Glenmede Trust Co. NA Sells 342,794 Shares of NetApp, Inc. $NTAP

Key Points

• Glenmede Trust Co. NA cut its NetApp position by 66.9% in the first quarter, selling 342,794 shares and retaining 169,229 shares valued at approximately $17.3 million.
• Institutional ownership remains high at 92.17%, with several firms—including Norges Bank, First Trust Advisors, and SG Americas Securities—recently building significant positions.
• NetApp has a consensus analyst rating of “Hold” with an average price target of $169.33; its latest quarter saw revenue rise 12.5% year over year to $1.95 billion, while earnings per share missed estimates.

Glenmede Trust Co. NA reduced its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 66.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 169,229 shares of the data storage provider's stock after selling 342,794 shares during the quarter. Glenmede Trust Co. NA owned approximately 0.09% of NetApp worth $17,327,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new stake in NetApp in the fourth quarter valued at about $458,060,000. First Trust Advisors LP raised its position in NetApp by 127.0% in the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider's stock worth $374,549,000 after purchasing an additional 2,046,912 shares in the last quarter. SG Americas Securities LLC lifted its stake in NetApp by 378.9% during the first quarter. SG Americas Securities LLC now owns 1,329,475 shares of the data storage provider's stock worth $136,125,000 after purchasing an additional 1,051,863 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of NetApp by 94.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider's stock valued at $215,987,000 after purchasing an additional 886,485 shares during the period. Finally, SEB Asset Management AB acquired a new position in shares of NetApp in the 1st quarter worth approximately $89,977,000. Institutional investors and hedge funds own 92.17% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $200.00 price target on shares of NetApp in a research note on Tuesday, June 2nd. Susquehanna lifted their price objective on NetApp from $110.00 to $185.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Weiss Ratings raised NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, June 8th. JPMorgan Chase & Co. boosted their target price on shares of NetApp from $110.00 to $150.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Finally, Wall Street Zen cut shares of NetApp from a "strong-buy" rating to a "buy" rating in a research report on Wednesday. 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $169.33.

NetApp Price Performance

NetApp stock opened at $178.50 on Friday. The business's fifty day moving average is $162.88 and its two-hundred day moving average is $124.94. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. The firm has a market cap of $35.03 billion, a P/E ratio of 28.07, a P/E/G ratio of 3.26 and a beta of 1.46. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $192.83.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its earnings results 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). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the business posted $1.93 earnings per share. The business's quarterly revenue was up 12.5% compared to the same quarter last year. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. Equities research analysts forecast that NetApp, Inc. will post 7.16 earnings per share for the current fiscal year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, July 10th. NetApp's dividend payout ratio (DPR) is presently 32.70%.

Insider Buying and Selling at NetApp

In other NetApp news, President Cesar Cernuda sold 49,464 shares of the business'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 completion of the transaction, the president directly owned 46,806 shares of the company's stock, valued at approximately $7,246,504.92. The trade was a 51.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $170.92, for a total transaction of $170,920.00. Following the transaction, the executive vice president owned 31,297 shares in the company, valued at $5,349,283.24. The trade was a 3.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 52,964 shares of company stock worth $8,181,642. 0.28% of the stock is currently owned by corporate insiders.

About NetApp

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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