Elevation Point Wealth Partners LLC Buys Shares of 31,552 NetApp, Inc. $NTAP

Key Points

• Elevation Point Wealth Partners opened a new position in NetApp during the first quarter, buying 31,552 shares worth about $3.23 million.
• NetApp reported Q4 earnings of $2.03 per share, missing analyst estimates, but revenue came in at $1.95 billion, above expectations and up 12.5% year over year.
• The company declared a quarterly dividend of $0.52 per share and has seen mixed analyst sentiment, with a consensus rating of Hold and an average price target of $169.33.

Elevation Point Wealth Partners LLC purchased a new stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 31,552 shares of the data storage provider's stock, valued at approximately $3,231,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC increased its position in NetApp by 2.1% during the fourth quarter. Parallel Advisors LLC now owns 5,007 shares of the data storage provider's stock valued at $536,000 after acquiring an additional 101 shares during the last quarter. Park Square Financial Group LLC boosted its position in NetApp by 68.7% in the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider's stock worth $29,000 after purchasing an additional 103 shares during the last quarter. Transcend Capital Advisors LLC boosted its position in NetApp by 5.8% in the fourth quarter. Transcend Capital Advisors LLC now owns 1,953 shares of the data storage provider's stock worth $209,000 after purchasing an additional 107 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of NetApp by 0.9% during the 4th quarter. Fifth Third Bancorp now owns 12,559 shares of the data storage provider's stock valued at $1,345,000 after purchasing an additional 108 shares during the period. Finally, Transamerica Financial Advisors LLC grew its stake in shares of NetApp by 16.8% during the 4th quarter. Transamerica Financial Advisors LLC now owns 833 shares of the data storage provider's stock valued at $89,000 after purchasing an additional 120 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Stock Performance

Shares of NTAP opened at $154.17 on Friday. The business has a 50-day simple moving average of $142.29 and a two-hundred day simple moving average of $116.71. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $192.83. The stock has a market cap of $30.20 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 2.82 and a beta of 1.46.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. The firm's quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm earned $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. On average, analysts expect that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, July 10th. This represents a $2.08 annualized dividend and a yield of 1.3%. NetApp's payout ratio is currently 32.70%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Wall Street Zen raised shares of NetApp from a "buy" rating to a "strong-buy" rating in a research report on Sunday. Wedbush boosted their target price on shares of NetApp from $115.00 to $150.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Morgan Stanley boosted their target price on shares of NetApp from $88.00 to $137.00 and gave the company an "underweight" rating in a research report on Friday, May 29th. Argus upped their target price on shares of NetApp from $130.00 to $200.00 and gave the company a "buy" rating in a report on Monday, June 1st. Finally, Bank of America increased their price target on shares of NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company 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 value of $7,658,016.48. Following the completion of the sale, the president directly owned 46,806 shares of the company's stock, valued at $7,246,504.92. This represents a 51.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lorenzo Daniel De sold 275 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $120.00, for a total transaction of $33,000.00. Following the completion of the sale, the chief accounting officer directly owned 1,090 shares of the company's stock, valued at approximately $130,800. This trade represents a 20.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 52,964 shares of company stock worth $8,106,972 over the last three months. 0.28% of the stock is currently owned by company 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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