Insight Wealth Strategies LLC Makes New Investment in NetApp, Inc. $NTAP

Key Points

• Insight Wealth Strategies purchased 37,378 NetApp shares worth approximately $5.85 million in the second quarter. Institutional investors collectively own 92.17% of the company.
• NetApp reported quarterly revenue of $1.95 billion, up 12.5% year over year and above estimates, but earnings per share of $2.03 fell short of the $2.27 consensus. The company pays a quarterly dividend of $0.52, representing a 1.0% annualized yield.
• Analysts maintain a consensus “Hold” rating with a $172.33 target price, below the stock’s reported $198.47 price. Insiders sold 51,964 shares worth about $8.06 million during the last quarter.

Insight Wealth Strategies LLC purchased a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 37,378 shares of the data storage provider's stock, valued at approximately $5,845,000.

Several other institutional investors also recently modified their holdings of NTAP. Norges Bank bought a new position in NetApp during the 4th quarter worth $458,060,000. First Trust Advisors LP grew its position in shares of NetApp by 127.0% in the 1st quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider's stock valued at $374,549,000 after buying an additional 2,046,912 shares during the last quarter. SG Americas Securities LLC grew its position in shares of NetApp by 378.9% in the 1st quarter. SG Americas Securities LLC now owns 1,329,475 shares of the data storage provider's stock valued at $136,125,000 after buying an additional 1,051,863 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of NetApp by 94.6% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider's stock valued at $215,987,000 after buying an additional 886,485 shares during the period. Finally, SEB Asset Management AB acquired a new stake in shares of NetApp in the first quarter valued at about $89,977,000. Institutional investors own 92.17% of the company's stock.

NetApp Stock Down 0.1%

Shares of NetApp stock opened at $198.47 on Wednesday. NetApp, Inc. has a one year low of $93.69 and a one year high of $202.26. 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's 50-day moving average is $167.78 and its 200 day moving average is $129.41. The firm has a market cap of $38.95 billion, a price-to-earnings ratio of 31.21, a PEG ratio of 3.63 and a beta of 1.45.

NetApp (NASDAQ:NTAP - Get Free Report) last issued 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 return on equity of 117.23% and a net margin of 18.43%.The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the firm posted $1.93 earnings per share. The company's revenue for the quarter 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 anticipate that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th were paid a $0.52 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. NetApp's payout ratio is currently 32.70%.

Wall Street Analyst Weigh In

Several analysts recently commented on NTAP shares. Northland Securities upped their target price on NetApp from $137.00 to $171.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Wedbush raised their price target on shares of NetApp from $115.00 to $150.00 and gave the stock a "neutral" rating 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 research report on Wednesday, July 29th. Bank of America upped their price objective on shares of NetApp from $125.00 to $150.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Finally, Barclays increased their price objective on shares of NetApp from $120.00 to $199.00 and gave the stock an "overweight" rating in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $172.33.

Insider Activity

In related news, CAO Lorenzo Daniel De sold 225 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the transaction, the chief accounting officer owned 1,090 shares in the company, valued at $186,488.10. The trade was a 17.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the transaction, the president directly owned 46,806 shares in the company, valued at approximately $7,246,504.92. This represents a 51.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 51,964 shares of company stock worth $8,063,912 in the last quarter. 0.36% of the stock is 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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