Bank of New York Mellon Corp Invests $181.77 Million in NetApp, Inc. $NTAP

Key Points

• Bank of New York Mellon acquired 1.17 million NetApp shares worth approximately $181.8 million, giving it a 0.60% stake. Institutional investors collectively own 92.17% of the company.
• NetApp’s stock opened at $192.27, near its 52-week high of $209.06. Analysts have an overall “Hold” rating, with an average price target of $177.25.
• The company reported quarterly revenue of $1.95 billion, up 12.5% year over year, but earnings per share of $2.03 fell short of estimates. NetApp also maintains a quarterly dividend of $0.52, or $2.08 annually, yielding about 1.1%.

Bank of New York Mellon Corp acquired a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,174,544 shares of the data storage provider's stock, valued at approximately $181,772,000. Bank of New York Mellon Corp owned approximately 0.60% of NetApp as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in NTAP. State Street Corp boosted its stake in shares of NetApp by 1.1% during the 4th quarter. State Street Corp now owns 10,192,354 shares of the data storage provider's stock worth $1,091,499,000 after purchasing an additional 115,451 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of NetApp by 17.1% during the third quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider's stock worth $582,296,000 after buying an additional 718,409 shares in the last quarter. Norges Bank acquired a new position in shares of NetApp in the fourth quarter valued at approximately $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of NetApp by 17.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,127,533 shares of the data storage provider's stock valued at $442,018,000 after buying an additional 611,003 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of NetApp by 127.0% during 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 buying an additional 2,046,912 shares during the period. Institutional investors and hedge funds own 92.17% of the company's stock.

Insider Activity

In other news, President Cesar Cernuda sold 49,464 shares of the business's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the completion of the sale, the president owned 46,806 shares in the company, valued at approximately $7,246,504.92. The trade was a 51.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $193.82, for a total transaction of $193,820.00. Following the sale, the executive vice president directly owned 30,297 shares of the company's stock, valued at approximately $5,872,164.54. This trade represents a 3.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 55,297 shares of company stock valued at $8,758,016 in the last three months. Corporate insiders own 0.36% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on NTAP. Wells Fargo & Company boosted their price target on NetApp from $115.00 to $180.00 and gave the company an "equal weight" rating in a report on Friday, May 29th. Wedbush upped their target price on NetApp from $115.00 to $150.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Wall Street Zen downgraded NetApp from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, July 29th. Northland Securities raised their price target on NetApp from $137.00 to $171.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Finally, Argus lifted their price target on NetApp from $130.00 to $200.00 and gave the company a "buy" rating in a report on Monday, June 1st. Five research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $177.25.

NetApp Trading Down 0.3%

NTAP stock opened at $192.27 on Friday. The company has a market cap of $37.73 billion, a price-to-earnings ratio of 30.23, a PEG ratio of 3.45 and a beta of 1.45. 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 business has a fifty day simple moving average of $172.93 and a 200-day simple moving average of $134.89. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $209.06.

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 for the quarter, missing analysts' consensus estimates of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the previous year, the business posted $1.93 EPS. NetApp's revenue 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. On average, equities research analysts expect that NetApp, Inc. will post 7.32 EPS for the current year.

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, July 10th. NetApp's payout ratio is currently 32.70%.

About NetApp

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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