Fideuram Intesa Sanpaolo Private Banking S.P.A. Makes New $3.02 Million Investment in NetApp, Inc. $NTAP

Key Points

• Fideuram Intesa Sanpaolo Private Banking disclosed a new stake in NetApp during the first quarter, buying 29,444 shares worth about $3.02 million.
• Brokerages have recently raised price targets on NTAP, but overall sentiment remains cautious: the stock carries an average “Hold” rating and a consensus target price of $169.33.
• NetApp reported $2.03 EPS on $1.95 billion in revenue for its latest quarter, beating revenue expectations but missing profit estimates; the company also announced a $0.52 quarterly dividend.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 29,444 shares of the data storage provider's stock, valued at approximately $3,015,000.

Other institutional investors have also added to or reduced their stakes in the company. Park Square Financial Group LLC increased its position in NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider's stock worth $29,000 after acquiring an additional 103 shares during the period. Gen Wealth Partners Inc acquired a new stake in shares of NetApp in the 4th quarter valued at $30,000. DV Equities LLC acquired a new position in shares of NetApp during the fourth quarter worth $30,000. Measured Wealth Private Client Group LLC acquired a new position in shares of NetApp during the third quarter worth $35,000. Finally, Roble Belko & Company Inc bought a new position in shares of NetApp in the 1st quarter valued at $31,000. 92.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NTAP. Wedbush boosted their price objective on NetApp from $115.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Bank of America increased their target price on NetApp from $125.00 to $150.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Northland Securities lifted their price target on NetApp from $137.00 to $171.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. Morgan Stanley boosted their price target on NetApp from $88.00 to $137.00 and gave the stock an "underweight" rating in a report on Friday, May 29th. Finally, Susquehanna upped their price objective on NetApp from $110.00 to $185.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $169.33.

Insider Buying and Selling

In other news, CAO Lorenzo Daniel De sold 275 shares of NetApp stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $120.00, for a total value of $33,000.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Cesar Cernuda sold 49,464 shares of the company's stock in a transaction dated 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 sale, the president owned 46,806 shares in the company, valued at approximately $7,246,504.92. The trade was a 51.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 52,964 shares of company stock valued at $8,106,972 over the last quarter. Insiders own 0.28% of the company's stock.

NetApp Price Performance

Shares of NTAP opened at $154.17 on Friday. The stock's 50-day moving average price is $142.29 and its two-hundred day moving average price is $116.71. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $192.83. The company has a market capitalization of $30.20 billion, a PE ratio of 24.24, a PEG ratio of 2.82 and a beta of 1.46. 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 (NASDAQ:NTAP - Get Free Report) last issued its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing the consensus estimate 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 quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.93 EPS. 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 anticipate that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Dividend Announcement

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

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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