Assenagon Asset Management S.A. Acquires 290,602 Shares of NetApp, Inc. $NTAP

Key Points

• Assenagon Asset Management increased its NetApp stake by 586.7% in the second quarter, acquiring 290,602 additional shares and bringing its holdings to 340,130 shares worth approximately $52.6 million.
• Institutional investors own 92.17% of NetApp, while insiders have sold 52,964 shares worth $8.18 million over the past 90 days.
• Analysts have a consensus “Hold” rating on NTAP, with an average price target of $169.33. NetApp reported revenue growth of 12.5% year over year but missed quarterly EPS estimates, and it pays a $0.52 quarterly dividend.

Assenagon Asset Management S.A. raised its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 586.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 340,130 shares of the data storage provider's stock after purchasing an additional 290,602 shares during the period. Assenagon Asset Management S.A. owned 0.17% of NetApp worth $52,639,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Norges Bank purchased a new stake in shares of NetApp during the 4th quarter worth $458,060,000. Jefferies Financial Group Inc. purchased a new position in NetApp in the fourth quarter valued at about $14,869,000. Handelsbanken Fonder AB grew its stake in NetApp by 106.8% in the fourth quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider's stock valued at $28,136,000 after purchasing an additional 135,715 shares during the last quarter. National Pension Service raised its holdings in NetApp by 13.6% in the fourth quarter. National Pension Service now owns 180,917 shares of the data storage provider's stock worth $19,374,000 after purchasing an additional 21,643 shares in the last quarter. Finally, Swedbank AB raised its holdings in NetApp by 22.0% in the fourth quarter. Swedbank AB now owns 97,086 shares of the data storage provider's stock worth $10,397,000 after purchasing an additional 17,520 shares in the last quarter. Institutional investors own 92.17% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NTAP shares. Wall Street Zen cut shares of NetApp from a "strong-buy" rating to a "buy" rating in a report on Wednesday, July 29th. Northland Securities increased their target price on shares of NetApp from $137.00 to $171.00 and gave the company an "outperform" rating in a research report on Friday, May 29th. JPMorgan Chase & Co. raised their target price on shares of NetApp from $110.00 to $150.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Argus lifted their price target on shares of NetApp from $130.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Finally, Bank of America upped their price target on NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, NetApp has a consensus rating of "Hold" and an average price target of $169.33.

Insider Activity at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 275 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $120.00, for a total value of $33,000.00. Following the sale, the chief accounting officer owned 1,090 shares in the company, valued at approximately $130,800. This represents a 20.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction on Friday, July 10th. The shares were sold at an average price of $170.92, for a total transaction of $170,920.00. Following the completion of the transaction, the executive vice president directly owned 31,297 shares of the company's stock, valued at $5,349,283.24. The trade was a 3.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 52,964 shares of company stock worth $8,181,642. 0.36% of the stock is owned by corporate insiders.

NetApp Stock Down 1.0%

NTAP stock opened at $189.52 on Friday. The firm's fifty day simple moving average is $166.95 and its 200-day simple moving average is $127.79. The company has a market capitalization of $37.19 billion, a P/E ratio of 29.80, a price-to-earnings-growth ratio of 3.46 and a beta of 1.45. 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, Inc. has a 12 month low of $93.69 and a 12 month high of $195.70.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.24). The business had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The company's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period last year, the business earned $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. As a group, equities research analysts forecast that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Announces Dividend

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

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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