NetApp, Inc. $NTAP Shares Sold by Amundi

Key Points

• Amundi cut its NetApp stake by 10.4% in the second quarter, selling 131,108 shares and retaining 1.13 million shares valued at about $175.4 million. Institutional investors and hedge funds collectively own 92.17% of the company.
• Analyst sentiment remains mixed: six firms rate NetApp a Buy and ten rate it a Hold, producing a consensus “Hold” rating and an average price target of $192.07, with recent targets ranging from $170 to $219.
• NetApp reported stronger-than-expected quarterly results, with EPS of $2.58 and revenue of $2.02 billion, up 29.9% year over year. The company also declared a quarterly dividend of $0.52 per share, or $2.08 annually, representing a 1.1% yield.

Amundi reduced its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 10.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,133,695 shares of the data storage provider's stock after selling 131,108 shares during the period. Amundi owned about 0.58% of NetApp worth $175,447,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of NTAP. California State Teachers Retirement System lifted its holdings in NetApp by 15,681.5% during the 2nd quarter. California State Teachers Retirement System now owns 48,620,175 shares of the data storage provider's stock worth $7,524,458,000 after buying an additional 48,312,092 shares in the last quarter. BlackRock Inc. purchased a new stake in NetApp during the 2nd quarter worth about $2,925,168,000. Primecap Management Co. CA acquired a new stake in NetApp in the 2nd quarter valued at about $1,395,423,000. Norges Bank purchased a new stake in shares of NetApp during the fourth quarter worth approximately $458,060,000. Finally, First Trust Advisors LP raised its holdings in NetApp by 127.0% in the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider's stock valued at $374,549,000 after acquiring an additional 2,046,912 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on NTAP. Susquehanna lifted their price objective on shares of NetApp from $185.00 to $195.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. Wall Street Zen raised NetApp from a "buy" rating to a "strong-buy" rating in a research report on Saturday. The Goldman Sachs Group reissued a "buy" rating and set a $210.00 target price on shares of NetApp in a research report on Thursday, September 3rd. Barclays upped their price target on NetApp from $199.00 to $219.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. Finally, Wedbush boosted their price objective on shares of NetApp from $150.00 to $170.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. Six investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $192.07.

Insider Buying and Selling at NetApp

In other news, President Cesar Cernuda sold 2,608 shares of NetApp stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $204.48, for a total value of $533,283.84. Following the sale, the president owned 46,530 shares of the company's stock, valued at $9,514,454.40. The trade was a 5.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $193.82, for a total transaction of $193,820.00. Following the transaction, the executive vice president directly owned 30,297 shares of the company's stock, valued at $5,872,164.54. This represents a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 54,072 shares of company stock valued at $8,556,040. Corporate insiders own 0.36% of the company's stock.

NetApp Stock Performance

Shares of NetApp stock opened at $189.13 on Wednesday. The firm's fifty day simple moving average is $180.03 and its 200-day simple moving average is $142.34. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $209.06. The stock has a market capitalization of $37.15 billion, a price-to-earnings ratio of 26.68, a PEG ratio of 2.26 and a beta of 1.44. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.24 and a quick ratio of 1.16.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.46. NetApp had a net margin of 19.18% and a return on equity of 119.13%. The business had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.84 billion. During the same period in the prior year, the company earned $1.15 earnings per share. The business's revenue was up 29.9% compared to the same quarter last year. 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 analysts forecast that NetApp, Inc. will post 7.34 earnings per share for the current year.

NetApp Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, October 9th. NetApp's dividend payout ratio is 29.34%.

NetApp 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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