Lifeworks Advisors LLC Has $5.19 Million Stock Position in NetApp, Inc. $NTAP

Key Points

• Lifeworks Advisors LLC boosted its NetApp stake by 24.4% in Q1, ending with 50,685 shares valued at about $5.19 million.
• NetApp’s stock has strong institutional backing, with about 92.17% of shares owned by institutions and hedge funds; several large investors also increased positions recently.
• The company reported mixed quarterly results: EPS missed expectations at $2.03 versus $2.27, but revenue came in above estimates at $1.95 billion and rose 12.5% year over year.

Lifeworks Advisors LLC increased its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 24.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,685 shares of the data storage provider's stock after buying an additional 9,952 shares during the period. Lifeworks Advisors LLC's holdings in NetApp were worth $5,190,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of NTAP. Norges Bank bought a new position in NetApp in the 4th quarter worth $458,060,000. SG Americas Securities LLC boosted its holdings 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 valued at $136,125,000 after acquiring an additional 1,051,863 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in NetApp by 94.6% during 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 acquiring an additional 886,485 shares during the period. AQR Capital Management LLC grew its position in shares of NetApp by 71.6% in the third quarter. AQR Capital Management LLC now owns 1,849,218 shares of the data storage provider's stock valued at $219,058,000 after purchasing an additional 771,835 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of NetApp by 17.1% in the third quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider's stock valued at $582,296,000 after purchasing an additional 718,409 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NTAP has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on NetApp from $110.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Susquehanna lifted their price target on NetApp from $110.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Weiss Ratings upgraded NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, June 8th. Bank of America increased their price objective on NetApp from $125.00 to $150.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Finally, Morgan Stanley raised their price objective on shares of NetApp from $88.00 to $137.00 and gave the stock an "underweight" rating in a research note on Friday, May 29th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, NetApp presently has an average rating of "Hold" and an average target price of $169.33.

NetApp Price Performance

NASDAQ NTAP opened at $168.87 on Monday. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $192.83. The company has a market capitalization of $33.09 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 3.09 and a beta of 1.46. The stock's 50 day moving average is $148.15 and its two-hundred day moving average is $118.68. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84.

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 (EPS) for the quarter, missing analysts' consensus estimates of $2.27 by ($0.24). The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The company's quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the company 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. Equities 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 will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, July 10th. NetApp's dividend payout ratio is currently 32.70%.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $163.48, for a total transaction of $163,480.00. Following the completion of the transaction, the executive vice president directly owned 32,297 shares of the company's stock, valued at approximately $5,279,913.56. This trade represents a 3.00% 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 this link. Also, CAO Lorenzo Daniel De sold 275 shares of the company's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $120.00, for a total transaction of $33,000.00. Following the completion of the sale, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $130,800. The trade was a 20.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 51,964 shares of company stock worth $8,010,722 over the last three months. 0.28% of the stock is currently owned by corporate insiders.

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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