NetApp, Inc. $NTAP Shares Purchased by Allstate Corp

Key Points

• Allstate Corp nearly doubled its NetApp stake in the fourth quarter, boosting its holdings by 98.5% to 15,456 shares valued at about $1.66 million.
• NetApp’s latest earnings were mixed: revenue came in above expectations at $1.95 billion, but EPS of $2.03 missed the $2.27 consensus estimate. The company also raised FY2027 and Q1 FY2027 guidance, suggesting improved forward momentum.
• The company announced a new $1 billion share repurchase program, which could help support the stock by returning capital to shareholders and reducing the share count.

Allstate Corp increased its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 98.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,456 shares of the data storage provider's stock after acquiring an additional 7,668 shares during the period. Allstate Corp's holdings in NetApp were worth $1,655,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of NTAP. Rossby Financial LCC raised its position in NetApp by 105.5% in the 3rd quarter. Rossby Financial LCC now owns 224 shares of the data storage provider's stock valued at $27,000 after purchasing an additional 115 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new stake in NetApp in the 3rd quarter valued at about $27,000. Park Square Financial Group LLC raised its position 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 valued at $29,000 after purchasing an additional 103 shares in the last quarter. Measured Wealth Private Client Group LLC purchased a new position in shares of NetApp in the 3rd quarter valued at about $35,000. Finally, JFS Wealth Advisors LLC increased its holdings in shares of NetApp by 176.3% in the 4th quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider's stock valued at $34,000 after acquiring an additional 201 shares during the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NTAP shares. Wall Street Zen downgraded NetApp from a "buy" rating to a "hold" rating in a report on Sunday, April 19th. JPMorgan Chase & Co. downgraded NetApp from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $125.00 to $110.00 in a research note on Thursday, April 16th. Bank of America lifted their target price on NetApp from $118.00 to $125.00 and gave the company a "neutral" rating in a research note on Wednesday, May 20th. Wedbush reissued a "neutral" rating and issued a $115.00 price target on shares of NetApp in a report on Wednesday, February 25th. Finally, Citigroup cut NetApp from a "neutral" rating to a "mixed" rating in a report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $122.27.

NetApp Stock Performance

NetApp stock opened at $142.40 on Friday. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.36 and a current ratio of 1.39. The stock has a fifty day moving average of $110.99 and a two-hundred day moving average of $107.48. The company has a market capitalization of $28.10 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 2.60 and a beta of 1.28. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week high of $143.65.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly 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). 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 118.11% and a net margin of 18.07%.The business's quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the business 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. On average, analysts anticipate that NetApp, Inc. will post 6.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction on Monday, May 11th. The stock was sold at an average price of $117.73, for a total value of $117,730.00. Following the completion of the sale, the executive vice president owned 18,382 shares of the company's stock, valued at $2,164,112.86. The trade was a 5.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Lorenzo Daniel De sold 275 shares of NetApp stock in a transaction on 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 directly owned 1,090 shares of the company's stock, valued at approximately $130,800. This represents a 20.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 3,275 shares of company stock valued at $347,650. Company insiders own 0.28% of the company's stock.

NetApp News Roundup

Here are the key news stories impacting NetApp this week:

• Positive Sentiment: NetApp reported quarterly revenue of $1.95 billion, above consensus, and raised FY2027 and Q1 FY2027 guidance for both EPS and revenue, signaling better-than-expected business momentum.
• Positive Sentiment: The board authorized a new $1 billion share repurchase program, which can support the stock by returning capital to shareholders and reducing share count. Article Title
• Neutral Sentiment: Analyst commentary ahead of earnings highlighted expectations for a strong quarter and noted a recent Google Cloud award, but this appears secondary to the actual results and guidance. Article Title
• Negative Sentiment: Despite strong revenue growth, NetApp’s EPS of $2.03 missed the $2.27 consensus, which likely explains why investors initially reacted cautiously to the report.
• Negative Sentiment: Some broader commentary has pointed to pressure from slower IT spending and cloud-related competition, which could weigh on sentiment even as the company’s near-term outlook improved. Article Title

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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