Bryce Point Capital LLC Buys New Holdings in NetApp, Inc. (NASDAQ:NTAP)

Key Points

• Bryce Point Capital LLC acquired a new position in NetApp, purchasing 7,228 shares valued at approximately $696,000 during the 1st quarter of 2023.
• NetApp reported a quarterly earnings per share (EPS) of $1.93, exceeding the consensus estimate by $0.03, with quarterly revenue reaching $1.73 billion.
• The company has announced a quarterly dividend of $0.52 per share, reflecting an annualized dividend yield of 1.98% with a payout ratio of 36.62%.

Bryce Point Capital LLC bought a new stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,228 shares of the data storage provider's stock, valued at approximately $696,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. boosted its holdings in shares of NetApp by 39.6% in the first quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider's stock worth $3,250,000 after buying an additional 10,494 shares during the period. Brandywine Global Investment Management LLC acquired a new stake in NetApp during the 4th quarter valued at $5,151,000. Achmea Investment Management B.V. raised its stake in NetApp by 55.8% during the 1st quarter. Achmea Investment Management B.V. now owns 221,907 shares of the data storage provider's stock valued at $19,492,000 after purchasing an additional 79,457 shares during the period. Burns Matteson Capital Management LLC purchased a new stake in shares of NetApp in the first quarter valued at $321,000. Finally, World Investment Advisors raised its position in NetApp by 62.2% during the fourth quarter. World Investment Advisors now owns 12,976 shares of the data storage provider's stock valued at $1,506,000 after buying an additional 4,978 shares during the period. 92.17% of the stock is currently owned by institutional investors.

Insider Transactions at NetApp

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $106.84, for a total transaction of $106,840.00. Following the transaction, the executive vice president owned 24,251 shares in the company, valued at approximately $2,590,976.84. The trade was a 3.96% 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 302 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total transaction of $29,828.54. Following the completion of the sale, the chief accounting officer owned 455 shares of the company's stock, valued at approximately $44,940.35. The trade was a 39.89% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,302 shares of company stock worth $1,920,479. Insiders own 0.47% of the company's stock.

NetApp Stock Performance

Shares of NASDAQ NTAP traded up $1.97 during trading hours on Monday, hitting $106.91. 1,177,184 shares of the stock were exchanged, compared to its average volume of 1,447,733. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. The company's 50 day moving average is $103.87 and its 200 day moving average is $102.24. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.25 and a quick ratio of 1.22. The firm has a market capitalization of $21.42 billion, a P/E ratio of 18.82, a P/E/G ratio of 2.42 and a beta of 1.42.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.90 by $0.03. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.72 billion. NetApp had a net margin of 18.05% and a return on equity of 126.96%. The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.80 earnings per share. On average, research analysts expect that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd were given a $0.52 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.95%. NetApp's dividend payout ratio is 36.62%.

Wall Street Analyst Weigh In

NTAP has been the topic of several research analyst reports. Barclays lifted their target price on NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Wells Fargo & Company dropped their price objective on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Morgan Stanley reiterated a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. UBS Group decreased their target price on shares of NetApp from $115.00 to $108.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Finally, Evercore ISI dropped their price target on shares of NetApp from $120.00 to $100.00 and set an "in-line" rating on the stock in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, NetApp has an average rating of "Hold" and an average price target of $118.86.

NetApp Profile

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.