129.07.

Insider Trading Activity

In related news, Cesar Cernuda, the President of NetApp, sold 22,000 shares on December 30 at an average price of $114.99, resulting in a total sale value of approximately $2,529,780. Following this transaction, Cernuda retained 27,099 shares worth around $3,116,114, representing a decline of 44.81% in their ownership. Additionally, EVP Elizabeth M. O'Callahan sold 451 shares on January 10 at an average price of $116.79, leading to a transaction total of $52,672.29. After this sale, O'Callahan now directly owns 12,005 shares valued at $1,402,063.95, which represents a 3.62% reduction in ownership. Insiders have collectively sold 52,931 shares worth $6,252,759 over the last three months, with corporate insiders owning 0.47% of the stock.

Company Overview

NetApp, Inc., provides cloud-driven and data-centric services aimed at managing and sharing data across on-premises, private, and public cloud platforms globally. It operates through two primary segments: Hybrid Cloud and Public Cloud. The company delivers intelligent data management solutions such as NetApp ONTAP, NetApp Snapshot, and NetApp SnapCenter Backup Management, in addition to a range of storage infrastructures including the NetApp All-Flash FAS series and NetApp StorageGRID.

financial, investment, dividend