NetApp, Inc. $NTAP Stock Sold by Beutel Goodman & Co Ltd.

Key Points

• Beutel Goodman cut its NetApp stake by 38% in the third quarter, selling 732,379 shares; it still held 1.193 million shares valued at about $250.6 million.
• NetApp reported quarterly EPS of $2.58, beating the $2.12 consensus estimate, while revenue of $2.02 billion rose 29.9% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $205.24. Company insiders also sold 172,524 shares worth about $34.8 million in the last quarter.

Beutel Goodman & Co Ltd. reduced its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 38.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,193,000 shares of the data storage provider's stock after selling 732,379 shares during the period. NetApp accounts for about 2.0% of Beutel Goodman & Co Ltd.'s holdings, making the stock its 19th biggest position. Beutel Goodman & Co Ltd. owned about 0.61% of NetApp worth $250,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of NTAP. Provenance Wealth Advisors LLC acquired a new stake in NetApp during the 3rd quarter valued at $26,000. West Financial Advisors LLC purchased a new position in NetApp during the second quarter worth $37,000. Fortitude Family Office LLC increased its position in NetApp by 56.9% during the third quarter. Fortitude Family Office LLC now owns 204 shares of the data storage provider's stock worth $43,000 after buying an additional 74 shares in the last quarter. Bell Investment Advisors Inc acquired a new position in shares of NetApp in the second quarter worth $55,000. Finally, Elevation Wealth Partners LLC raised its holdings in shares of NetApp by 90.8% in the third quarter. Elevation Wealth Partners LLC now owns 292 shares of the data storage provider's stock worth $61,000 after acquiring an additional 139 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

Insider Transactions at NetApp

In other news, Director Deepak Ahuja sold 3,450 shares of the company's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $200.00, for a total transaction of $690,000.00. Following the completion of the transaction, the director owned 12,814 shares of the company's stock, valued at $2,562,800. This represents a 21.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas Nevens sold 5,940 shares of the company's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $195.21, for a total transaction of $1,159,547.40. Following the transaction, the director directly owned 7,747 shares of the company's stock, valued at approximately $1,512,291.87. This represents a 43.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 172,524 shares of company stock worth $34,824,306 in the last quarter. 0.36% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Argus set a $225.00 price objective on NetApp and gave the company a "buy" rating in a research report on Friday, September 11th. Wedbush increased their price objective on NetApp from $150.00 to $170.00 and gave the company a "neutral" rating in a research note on Thursday, September 3rd. Wells Fargo & Company lifted their price objective on NetApp from $180.00 to $190.00 and gave the stock an "equal weight" rating in a research report on Thursday, September 3rd. Susquehanna boosted their target price on shares of NetApp from $185.00 to $195.00 and gave the company a "neutral" rating in a research note on Thursday, September 3rd. Finally, UBS Group boosted their target price on shares of NetApp from $160.00 to $171.00 and gave the company a "neutral" rating in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, NetApp currently has a consensus rating of "Moderate Buy" and an average target price of $205.24.

NetApp Trading Up 4.1%

Shares of NetApp stock opened at $176.07 on Tuesday. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week high of $240.87. The firm has a market cap of $34.58 billion, a PE ratio of 25.26, a P/E/G ratio of 2.02 and a beta of 1.52. The business's fifty day moving average is $203.98 and its two-hundred day moving average is $152.32. The company has a quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 1.30.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.46. The business had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $1.84 billion. NetApp had a return on equity of 119.13% and a net margin of 19.18%. The business's revenue was up 29.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 earnings per share. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. Analysts anticipate that NetApp, Inc. will post 8.32 earnings per share for the current year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 28th. Investors of record on Friday, October 9th were given a dividend of $0.52 per share. The ex-dividend date was Friday, October 9th. This represents a $2.08 annualized dividend and a yield of 1.2%. NetApp's dividend payout ratio is 29.34%.

About NetApp

NetApp, Inc develops data storage and data management technologies for businesses and other organizations. Its offerings support workloads across on-premises infrastructure, public cloud environments and hybrid settings, with services for storing, managing, protecting and moving data.

The company's portfolio includes its ONTAP data management software, all-flash and hybrid-flash storage systems, object storage, and cloud storage and data services. NetApp also provides tools to help customers manage data across different environments and offers infrastructure through its Keystone storage-as-a-service model.

Founded in 1992 as Network Appliance, the company adopted the NetApp name in 2008.

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