Andra AP fonden Boosts Stake in NetApp, Inc. $NTAP

Key Points

• Andra AP fonden increased its NetApp stake by 168.2% in the second quarter, bringing its holdings to 106,363 shares valued at approximately $16.5 million. Institutional investors collectively own 92.17% of NetApp.
• NetApp reported quarterly EPS of $2.58, exceeding estimates of $2.12, while revenue reached $2.02 billion, up 29.9% year over year and above expectations.
• The company declared a quarterly dividend of $0.52 per share, equivalent to $2.08 annually and a 1.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $193.86.

Andra AP fonden lifted its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 168.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 106,363 shares of the data storage provider's stock after buying an additional 66,711 shares during the period. Andra AP fonden owned approximately 0.05% of NetApp worth $16,461,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of NetApp in the second quarter worth about $2,925,168,000. Primecap Management Co. CA purchased a new stake in shares of NetApp in the 2nd quarter valued at $1,395,423,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of NetApp by 9.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,444,057 shares of the data storage provider's stock valued at $687,762,000 after acquiring an additional 383,701 shares during the last quarter. Norges Bank acquired a new stake in shares of NetApp in the fourth quarter worth $458,060,000. Finally, First Trust Advisors LP increased its stake in shares of NetApp by 127.0% in the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider's stock worth $374,549,000 after acquiring an additional 2,046,912 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Stock Performance

NASDAQ NTAP opened at $192.91 on Wednesday. The stock has a market capitalization of $37.89 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 2.13 and a beta of 1.44. The stock has a 50-day moving average of $185.72 and a 200 day moving average of $148.82. The company has a current ratio of 1.24, a quick ratio of 1.16 and a debt-to-equity ratio of 1.30. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $209.06.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The data storage provider reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.46. The business had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.84 billion. NetApp had a return on equity of 119.13% and a net margin of 19.18%.The business's revenue was up 29.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.15 earnings per share. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. Sell-side analysts anticipate that NetApp, Inc. will post 8.32 EPS for the current fiscal year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, October 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.1%. NetApp's dividend payout ratio is presently 29.34%.

Analyst Ratings Changes

A number of research analysts recently issued reports on NTAP shares. UBS Group boosted their target price on shares of NetApp from $160.00 to $171.00 and gave the company a "neutral" rating in a research report on Thursday, September 3rd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $210.00 price target on shares of NetApp in a research report on Thursday, September 3rd. Susquehanna boosted their price objective on NetApp from $185.00 to $195.00 and gave the company a "neutral" rating in a report on Thursday, September 3rd. Evercore set a $210.00 price target on NetApp in a research report on Monday, August 24th. Finally, Morgan Stanley boosted their price target on NetApp from $173.00 to $191.00 and gave the company an "equal weight" rating in a report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $193.86.

Insiders Place Their Bets

In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $184.74, for a total value of $184,740.00. Following the completion of the transaction, the executive vice president directly owned 30,737 shares of the company's stock, valued at approximately $5,678,353.38. This represents a 3.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 2,608 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $204.48, for a total value of $533,283.84. Following the completion of the transaction, the president owned 46,530 shares in the company, valued at $9,514,454.40. The trade was a 5.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 55,074 shares of company stock valued at $10,583,296. 0.36% of the stock is owned by corporate insiders.

NetApp Profile

NetApp, Inc NASDAQ: NTAP is a data infrastructure and cloud storage company that helps organizations manage, protect and access data across on-premises environments, private clouds and public clouds. Its offerings are designed to support enterprise workloads such as databases, business applications, artificial intelligence and virtualized computing.

The company's portfolio includes all-flash and hybrid storage systems, cloud storage services, data management software and infrastructure-as-a-service solutions.

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