Fieldview Capital Management LLC Decreases Stock Position in NetApp, Inc. $NTAP

Key Points

• Fieldview Capital Management cut its NetApp stake by 60.9% in the fourth quarter, selling 7,118 shares and leaving it with 4,578 shares valued at about $490,000.
• NetApp’s latest earnings beat on revenue but missed on profit: it reported $1.95 billion in revenue versus expectations of $1.87 billion, while EPS of $2.03 fell short of the $2.27 consensus.
• Analysts remain cautious overall, with a consensus Hold rating and average target price of $169.33, while NetApp also announced a quarterly dividend of $0.52 per share payable July 29.

Fieldview Capital Management LLC cut its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 60.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,578 shares of the data storage provider's stock after selling 7,118 shares during the period. Fieldview Capital Management LLC's holdings in NetApp were worth $490,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Focus Partners Wealth boosted its position in shares of NetApp by 1,064.1% in the 4th quarter. Focus Partners Wealth now owns 100,244 shares of the data storage provider's stock worth $10,737,000 after buying an additional 91,633 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of NetApp by 2,410.9% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 198,891 shares of the data storage provider's stock worth $21,299,000 after buying an additional 190,970 shares in the last quarter. Eventide Asset Management LLC boosted its position in shares of NetApp by 6.1% in the 4th quarter. Eventide Asset Management LLC now owns 3,937 shares of the data storage provider's stock worth $427,000 after buying an additional 227 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of NetApp in the 4th quarter worth about $1,659,000. Finally, Aurora Investment Counsel boosted its position in shares of NetApp by 5.5% in the 4th quarter. Aurora Investment Counsel now owns 23,329 shares of the data storage provider's stock worth $2,498,000 after buying an additional 1,221 shares in the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of NetApp from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Bank of America upped their target price on shares of NetApp from $125.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Wedbush upped their target price on shares of NetApp from $115.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Susquehanna upped their target price on shares of NetApp from $110.00 to $185.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Finally, Northland Securities upped their target price on shares of NetApp from $137.00 to $171.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $169.33.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 275 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $120.00, for a total transaction of $33,000.00. Following the transaction, the chief accounting officer directly owned 1,090 shares in the company, valued at $130,800. This represents a 20.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $117.73, for a total transaction of $117,730.00. Following the transaction, the executive vice president owned 18,382 shares in the company, valued at approximately $2,164,112.86. The trade was a 5.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 3,500 shares of company stock worth $448,955. Insiders own 0.28% of the company's stock.

NetApp Price Performance

NASDAQ:NTAP opened at $161.82 on Tuesday. The firm has a market cap of $31.70 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 2.95 and a beta of 1.44. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The company's 50-day moving average is $127.09 and its two-hundred day moving average is $112.64. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $192.83.

NetApp (NASDAQ:NTAP - Get Free Report) last released its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.27 by ($0.24). The firm had revenue of $1.95 billion during 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%. NetApp's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the company 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. Research analysts expect that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Announces Dividend

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

Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp, Inc. (NASDAQ:NTAP - Free Report).

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.