Manning & Napier Advisors LLC Purchases New Position in NetApp, Inc. $NTAP

Key Points

• Manning & Napier Advisors bought 27,749 NetApp shares worth approximately $4.3 million in the second quarter. Institutional investors and hedge funds 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 missed consensus by $0.24. The company guided fiscal 2027 EPS to $8.70–$9.00.
• NetApp shares recently traded at $186.86, while analysts maintained an overall “Hold” rating with an average price target of $179.77. The company pays a quarterly dividend of $0.52 per share, yielding about 1.1% annually.

Manning & Napier Advisors LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 27,749 shares of the data storage provider's stock, valued at approximately $4,303,000.

Several other large investors have also made changes to their positions in the business. Park Square Financial Group LLC increased its holdings in NetApp by 68.7% in 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 in the last quarter. Gen Wealth Partners Inc purchased a new stake in shares of NetApp during the fourth quarter worth about $30,000. DV Equities LLC acquired a new position in shares of NetApp during the 4th quarter worth about $30,000. Roble Belko & Company Inc purchased a new position in NetApp in the 1st quarter valued at about $31,000. Finally, Torren Management LLC acquired a new stake in NetApp in the 4th quarter worth about $34,000. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Stock Performance

NASDAQ:NTAP opened at $186.86 on Tuesday. The stock has a market capitalization of $36.67 billion, a P/E ratio of 29.38, a PEG ratio of 3.44 and a beta of 1.45. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week high of $209.06. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. The company has a 50 day moving average price of $173.43 and a 200 day moving average price of $135.80.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The firm's revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.93 EPS. 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 forecast that NetApp, Inc. will post 7.32 EPS for the current year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, July 10th. NetApp's dividend payout ratio (DPR) is presently 32.70%.

Insider Activity

In related news, CAO Lorenzo Daniel De sold 225 shares of the company's stock in a transaction on Monday, June 1st. The stock was 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 of the company's stock, valued at $186,488.10. This represents a 17.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $193.82, for a total value of $193,820.00. Following the completion of the transaction, the executive vice president directly owned 30,297 shares of the company's stock, valued at $5,872,164.54. The trade was a 3.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 55,297 shares of company stock valued at $8,758,016 over the last quarter. Corporate insiders own 0.36% of the company's stock.

Analyst Upgrades and Downgrades

NTAP has been the subject of a number of research analyst reports. UBS Group reissued a "neutral" rating and set a $160.00 target price on shares of NetApp in a report on Friday, May 29th. 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 note on Friday, May 29th. Wedbush raised their price objective on NetApp from $115.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Citigroup lifted their target price on shares of NetApp from $150.00 to $209.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 18th. Finally, Wells Fargo & Company increased their target price on shares of NetApp from $115.00 to $180.00 and gave the company an "equal weight" rating in a research report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $179.77.

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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