NetApp, Inc. $NTAP Shares Sold by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its NetApp stake by 7.8% in the first quarter, selling 20,196 shares and ending with 238,394 shares valued at about $24.4 million.
• NetApp reported quarterly EPS of $2.03, missing analyst estimates, but revenue came in at $1.95 billion, topping expectations and rising 12.5% year over year.
• The company declared a quarterly dividend of $0.52 per share, equal to an annualized yield of about 1.3%, while analysts currently rate the stock a consensus Hold with an average price target of $169.33.

BI Asset Management Fondsmaeglerselskab A S lowered its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 7.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 238,394 shares of the data storage provider's stock after selling 20,196 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S owned about 0.12% of NetApp worth $24,409,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Diversified Trust Co boosted its holdings in NetApp by 5.3% in the first quarter. Diversified Trust Co now owns 64,841 shares of the data storage provider's stock valued at $6,639,000 after purchasing an additional 3,284 shares in the last quarter. Hsbc Holdings PLC raised its holdings in NetApp by 30.6% during the fourth quarter. Hsbc Holdings PLC now owns 845,036 shares of the data storage provider's stock worth $90,556,000 after purchasing an additional 197,922 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of NetApp by 87.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 40,967 shares of the data storage provider's stock worth $4,387,000 after buying an additional 19,113 shares during the last quarter. Corient Private Wealth LLC lifted its position in shares of NetApp by 4.3% during the 4th quarter. Corient Private Wealth LLC now owns 50,360 shares of the data storage provider's stock worth $5,393,000 after buying an additional 2,069 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of NetApp by 1,371.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,692 shares of the data storage provider's stock valued at $288,000 after buying an additional 2,509 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Stock Performance

Shares of NTAP opened at $159.71 on Friday. The company's 50 day simple moving average is $131.77 and its 200-day simple moving average is $113.99. The firm has a market cap of $31.29 billion, a PE ratio of 25.11, a price-to-earnings-growth ratio of 2.92 and a beta of 1.45. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $192.83. 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 (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.24). The business had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the company earned $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. As a group, equities analysts predict that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, July 10th. NetApp's dividend payout ratio is presently 32.70%.

Insider Activity

In other NetApp news, CAO Lorenzo Daniel De sold 225 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the sale, the chief accounting officer directly owned 1,090 shares of the company's stock, valued at $186,488.10. This represents a 17.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $163.48, for a total value of $163,480.00. Following the sale, the executive vice president directly owned 32,297 shares of the company's stock, valued at $5,279,913.56. The trade was a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 3,500 shares of company stock valued at $448,955 in the last quarter. Insiders own 0.28% of the company's stock.

Wall Street Analyst Weigh In

NTAP has been the topic of a number of recent analyst reports. Citigroup increased their target price on shares of NetApp from $114.00 to $150.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Weiss Ratings upgraded shares of NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, June 8th. Morgan Stanley raised their price objective on NetApp from $88.00 to $137.00 and gave the stock an "underweight" rating in a report on Friday, May 29th. Wall Street Zen upgraded NetApp from a "hold" rating to a "strong-buy" rating in a research report on Saturday, June 13th. Finally, Bank of America boosted their target price on NetApp from $125.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, NetApp presently has a consensus rating of "Hold" and an average price target of $169.33.

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.

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.