NetApp, Inc. $NTAP Position Trimmed by Evergreen Capital Management LLC

Key Points

• Evergreen Capital Management cut its NetApp stake by 28.5% in the third quarter, selling 8,374 shares and retaining 20,963 shares valued at approximately $4.4 million. Institutional investors still own 92.17% of NetApp.
• NetApp reported quarterly EPS of $2.58, beating estimates of $2.12, while revenue rose 29.9% year over year to $2.02 billion. The company announced a quarterly dividend of $0.52 per share, equivalent to a 1.0% annualized yield.
• NetApp shares opened at $215.48, near analysts’ consensus price target of $213.20; the stock has a “Moderate Buy” consensus rating. Company insiders sold 173,524 shares worth about $35.0 million during the latest quarter.

Evergreen Capital Management LLC reduced its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 28.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 20,963 shares of the data storage provider's stock after selling 8,374 shares during the period. Evergreen Capital Management LLC's holdings in NetApp were worth $4,404,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Fortitude Family Office LLC raised its holdings in shares of NetApp by 56.9% in the third quarter. Fortitude Family Office LLC now owns 204 shares of the data storage provider's stock valued at $43,000 after buying an additional 74 shares during the last quarter. West Financial Advisors LLC purchased a new position in shares of NetApp during the second quarter worth about $37,000. Elevation Wealth Partners LLC grew its holdings in shares of NetApp by 90.8% during the third quarter. Elevation Wealth Partners LLC now owns 292 shares of the data storage provider's stock worth $61,000 after buying an additional 139 shares during the last quarter. Bell Investment Advisors Inc purchased a new position in shares of NetApp during the second quarter worth about $55,000. Finally, Compass Financial Management LLC acquired a new position in NetApp in the 2nd quarter valued at about $70,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at NetApp

In other news, Director Deepak Ahuja sold 3,526 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $194.04, for a total value of $684,185.04. Following the completion of the sale, the director directly owned 16,264 shares of the company's stock, valued at $3,155,866.56. This trade represents a 17.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carrie Palin sold 5,000 shares of NetApp stock in a transaction that occurred 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 sale, the director owned 6,660 shares in the company, valued at approximately $1,441,423.80. This trade represents a 42.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 173,524 shares of company stock worth $35,018,126. 0.36% of the stock is currently owned by company insiders.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $215.48 on Monday. The company has a market cap of $42.32 billion, a price-to-earnings ratio of 30.39, a PEG ratio of 2.32 and a beta of 1.46. The firm's 50-day simple moving average is $202.99 and its 200-day simple moving average is $167.58. The company has a quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 1.30. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week high of $240.87.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its quarterly 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 business 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%. The business's revenue was up 29.9% compared to the same quarter last year. During the same period in the previous year, the business posted $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. As a group, equities research analysts predict that NetApp, Inc. will post 8.32 earnings per share for the current year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Friday, October 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, October 9th. NetApp's dividend payout ratio is 29.34%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. The Goldman Sachs Group reaffirmed a "buy" rating and set a $240.00 price objective on shares of NetApp in a research note on Tuesday, October 6th. Weiss Ratings upgraded NetApp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Wall Street Zen raised NetApp from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 5th. Morgan Stanley boosted their target price on NetApp from $173.00 to $191.00 and gave the company an "equal weight" rating in a report on Thursday, September 3rd. Finally, Barclays cut NetApp from an "overweight" rating to an "equal weight" rating and set a $219.00 price target for the company. in a research note on Wednesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $213.20.

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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