CX Institutional Sells 88,845 Shares of NetApp, Inc. $NTAP

Key Points

• CX Institutional reduced its NetApp position by 97.8%, selling 88,845 shares during the second quarter and retaining 2,013 shares valued at approximately $311,000.
• NetApp reported quarterly revenue of $1.95 billion, up 12.5% year over year and above estimates, but earnings of $2.03 per share missed consensus by $0.24. The company also declared a quarterly dividend of $0.52, representing a 1.1% annualized yield.
• Analyst sentiment remains mixed, with five Buy, nine Hold and one Sell rating; the consensus rating is Hold with an average price target of $169.33, below the reported share price of $189.52.

CX Institutional cut its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 97.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,013 shares of the data storage provider's stock after selling 88,845 shares during the period. CX Institutional's holdings in NetApp were worth $311,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Norges Bank bought a new stake in NetApp in the 4th quarter valued at about $458,060,000. First Trust Advisors LP increased its holdings 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 worth $374,549,000 after purchasing an additional 2,046,912 shares during the period. SG Americas Securities LLC increased its holdings in shares of NetApp by 378.9% during the first quarter. SG Americas Securities LLC now owns 1,329,475 shares of the data storage provider's stock worth $136,125,000 after purchasing an additional 1,051,863 shares during the period. Arrowstreet Capital Limited Partnership raised its position 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 buying an additional 886,485 shares in the last quarter. Finally, SEB Asset Management AB acquired a new stake in shares of NetApp in the first quarter valued at approximately $89,977,000. 92.17% of the stock is owned by institutional investors.

NetApp Stock Down 1.0%

NTAP stock opened at $189.52 on Friday. The stock has a market capitalization of $37.19 billion, a P/E ratio of 29.80, a price-to-earnings-growth ratio of 3.46 and a beta of 1.45. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $195.70. The firm has a 50-day moving average price of $166.95 and a 200-day moving average price of $127.79.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly 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). The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. The company's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous 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, equities research analysts anticipate that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were given a $0.52 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. NetApp's dividend payout ratio (DPR) is currently 32.70%.

Wall Street Analyst Weigh In

NTAP has been the topic of a number of analyst reports. Wedbush increased their price target on NetApp from $115.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Citigroup lifted their price objective on NetApp from $114.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. The Goldman Sachs Group reiterated a "buy" rating and set a $200.00 target price on shares of NetApp in a research report on Tuesday, June 2nd. Weiss Ratings raised NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, June 8th. Finally, Morgan Stanley raised their price target on NetApp from $88.00 to $137.00 and gave the stock an "underweight" rating in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $169.33.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $170.92, for a total value of $170,920.00. Following the completion of the transaction, the executive vice president directly owned 31,297 shares in the company, valued at approximately $5,349,283.24. This represents a 3.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Lorenzo Daniel De sold 225 shares of the firm's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $171.09, for a total value of $38,495.25. Following the sale, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $186,488.10. This trade represents a 17.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 52,964 shares of company stock valued at $8,181,642. 0.36% of the stock is currently owned by insiders.

NetApp 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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