Lyrical Asset Management LP Has $278.73 Million Stock Position in NetApp, Inc. $NTAP

Key Points

• Lyrical Asset Management cut its NetApp stake by 5.9% in the fourth quarter, but still held 2.6 million shares worth about $278.7 million, making NTAP its 10th-largest position.
• NetApp reported quarterly EPS of $2.03, missing estimates, even as revenue rose 12.5% year over year to $1.95 billion. The company also guided for FY 2027 EPS of $8.70 to $9.00.
• The board declared a quarterly dividend of $0.52 per share, payable July 29, for an annualized yield of about 1.2%. Meanwhile, analysts currently have a consensus rating of Hold on the stock.

Lyrical Asset Management LP reduced its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 5.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,602,766 shares of the data storage provider's stock after selling 162,361 shares during the quarter. NetApp comprises approximately 3.9% of Lyrical Asset Management LP's holdings, making the stock its 10th largest position. Lyrical Asset Management LP owned about 1.31% of NetApp worth $278,730,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. lifted its stake in NetApp by 38.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider's stock worth $67,000 after purchasing an additional 210 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of NetApp in the second quarter worth about $315,000. Cerity Partners LLC increased its holdings in shares of NetApp by 9.9% in the second quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider's stock worth $4,986,000 after purchasing an additional 4,232 shares during the last quarter. Bank of Nova Scotia lifted its position in shares of NetApp by 7.3% in the second quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider's stock worth $2,589,000 after buying an additional 1,662 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in NetApp by 12.7% during the second quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider's stock valued at $2,148,000 after buying an additional 2,277 shares during the last quarter. Institutional investors own 92.17% of the company's stock.

NetApp Price Performance

NASDAQ:NTAP opened at $167.04 on Monday. The firm has a market capitalization of $32.96 billion, a price-to-earnings ratio of 26.26, a PEG ratio of 3.06 and a beta of 1.45. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $192.83. The business has a 50 day simple moving average of $119.80 and a 200-day simple moving average of $110.28. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39.

NetApp (NASDAQ:NTAP - Get Free Report) last released its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the firm posted $1.93 EPS. The business'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 analysts forecast that NetApp, Inc. will post 7.14 EPS for the current year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. NetApp's payout ratio is 32.70%.

Insiders Place Their Bets

In other news, CAO Lorenzo Daniel De sold 275 shares of the firm's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $120.00, for a total value of $33,000.00. Following the completion of the sale, the chief accounting officer owned 1,090 shares in the company, valued at approximately $130,800. This trade represents a 20.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $117.73, for a total transaction 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 represents a 5.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,500 shares of company stock worth $386,145 in the last quarter. Company insiders own 0.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wall Street Zen downgraded NetApp from a "buy" rating to a "hold" rating in a research note on Sunday, April 19th. Citigroup increased their target price on NetApp from $114.00 to $150.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Northland Securities raised their target price on shares of NetApp from $137.00 to $171.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Morgan Stanley upped their price target on shares of NetApp from $88.00 to $137.00 and gave the company an "underweight" rating in a research note on Friday, May 29th. Finally, Weiss Ratings lowered shares of NetApp from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, March 13th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $169.33.

NetApp 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.