Hsbc Holdings PLC Has $90.56 Million Stock Position in NetApp, Inc. $NTAP

Key Points

• HSBC Holdings PLC increased its NetApp stake by 30.6% in the fourth quarter, owning 845,036 shares worth about $90.56 million after adding 197,922 shares.
• NetApp’s latest earnings beat revenue expectations with $1.95 billion in quarterly sales, but missed EPS estimates at $2.03 versus $2.27 expected. Revenue rose 12.5% year over year, and the company issued FY2027 guidance of 8.70–9.00 EPS.
• Wall Street remains mostly cautious on NTAP: analysts have a Hold consensus with an average price target of $169.33, while the stock recently traded at $154.17 and pays a quarterly dividend of $0.52 per share.

Hsbc Holdings PLC grew its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 30.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 845,036 shares of the data storage provider's stock after acquiring an additional 197,922 shares during the quarter. Hsbc Holdings PLC owned 0.43% of NetApp worth $90,556,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of NTAP. Park Square Financial Group LLC lifted its holdings in shares of NetApp by 68.7% during the 4th 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 bought a new stake in NetApp in the fourth quarter valued at about $30,000. DV Equities LLC acquired a new position in NetApp in the fourth quarter worth about $30,000. JFS Wealth Advisors LLC raised its position in NetApp by 176.3% in the fourth quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider's stock worth $34,000 after purchasing an additional 201 shares in the last quarter. Finally, Torren Management LLC bought a new position in NetApp during the fourth quarter worth about $34,000. 92.17% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NTAP. Citigroup increased their price objective on NetApp from $114.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. UBS Group restated a "neutral" rating and issued a $160.00 target price on shares of NetApp in a research note on Friday, May 29th. Bank of America upped their target price on shares of NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. JPMorgan Chase & Co. lifted their price target on shares of NetApp from $110.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Finally, Barclays lifted their price target on shares of NetApp from $120.00 to $199.00 and gave the company an "overweight" rating in a report on Friday, May 29th. Five research 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. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $169.33.

NetApp Stock Performance

NTAP stock opened at $154.17 on Friday. The company has a 50 day moving average price of $142.29 and a 200 day moving average price of $116.71. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week 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 market capitalization of $30.20 billion, a PE ratio of 24.24, a price-to-earnings-growth ratio of 2.82 and a beta of 1.46.

NetApp (NASDAQ:NTAP - Get Free Report) last released its earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.24). The firm 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 firm's quarterly revenue was up 12.5% on a year-over-year basis. During the same period last year, the business 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. Analysts forecast that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, July 10th. NetApp's dividend payout ratio (DPR) is 32.70%.

Insider Activity

In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $117.73, for a total value of $117,730.00. Following the transaction, the executive vice president directly owned 18,382 shares of the company's stock, valued at approximately $2,164,112.86. This trade represents a 5.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the company's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the sale, the president owned 46,806 shares of the company's stock, valued at $7,246,504.92. The trade was a 51.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 52,964 shares of company stock valued at $8,106,972. 0.28% of the stock is currently owned by 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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