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Axxcess Wealth Management LLC Sells 51,980 Shares of NetApp, Inc. $NTAP

NetApp logo with Computer and Technology background

Key Points

  • Axxcess Wealth Management LLC has significantly reduced its stake in NetApp, Inc. by 95.6%, selling 51,980 shares and holding only 2,396 shares valued at $255,000.
  • NetApp recently reported an earnings miss, with earnings per share of $1.19 compared to the analysts' consensus estimate of $1.54, though it achieved revenue of $1.56 billion, slightly above expectations.
  • The company announced a quarterly dividend of $0.52, representing an annual yield of 1.7%, to be paid to shareholders of record on October 3rd.
  • MarketBeat previews the top five stocks to own by November 1st.

Axxcess Wealth Management LLC reduced its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 95.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,396 shares of the data storage provider's stock after selling 51,980 shares during the period. Axxcess Wealth Management LLC's holdings in NetApp were worth $255,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Horizon Investments LLC increased its stake in NetApp by 3.8% in the first quarter. Horizon Investments LLC now owns 2,919 shares of the data storage provider's stock valued at $255,000 after purchasing an additional 107 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of NetApp by 11.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,083 shares of the data storage provider's stock worth $115,000 after acquiring an additional 107 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of NetApp by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock worth $31,000 after acquiring an additional 124 shares in the last quarter. Hohimer Wealth Management LLC increased its position in shares of NetApp by 0.4% during the first quarter. Hohimer Wealth Management LLC now owns 29,694 shares of the data storage provider's stock worth $2,608,000 after acquiring an additional 131 shares in the last quarter. Finally, EWA LLC increased its position in shares of NetApp by 5.4% during the second quarter. EWA LLC now owns 2,535 shares of the data storage provider's stock worth $270,000 after acquiring an additional 131 shares in the last quarter. 92.17% of the stock is owned by institutional investors.

Analyst Ratings Changes

NTAP has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their target price on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Northland Securities boosted their target price on shares of NetApp from $119.00 to $120.00 and gave the stock a "market perform" rating in a research report on Thursday, August 28th. Barclays boosted their target price on shares of NetApp from $117.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. William Blair restated a "market perform" rating on shares of NetApp in a report on Thursday. Finally, Citigroup boosted their price target on shares of NetApp from $115.00 to $130.00 and gave the stock a "neutral" rating in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $122.40.

Get Our Latest Research Report on NetApp

NetApp Stock Down 0.3%

NTAP opened at $119.07 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.31 and a debt-to-equity ratio of 2.55. The stock has a market cap of $23.77 billion, a price-to-earnings ratio of 21.04, a PEG ratio of 2.59 and a beta of 1.45. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The company's 50-day moving average price is $117.42 and its two-hundred day moving average price is $104.68.

NetApp (NASDAQ:NTAP - Get Free Report) last released its earnings results on Wednesday, August 27th. The data storage provider reported $1.19 earnings per share for the quarter, missing analysts' consensus estimates of $1.54 by ($0.35). The company had revenue of $1.56 billion during the quarter, compared to analysts' expectations of $1.54 billion. NetApp had a net margin of 17.77% and a return on equity of 123.24%. The firm's revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.56 earnings per share. NetApp has set its FY 2026 guidance at 7.600-7.900 EPS. Q2 2026 guidance at 1.840-1.940 EPS. As a group, equities analysts expect that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp's payout ratio is presently 36.75%.

Insider Buying and Selling at NetApp

In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total value of $123,670.00. Following the transaction, the executive vice president directly owned 23,628 shares in the company, valued at $2,922,074.76. The trade was a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 8,750 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the sale, the chief executive officer owned 274,938 shares in the company, valued at $33,792,629.58. The trade was a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,529 shares of company stock worth $3,362,874 over the last three months. 0.28% of the stock is currently owned by insiders.

NetApp Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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