Abacus FCF Advisors LLC Takes $7.61 Million Position in NetApp, Inc. $NTAP

Key Points

• Abacus FCF Advisors initiated a $7.61 million position in NetApp during the second quarter by purchasing 49,193 shares. Institutional investors and hedge funds collectively own 92.17% of the company.
• NetApp reported quarterly revenue of $1.95 billion, up 12.5% year over year and above estimates, but earnings of $2.03 per share missed consensus by $0.24. The stock recently traded at $194.48, near its 52-week high.
• Analysts maintain a consensus “Hold” rating with an average price target of $177.25, while NetApp continues to pay a quarterly dividend of $0.52 per share, yielding about 1.1% annually.

Abacus FCF Advisors LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 49,193 shares of the data storage provider's stock, valued at approximately $7,613,000.

Other hedge funds have also recently modified their holdings of the company. West Financial Advisors LLC purchased a new position in shares of NetApp in the second quarter worth $37,000. Park Square Financial Group LLC grew its holdings in shares of NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider's stock valued at $29,000 after buying an additional 103 shares during the last quarter. Gen Wealth Partners Inc acquired a new position in shares of NetApp in the 4th quarter valued at $30,000. DV Equities LLC acquired a new position in shares of NetApp in the 4th quarter valued at $30,000. Finally, Measured Wealth Private Client Group LLC purchased a new position in NetApp in the 3rd quarter worth $35,000. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Trading Down 5.0%

NASDAQ NTAP opened at $194.48 on Thursday. The company has a market capitalization of $38.16 billion, a PE ratio of 30.58, a P/E/G ratio of 3.67 and a beta of 1.45. The company has a fifty day moving average of $171.67 and a 200 day moving average of $133.81. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $209.06. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.24). The business had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. NetApp's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.93 earnings per share. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. Research analysts forecast that NetApp, Inc. will post 7.3 earnings per share for the current year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, July 10th. NetApp's dividend payout ratio (DPR) is currently 32.70%.

Insider Activity at NetApp

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $193.82, for a total transaction of $193,820.00. Following the completion of the transaction, the executive vice president directly owned 30,297 shares of the company's stock, valued at $5,872,164.54. The trade was a 3.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lorenzo Daniel De sold 225 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the transaction, the chief accounting officer owned 1,090 shares of the company's stock, valued at approximately $186,488.10. This represents a 17.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 55,297 shares of company stock worth $8,758,016. 0.36% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NTAP shares. Susquehanna lifted their price target on NetApp from $110.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Barclays increased their price objective on NetApp from $120.00 to $199.00 and gave the company an "overweight" rating in a report on Friday, May 29th. JPMorgan Chase & Co. raised their price objective on NetApp from $110.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Wedbush lifted their target price on NetApp from $115.00 to $150.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Finally, Morgan Stanley upgraded NetApp from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $137.00 to $173.00 in a research report on Monday, August 10th. Five analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $177.25.

NetApp Profile

NetApp, Inc NASDAQ: NTAP is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp's offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company's product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.

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