Fifth Third Bancorp Has $10.83 Million Stock Holdings in NetApp, Inc. $NTAP

Key Points

• Fifth Third Bancorp increased its NetApp stake by 741.9% in Q1, ending with 105,733 shares valued at about $10.83 million.
• Several other institutional investors also added to or initiated positions in NetApp, and institutions now own 92.17% of the company.
• NetApp’s shares rose 6.5% to $174.55, while the company reported quarterly EPS that missed estimates even as revenue topped expectations; analysts currently have a Hold consensus with a $169.33 price target.

Fifth Third Bancorp raised its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 741.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 105,733 shares of the data storage provider's stock after acquiring an additional 93,174 shares during the period. Fifth Third Bancorp owned approximately 0.05% of NetApp worth $10,826,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jefferies Financial Group Inc. purchased a new position in NetApp in the 4th quarter valued at approximately $14,869,000. Norges Bank purchased a new stake in shares of NetApp during the fourth quarter worth $458,060,000. Handelsbanken Fonder AB lifted its position in shares of NetApp by 106.8% during the fourth quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider's stock worth $28,136,000 after acquiring an additional 135,715 shares in the last quarter. National Pension Service boosted its holdings 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 acquiring an additional 21,643 shares during the period. Finally, Arbejdsmarkedets Tillaegspension bought a new position in shares of NetApp in the fourth quarter worth $21,234,000. Institutional investors own 92.17% of the company's stock.

Insiders Place Their Bets

In other news, President Cesar Cernuda sold 49,464 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the completion of the transaction, the president owned 46,806 shares of the company's stock, valued at approximately $7,246,504.92. This represents a 51.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $170,920.00. Following the completion of the transaction, the executive vice president owned 31,297 shares of the company's stock, valued at approximately $5,349,283.24. This trade represents a 3.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 52,964 shares of company stock worth $8,181,642 over the last three months. Company insiders own 0.28% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. UBS Group reaffirmed a "neutral" rating and set a $160.00 target price on shares of NetApp in a report on Friday, May 29th. Wall Street Zen downgraded shares of NetApp from a "strong-buy" rating to a "buy" rating in a report on Monday. Wedbush raised their price objective 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. Northland Securities boosted their price objective on shares of NetApp from $137.00 to $171.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. Finally, Argus upped their target price on shares of NetApp from $130.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $169.33.

NetApp Stock Up 6.5%

Shares of NTAP opened at $174.55 on Wednesday. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $192.83. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. The stock has a 50 day simple moving average of $150.42 and a two-hundred day simple moving average of $119.52. The firm has a market cap of $34.20 billion, a P/E ratio of 27.44, a P/E/G ratio of 3.00 and a beta of 1.46.

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 analysts' consensus estimates of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. During the same period last year, the firm earned $1.93 earnings per share. NetApp's revenue for the quarter was up 12.5% on a year-over-year basis. 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 forecast that NetApp, Inc. will post 7.16 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend 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.

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