Truist Financial Corp Has $2.12 Million Stake in NetApp, Inc. (NASDAQ:NTAP)

Truist Financial Corp boosted its position in NetApp, Inc. (NASDAQ:NTAP) by 10.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,222 shares of the data storage provider’s stock after purchasing an additional 1,657 shares during the quarter. Truist Financial Corp’s holdings in NetApp were worth $2,115,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of NetApp in the fourth quarter valued at about $26,000. Golden State Wealth Management LLC acquired a new stake in shares of NetApp in the fourth quarter valued at approximately $35,000. True Wealth Design LLC boosted its stake in shares of NetApp by 2,833.3% in the third quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock valued at $43,000 after buying an additional 340 shares during the period. Capital Performance Advisors LLP acquired a new stake in NetApp during the third quarter worth approximately $44,000. Finally, Ashton Thomas Securities LLC bought a new position in NetApp during the 3rd quarter worth $51,000. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Stock Performance

NASDAQ NTAP opened at $124.49 on Thursday. The company has a market capitalization of $25.31 billion, a price-to-earnings ratio of 22.88, a PEG ratio of 2.45 and a beta of 1.23. NetApp, Inc. has a twelve month low of $86.43 and a twelve month high of $135.45. The stock has a fifty day simple moving average of $120.19 and a 200 day simple moving average of $122.04. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39.

Insider Activity at NetApp

In related news, President Cesar Cernuda sold 22,000 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the sale, the president now directly owns 27,099 shares in the company, valued at $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Elizabeth M. O’callahan sold 451 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the sale, the executive vice president now owns 12,005 shares of the company’s stock, valued at $1,402,063.95. The trade was a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,903 shares of company stock worth $7,260,341 over the last three months. Company insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Northland Securities increased their target price on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday, November 22nd. Barclays upped their price objective on shares of NetApp from $119.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Wells Fargo & Company cut their price objective on shares of NetApp from $140.00 to $130.00 and set an “equal weight” rating for the company in a research report on Thursday, February 20th. Keefe, Bruyette & Woods raised shares of NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Finally, Citigroup upped their price objective on shares of NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, NetApp currently has a consensus rating of “Hold” and a consensus price target of $137.33.

About NetApp

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.