Envestnet Portfolio Solutions Inc. Cuts Stake in NetApp, Inc. $NTAP

Key Points

• Envestnet Portfolio Solutions Inc. reduced its stake in NetApp, Inc. by 47.9%, owning 10,164 shares worth $1,083,000 after selling 9,344 shares in the second quarter.
• NetApp reported $1.19 EPS for the quarter, missing estimates by $0.35, while revenue was up 1.2% year-over-year at $1.56 billion.
• The company will pay a quarterly dividend of $0.52, with a dividend yield of 1.7%, and a payout ratio of 36.75%.

Envestnet Portfolio Solutions Inc. reduced its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 47.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,164 shares of the data storage provider's stock after selling 9,344 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in NetApp were worth $1,083,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Sequoia Financial Advisors LLC grew its stake in shares of NetApp by 82.7% in the second quarter. Sequoia Financial Advisors LLC now owns 9,432 shares of the data storage provider's stock worth $1,005,000 after acquiring an additional 4,269 shares during the last quarter. Vest Financial LLC grew its stake in shares of NetApp by 41.7% in the second quarter. Vest Financial LLC now owns 25,523 shares of the data storage provider's stock worth $2,719,000 after acquiring an additional 7,509 shares during the last quarter. MGO One Seven LLC purchased a new stake in shares of NetApp in the second quarter worth $430,000. CWM LLC boosted its position in shares of NetApp by 170.8% during the second quarter. CWM LLC now owns 26,977 shares of the data storage provider's stock valued at $2,874,000 after buying an additional 17,014 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new stake in shares of NetApp during the second quarter valued at $125,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Trading Down 0.3%

Shares of NASDAQ:NTAP opened at $119.07 on Friday. The stock has a market capitalization of $23.77 billion, a price-to-earnings ratio of 21.04, a PEG ratio of 2.59 and a beta of 1.45. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31. The stock's 50-day simple moving average is $117.42 and its two-hundred day simple moving average is $104.68. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its earnings results on Wednesday, August 27th. The data storage provider reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.54 by ($0.35). The firm had revenue of $1.56 billion during the quarter, compared to analysts' expectations of $1.54 billion. NetApp had a return on equity of 123.24% and a net margin of 17.77%.The company's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.56 earnings per share. NetApp has set its FY 2026 guidance at 7.600-7.900 EPS. Q2 2026 guidance at 1.840-1.940 EPS. Analysts expect that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.7%. NetApp's dividend payout ratio (DPR) is 36.75%.

Insider Transactions at NetApp

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total value of $123,670.00. Following the transaction, the executive vice president owned 23,628 shares of the company's stock, valued at $2,922,074.76. This trade represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Lorenzo Daniel De sold 779 shares of the firm's stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $121.87, for a total value of $94,936.73. The disclosure for this sale can be found here. Insiders have sold 29,529 shares of company stock valued at $3,362,874 over the last quarter. 0.28% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on NTAP. JPMorgan Chase & Co. increased their price objective on NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Northland Securities increased their price objective on NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Bank of America increased their price objective on NetApp from $121.00 to $125.00 and gave the company a "neutral" rating in a research report on Monday, August 25th. Argus reaffirmed a "buy" rating and set a $130.00 price objective on shares of NetApp in a research report on Friday, August 29th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of NetApp in a research report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $122.40.

NetApp Company 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.

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