BlackRock Inc. acquired a new position in NetApp, Inc. (NASDAQ:NTAP - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,901,321 shares of the data storage provider's stock, valued at approximately $2,925,168,000. BlackRock Inc. owned approximately 9.63% of NetApp at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. West Financial Advisors LLC acquired a new position in NetApp in the 2nd quarter valued at approximately $37,000. Park Square Financial Group LLC grew its stake in NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider's stock worth $29,000 after buying an additional 103 shares during the last quarter. Gen Wealth Partners Inc bought a new stake in NetApp during the 4th quarter worth approximately $30,000. DV Equities LLC acquired a new stake in shares of NetApp in the fourth quarter valued at $30,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in NetApp in the 3rd quarter valued at about $35,000. Institutional investors and hedge funds own 92.17% of the company's stock.
NetApp Stock Performance
Shares of NASDAQ:NTAP opened at $204.71 on Wednesday. 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 1 year low of $93.69 and a 1 year high of $209.06. The stock has a market capitalization of $40.17 billion, a price-to-earnings ratio of 32.19, a price-to-earnings-growth ratio of 3.72 and a beta of 1.45. The company's 50 day simple moving average is $171.00 and its 200 day simple moving average is $133.13.
NetApp (NASDAQ:NTAP - Get Free Report) last posted its earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.24). The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. NetApp's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.93 earnings per share. 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, research analysts predict that NetApp, Inc. will post 7.3 EPS for the current fiscal year.
NetApp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were issued a $0.52 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.08 annualized dividend and a yield of 1.0%. NetApp's dividend payout ratio is presently 32.70%.
Insider Buying and Selling
In related news, President Cesar Cernuda sold 49,464 shares of NetApp stock in a transaction on 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 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Lorenzo Daniel De sold 225 shares of NetApp stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the transaction, the chief accounting officer owned 1,090 shares of the company's stock, valued at $186,488.10. This represents a 17.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 52,689 shares of company stock worth $8,224,732 in the last ninety days. Corporate insiders own 0.36% of the company's stock.
Analyst Ratings Changes
A number of research firms have recently weighed in on NTAP. Wells Fargo & Company boosted their target price on NetApp from $115.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Friday, May 29th. Bank of America raised their price objective on NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Citigroup lifted their price target on shares of NetApp from $150.00 to $209.00 and gave the company a "neutral" rating in a research note on Tuesday. UBS Group reaffirmed a "neutral" rating and set a $160.00 price objective on shares of NetApp in a research report on Friday, May 29th. Finally, Barclays raised their target price on shares of NetApp from $120.00 to $199.00 and gave the company an "overweight" rating in a research report on Friday, May 29th. Five analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $177.25.
Get Our Latest Stock Analysis on NetApp
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.
Further Reading
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