Mirae Asset Global Investments Co. Ltd. Acquires New Stake in NetApp, Inc. $NTAP

Key Points

• Mirae Asset Global Investments acquired 79,671 NetApp shares in the third quarter, worth approximately $16.7 million; institutional investors and hedge funds own 92.17% of the stock.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $205.24, with recent ratings ranging from upgrades to downgrades.
• NetApp reported quarterly earnings of $2.58 per share and $2.02 billion in revenue, beating estimates; revenue rose 29.9% year over year.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 79,671 shares of the data storage provider's stock, valued at approximately $16,737,000.

A number of other institutional investors have also modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of NetApp during the second quarter worth about $2,925,168,000. Primecap Management Co. CA acquired a new position in shares of NetApp in the second quarter valued at approximately $1,395,423,000. First Trust Advisors LP raised its stake in shares of NetApp by 127.0% during the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider's stock worth $374,549,000 after purchasing an additional 2,046,912 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of NetApp during the second quarter worth $258,093,000. Finally, Bank of America Corp DE acquired a new stake in shares of NetApp during the second quarter worth $235,682,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on NTAP shares. The Goldman Sachs Group restated a "buy" rating and issued a $240.00 price target (up from $210.00) on shares of NetApp in a research note on Tuesday, October 6th. Loop Capital set a $300.00 target price on NetApp in a report on Wednesday, October 7th. Barclays lowered NetApp from an "overweight" rating to an "equal weight" rating and set a $219.00 target price on the stock. in a report on Wednesday, October 14th. Evercore raised NetApp from an "in-line" rating to an "outperform" rating and set a $300.00 price target for the company in a research note on Wednesday, October 7th. Finally, Northland Securities boosted their price objective on shares of NetApp from $171.00 to $187.00 and gave the stock an "outperform" rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $205.24.

NetApp Stock Performance

NASDAQ:NTAP opened at $190.78 on Wednesday. The firm has a 50 day simple moving average of $205.11 and a 200-day simple moving average of $150.83. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.24 and a quick ratio of 1.16. The firm has a market cap of $37.47 billion, a PE ratio of 26.91, a P/E/G ratio of 1.99 and a beta of 1.52. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $240.87.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.12 by $0.46. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.84 billion. NetApp had a net margin of 19.18% and a return on equity of 119.13%. NetApp's revenue was up 29.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.15 earnings per share. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. On average, equities analysts expect that NetApp, Inc. will post 8.32 EPS for the current year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Friday, October 9th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, October 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.1%. NetApp's payout ratio is currently 29.34%.

Insider Buying and Selling

In other news, Director Thomas Nevens sold 5,940 shares of the business's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $195.21, for a total transaction of $1,159,547.40. Following the completion of the sale, the director directly owned 7,747 shares of the company's stock, valued at $1,512,291.87. The trade was a 43.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carrie Palin sold 5,000 shares of NetApp stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $216.43, for a total value of $1,082,150.00. Following the completion of the transaction, the director owned 6,660 shares in the company, valued at $1,441,423.80. The trade was a 42.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 173,524 shares of company stock worth $35,018,126 over the last ninety days. Insiders own 0.36% of the company's stock.

NetApp Profile

NetApp, Inc is a data infrastructure and cloud storage company that helps organizations manage, protect and access data across on-premises data centers, public clouds and hybrid environments. Its offerings support enterprise applications, artificial intelligence workloads, business analytics, backup and disaster recovery.

The company's portfolio includes all-flash and hybrid-flash storage systems, the ONTAP data management operating system, StorageGRID object storage and Keystone storage-as-a-service.

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