Edgestream Partners L.P. Has $4.59 Million Stock Holdings in NetApp, Inc. $NTAP

Key Points

• Edgestream Partners increased its NetApp stake by 203.1% in the first quarter, acquiring 30,038 additional shares for a total holding of 44,831 shares valued at approximately $4.59 million. Institutional investors and hedge funds own 92.17% of NetApp.
• 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 the $2.27 consensus forecast. The stock opened at $178.50, near its 52-week high of $192.83.
• Analysts maintain a consensus “Hold” rating with an average price target of $169.33, while NetApp pays a quarterly dividend of $0.52, or $2.08 annually, yielding about 1.2%.

Edgestream Partners L.P. increased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 203.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,831 shares of the data storage provider's stock after buying an additional 30,038 shares during the quarter. Edgestream Partners L.P.'s holdings in NetApp were worth $4,590,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Norges Bank acquired a new stake in NetApp during the 4th quarter worth about $458,060,000. Jefferies Financial Group Inc. acquired a new position in shares of NetApp in the 4th quarter valued at about $14,869,000. Handelsbanken Fonder AB increased its holdings in shares of NetApp by 106.8% in the 4th quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider's stock valued at $28,136,000 after purchasing an additional 135,715 shares during the period. National Pension Service lifted its position in shares of NetApp by 13.6% in the fourth quarter. National Pension Service now owns 180,917 shares of the data storage provider's stock worth $19,374,000 after purchasing an additional 21,643 shares in the last quarter. Finally, Swedbank AB lifted its position in shares of NetApp by 22.0% in the fourth quarter. Swedbank AB now owns 97,086 shares of the data storage provider's stock worth $10,397,000 after purchasing an additional 17,520 shares in the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Stock Up 2.6%

Shares of NetApp stock opened at $178.50 on Friday. The firm has a market cap of $35.03 billion, a price-to-earnings ratio of 28.07, a P/E/G ratio of 3.18 and a beta of 1.46. 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 52-week low of $93.69 and a 52-week high of $192.83. The stock has a 50-day simple moving average of $162.88 and a 200-day simple moving average of $124.94.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly 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). 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 the consensus estimate of $1.87 billion. During the same period in the previous year, the firm posted $1.93 EPS. The company's quarterly 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 7.16 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm 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. This represents a $2.08 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, July 10th. NetApp's payout ratio is currently 32.70%.

Analyst Ratings Changes

NTAP has been the subject of several research reports. Weiss Ratings upgraded shares of NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, June 8th. UBS Group reiterated a "neutral" rating and issued a $160.00 target price on shares of NetApp in a research report on Friday, May 29th. Morgan Stanley lifted their target price on shares of NetApp from $88.00 to $137.00 and gave the company an "underweight" rating in a research note on Friday, May 29th. JPMorgan Chase & Co. boosted their price target on shares of NetApp from $110.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Finally, Argus upped their price target on shares of NetApp from $130.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, NetApp has an average rating of "Hold" and a consensus price target of $169.33.

Insiders Place Their Bets

In other news, President Cesar Cernuda sold 49,464 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the transaction, the president owned 46,806 shares in the company, valued at $7,246,504.92. This represents a 51.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $170,920.00. Following the transaction, the executive vice president owned 31,297 shares in the company, valued at approximately $5,349,283.24. This trade represents a 3.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 52,964 shares of company stock valued at $8,181,642 over the last ninety days. Corporate insiders own 0.28% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.