Bank of America Corp DE boosted its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 7.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,956,339 shares of the data storage provider's stock after purchasing an additional 136,769 shares during the period. Bank of America Corp DE owned about 0.99% of NetApp worth $200,310,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in NetApp during the fourth quarter worth about $458,060,000. First Trust Advisors LP boosted 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 valued at $374,549,000 after purchasing an additional 2,046,912 shares during the period. SG Americas Securities LLC boosted its stake in shares of NetApp by 378.9% in the first quarter. SG Americas Securities LLC now owns 1,329,475 shares of the data storage provider's stock valued at $136,125,000 after purchasing an additional 1,051,863 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of NetApp by 94.6% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider's stock valued at $215,987,000 after purchasing an additional 886,485 shares in the last quarter. Finally, SEB Asset Management AB acquired a new position in shares of NetApp in the first quarter valued at approximately $89,977,000. Hedge funds and other institutional investors own 92.17% of the company's stock.
NetApp Stock Performance
Shares of NTAP opened at $190.46 on Wednesday. The stock has a 50 day moving average price of $164.78 and a 200 day moving average price of $126.19. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. The company has a market capitalization of $37.37 billion, a price-to-earnings ratio of 29.95, a price-to-earnings-growth ratio of 3.34 and a beta of 1.45. NetApp, Inc. has a 52-week low of $93.69 and a 52-week high of $195.70.
NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing analysts' consensus estimates of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the business posted $1.93 EPS. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. 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 predict that NetApp, Inc. will post 7.16 EPS for the current fiscal year.
NetApp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th were given a dividend of $0.52 per share. The ex-dividend date was Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.1%. NetApp's payout ratio is 32.70%.
Analyst Upgrades and Downgrades
NTAP has been the topic of a number of research reports. Wells Fargo & Company increased their target price on shares of NetApp from $115.00 to $180.00 and gave the stock an "equal weight" rating in a report on Friday, May 29th. Argus boosted their price target on shares of NetApp from $130.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, June 1st. Citigroup upped their price objective on NetApp from $114.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. JPMorgan Chase & Co. lifted their target price on NetApp from $110.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Finally, Susquehanna boosted their target price on NetApp from $110.00 to $185.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Five 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. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $169.33.
Check Out Our Latest Report on NetApp
Insider Transactions at NetApp
In other news, CAO Lorenzo Daniel De sold 225 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the completion of the sale, the chief accounting officer directly owned 1,090 shares of the company's stock, valued at approximately $186,488.10. The trade was a 17.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Cesar Cernuda sold 49,464 shares of the company's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total value of $7,658,016.48. Following the completion of the sale, the president directly owned 46,806 shares of the company's stock, valued at approximately $7,246,504.92. This trade represents a 51.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 52,964 shares of company stock worth $8,181,642. Corporate insiders own 0.36% of the company's stock.
About NetApp
(
Free Report)
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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