iA Global Asset Management Inc. Grows Stock Holdings in NetApp, Inc. $NTAP

Key Points

• iA Global Asset Management increased its NetApp stake by an eye-catching 3,615.7% in the fourth quarter, ending with 22,183 shares valued at about $2.38 million.
• NetApp reported quarterly earnings of $2.12 per share, topping estimates, while revenue of $1.71 billion also slightly beat expectations and rose 4.4% year over year.
• Despite solid results and a quarterly dividend of $0.52 per share, analyst sentiment has softened, with several firms downgrading the stock and the consensus rating sitting at Hold.

iA Global Asset Management Inc. boosted its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 3,615.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,183 shares of the data storage provider's stock after buying an additional 21,586 shares during the period. iA Global Asset Management Inc.'s holdings in NetApp were worth $2,376,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Caliber Wealth Management LLC KS grew its stake in NetApp by 5.0% in the 3rd quarter. Caliber Wealth Management LLC KS now owns 2,100 shares of the data storage provider's stock valued at $249,000 after buying an additional 100 shares in the last quarter. Frank Rimerman Advisors LLC grew its stake in NetApp by 2.0% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,526 shares of the data storage provider's stock valued at $655,000 after buying an additional 106 shares in the last quarter. Transcend Capital Advisors LLC grew its stake in NetApp by 5.8% in the 4th quarter. Transcend Capital Advisors LLC now owns 1,953 shares of the data storage provider's stock valued at $209,000 after buying an additional 107 shares in the last quarter. Fifth Third Bancorp grew its stake in NetApp by 0.9% in the 4th quarter. Fifth Third Bancorp now owns 12,559 shares of the data storage provider's stock valued at $1,345,000 after buying an additional 108 shares in the last quarter. Finally, US Bancorp DE grew its stake in NetApp by 0.7% in the 3rd quarter. US Bancorp DE now owns 15,398 shares of the data storage provider's stock valued at $1,824,000 after buying an additional 114 shares in the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction on Monday, May 11th. The shares were sold at an average price of $117.73, for a total transaction of $117,730.00. Following the completion of the sale, the executive vice president directly owned 18,382 shares of the company's stock, valued at approximately $2,164,112.86. The trade was a 5.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 3,000 shares of company stock worth $314,650. Insiders own 0.28% of the company's stock.

NetApp Stock Up 0.6%

Shares of NASDAQ:NTAP opened at $120.60 on Tuesday. The firm has a fifty day moving average price of $105.58 and a two-hundred day moving average price of $106.46. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.39 and a quick ratio of 1.36. NetApp, Inc. has a one year low of $93.69 and a one year high of $126.66. The company has a market cap of $23.80 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 3.40 and a beta of 1.28.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The data storage provider reported $2.12 EPS for the quarter, beating the consensus estimate of $2.07 by $0.05. NetApp had a net margin of 18.07% and a return on equity of 118.11%. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the firm earned $1.91 EPS. The business's quarterly revenue was up 4.4% compared to the same quarter last year. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. Analysts anticipate that NetApp, Inc. will post 6.48 EPS for the current fiscal year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 22nd. Stockholders of record on Friday, April 3rd were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Thursday, April 2nd. NetApp's payout ratio is currently 34.78%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on NTAP shares. Wall Street Zen lowered shares of NetApp from a "buy" rating to a "hold" rating in a research note on Sunday, April 19th. Weiss Ratings downgraded shares of NetApp from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, March 13th. Wedbush reissued a "neutral" rating and issued a $115.00 price target on shares of NetApp in a report on Wednesday, February 25th. JPMorgan Chase & Co. downgraded shares of NetApp from an "overweight" rating to a "neutral" rating and cut their price target for the company from $125.00 to $110.00 in a report on Thursday, April 16th. Finally, Citigroup downgraded shares of NetApp from a "neutral" rating to a "mixed" rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, NetApp currently has an average rating of "Hold" and a consensus target price of $122.64.

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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