NetApp, Inc. $NTAP Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership reduced its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 39.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 988,873 shares of the data storage provider's stock after selling 655,402 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.50% of NetApp worth $101,251,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new position in NetApp during the fourth quarter valued at $458,060,000. Jefferies Financial Group Inc. acquired a new position in shares of NetApp during the 4th quarter worth about $14,869,000. Handelsbanken Fonder AB raised its position in shares of NetApp by 106.8% during the 4th quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider's stock worth $28,136,000 after purchasing an additional 135,715 shares during the last quarter. National Pension Service lifted its stake in NetApp by 13.6% in the 4th quarter. National Pension Service now owns 180,917 shares of the data storage provider's stock valued at $19,374,000 after buying an additional 21,643 shares in the last quarter. Finally, Swedbank AB lifted its stake in NetApp by 22.0% in the 4th quarter. Swedbank AB now owns 97,086 shares of the data storage provider's stock valued at $10,397,000 after buying an additional 17,520 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on NTAP. Barclays boosted their price objective on NetApp from $120.00 to $199.00 and gave the stock an "overweight" rating in a research note on Friday, May 29th. Weiss Ratings raised NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, June 8th. Wedbush raised their price objective on NetApp from $115.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $200.00 target price on shares of NetApp in a research note on Tuesday, June 2nd. Finally, Northland Securities upped their target price on shares of NetApp from $137.00 to $171.00 and gave the stock an "outperform" rating in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $169.33.

NetApp Trading Up 1.9%

Shares of NTAP stock opened at $167.74 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $192.83. The company's 50-day moving average price is $157.95 and its 200-day moving average price is $122.54. The stock has a market cap of $32.92 billion, a price-to-earnings ratio of 26.37, a PEG ratio of 3.06 and a beta of 1.46.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.24). The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.NetApp's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.93 earnings per share. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. As a group, equities analysts predict that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Announces Dividend

The firm 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 $0.52 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. NetApp's payout ratio is currently 32.70%.

Insider Activity

In related news, President Cesar Cernuda sold 49,464 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the completion of the sale, the president directly owned 46,806 shares of the company's stock, valued at approximately $7,246,504.92. This trade represents a 51.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lorenzo Daniel De sold 275 shares of the business'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 completion of the sale, the chief accounting officer owned 1,090 shares in the company, valued at approximately $130,800. This trade represents a 20.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 52,964 shares of company stock valued at $8,181,642 in the last quarter. Insiders own 0.28% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.