California Public Employees Retirement System Grows Holdings in NetApp, Inc. $NTAP

Key Points

• California Public Employees Retirement System increased its stake in NetApp by 68.6% in Q3 to 610,735 shares, now owning about $72.3 million (0.31% of the company) amid high institutional ownership (92.17%).
• NetApp beat expectations in its most recent quarter (EPS $2.12 vs. $2.07 and revenue $1.71B vs. $1.70B) and provided FY2026 guidance of roughly 7.92–8.02 EPS and Q4 2026 guidance of 2.21–2.31 EPS.
• Analysts have pushed up price targets (e.g., Barclays to $134, Wells Fargo to $115) but the consensus rating remains a Hold with a $122.42 consensus target; Weiss Ratings downgraded the stock to a hold.

California Public Employees Retirement System raised its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 68.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 610,735 shares of the data storage provider's stock after purchasing an additional 248,404 shares during the quarter. California Public Employees Retirement System owned 0.31% of NetApp worth $72,348,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Abich Financial Wealth Management LLC purchased a new stake in shares of NetApp in the third quarter worth $27,000. Rossby Financial LCC lifted its stake in shares of NetApp by 105.5% during the 3rd quarter. Rossby Financial LCC now owns 224 shares of the data storage provider's stock valued at $27,000 after buying an additional 115 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new position in shares of NetApp during the 2nd quarter valued at $34,000. CYBER HORNET ETFs LLC bought a new position in NetApp in the 2nd quarter worth $56,000. Finally, Richardson Financial Services Inc. boosted its holdings in NetApp by 49.4% in the 3rd quarter. Richardson Financial Services Inc. now owns 484 shares of the data storage provider's stock worth $57,000 after buying an additional 160 shares during the period. 92.17% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $100.67, for a total transaction of $100,670.00. Following the sale, the executive vice president directly owned 20,382 shares of the company's stock, valued at $2,051,855.94. This represents a 4.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 3,000 shares of company stock worth $309,610. 0.28% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Barclays raised their price target on NetApp from $125.00 to $134.00 and gave the company an "overweight" rating in a report on Wednesday, November 26th. Wells Fargo & Company upped their price objective on NetApp from $100.00 to $115.00 and gave the stock a "positive" rating in a research note on Wednesday, November 26th. Citigroup increased their target price on NetApp from $110.00 to $114.00 and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Northland Securities set a $137.00 price target on NetApp and gave the stock an "outperform" rating in a report on Wednesday, November 26th. Finally, Weiss Ratings downgraded NetApp from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $122.42.

NetApp Stock Up 3.6%

NTAP opened at $102.24 on Tuesday. The company has a market capitalization of $20.18 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 3.06 and a beta of 1.39. The firm has a 50-day simple moving average of $101.13 and a two-hundred day simple moving average of $110.47. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 2.15. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $126.66.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its earnings results on Thursday, February 26th. The data storage provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.05. The firm had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $1.70 billion. NetApp had a return on equity of 118.11% and a net margin of 18.07%.The business's revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.91 earnings per share. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. Analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Friday, April 3rd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 2.0%. NetApp's payout ratio is presently 34.78%.

NetApp Company Profile

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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