Arrowstreet Capital Limited Partnership Lowers Stock Holdings in NetApp, Inc. $NTAP

Key Points

• Arrowstreet Capital cut its NetApp stake by 9.8% in the fourth quarter, selling 179,017 shares and ending with 1,644,275 shares valued at about $176.1 million.
• NetApp reported mixed quarterly results, with EPS of $2.03 missing estimates but revenue of $1.95 billion beating expectations and rising 12.5% year over year.
• Analysts remain cautious overall: several firms raised price targets, but the stock still carries a Hold consensus rating with an average target price of $169.33.

Arrowstreet Capital Limited Partnership lessened its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 9.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,644,275 shares of the data storage provider's stock after selling 179,017 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.83% of NetApp worth $176,085,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rossby Financial LCC increased its holdings in shares of NetApp by 105.5% in the third quarter. Rossby Financial LCC now owns 224 shares of the data storage provider's stock valued at $27,000 after purchasing an additional 115 shares during the last quarter. Abich Financial Wealth Management LLC acquired a new stake in shares of NetApp in the third quarter valued at approximately $27,000. Park Square Financial Group LLC increased its holdings in shares of NetApp by 68.7% in the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider's stock valued at $29,000 after purchasing an additional 103 shares during the last quarter. Gen Wealth Partners Inc acquired a new stake in shares of NetApp in the fourth quarter valued at approximately $30,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in shares of NetApp in the third quarter valued at approximately $35,000. Institutional investors and hedge funds own 92.17% of the company's stock.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $117.73, for a total value of $117,730.00. Following the completion of the transaction, the executive vice president owned 18,382 shares in the company, valued at approximately $2,164,112.86. This represents a 5.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Lorenzo Daniel De sold 275 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $120.00, for a total transaction of $33,000.00. Following the completion of the transaction, the chief accounting officer owned 1,090 shares of the company's stock, valued at approximately $130,800. The trade was a 20.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 3,500 shares of company stock valued at $448,955. Company insiders own 0.28% of the company's stock.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $161.61 on Monday. The company has a market capitalization of $31.66 billion, a price-to-earnings ratio of 25.41, a price-to-earnings-growth ratio of 2.95 and a beta of 1.44. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. The business has a 50-day moving average of $125.92 and a two-hundred day moving average of $112.29. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $192.83.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing analysts' consensus estimates 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%. The company's revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 EPS. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. On average, analysts forecast that NetApp, Inc. will post 7.16 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be issued a $0.52 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. NetApp's dividend payout ratio is presently 32.70%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NTAP shares. Barclays increased their price target on NetApp from $120.00 to $199.00 and gave the company an "overweight" rating in a report on Friday, May 29th. Citigroup raised their target price on NetApp from $114.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Argus raised their target price on NetApp from $130.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, June 1st. UBS Group reissued a "neutral" rating and set a $160.00 target price on shares of NetApp in a research note on Friday, May 29th. Finally, Bank of America raised their target price on NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Five analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $169.33.

NetApp Company 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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