NetApp, Inc. $NTAP Shares Bought by Healthcare of Ontario Pension Plan Trust Fund

Key Points

• Healthcare of Ontario Pension Plan Trust Fund dramatically increased its NetApp stake by 2,410.9% in the fourth quarter, ending with 198,891 shares valued at about $21.3 million.
• Wall Street sentiment remains mixed, with analysts holding an average “Hold” rating and a consensus price target of $169.33, though several firms recently raised their targets to as high as $185.
• NetApp’s latest quarter showed revenue growth of 12.5% to $1.95 billion, but earnings per share missed estimates; the company also announced a quarterly dividend of $0.52 per share payable July 29.

Healthcare of Ontario Pension Plan Trust Fund raised its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 2,410.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 198,891 shares of the data storage provider's stock after purchasing an additional 190,970 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned about 0.10% of NetApp worth $21,299,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. State Street Corp increased its stake in shares of NetApp by 1.1% during the fourth quarter. State Street Corp now owns 10,192,354 shares of the data storage provider's stock worth $1,091,499,000 after acquiring an additional 115,451 shares during the period. Wellington Management Group LLP increased its stake in shares of NetApp by 17.1% during the third quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider's stock worth $582,296,000 after acquiring an additional 718,409 shares during the period. Norges Bank acquired a new position in shares of NetApp during the fourth quarter worth about $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of NetApp by 17.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,127,533 shares of the data storage provider's stock worth $442,018,000 after acquiring an additional 611,003 shares during the period. Finally, Boston Partners increased its stake in shares of NetApp by 12.6% during the third quarter. Boston Partners now owns 3,317,605 shares of the data storage provider's stock worth $393,027,000 after acquiring an additional 370,405 shares during the period. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other NetApp news, CAO Lorenzo Daniel De sold 275 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $120.00, for a total transaction of $33,000.00. Following the transaction, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $130,800. This represents a 20.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's 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 owned 18,382 shares in the company, valued at $2,164,112.86. The trade was 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 $448,955 over the last 90 days. 0.28% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NTAP. Bank of America boosted their price target on shares of NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Wall Street Zen upgraded shares of NetApp from a "hold" rating to a "strong-buy" rating in a research note on Saturday. Wedbush boosted their price target on shares of NetApp from $115.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. JPMorgan Chase & Co. boosted their price target on shares of NetApp from $110.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Finally, Susquehanna boosted their price target on shares of NetApp from $110.00 to $185.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $169.33.

NetApp Trading Up 0.1%

Shares of NTAP opened at $161.82 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The firm's 50-day moving average is $127.09 and its two-hundred day moving average is $112.64. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $192.83. The firm has a market capitalization of $31.70 billion, a P/E ratio of 25.44, a PEG ratio of 2.95 and a beta of 1.44.

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 for the quarter, missing the consensus estimate of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the previous year, the company posted $1.93 earnings per share. The company's quarterly revenue 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. On average, research analysts predict that NetApp, Inc. will post 7.16 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced 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. This represents a $2.08 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, July 10th. NetApp's dividend payout ratio is presently 32.70%.

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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