NetApp, Inc. $NTAP Stock Sold by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada reduced its NetApp stake by 26.1% in the third quarter, selling 22,043 shares and retaining 62,263 shares valued at approximately $13.4 million. Institutional investors collectively own 92.17% of NTAP.
• Analyst sentiment remains generally positive, with NetApp holding a consensus “Moderate Buy” rating and an average price target of $213.20, although Barclays downgraded the stock to “equal weight.”
• NetApp reported stronger-than-expected quarterly results, including $2.58 in EPS and $2.02 billion in revenue, while revenue increased 29.9% year over year. The company also declared a quarterly dividend of $0.52 per share, representing a 1.0% yield.

TD Waterhouse Canada Inc. reduced its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 26.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 62,263 shares of the data storage provider's stock after selling 22,043 shares during the period. TD Waterhouse Canada Inc.'s holdings in NetApp were worth $13,399,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of NTAP. Fortitude Family Office LLC lifted its stake in NetApp by 56.9% during the 3rd quarter. Fortitude Family Office LLC now owns 204 shares of the data storage provider's stock valued at $43,000 after acquiring an additional 74 shares in the last quarter. West Financial Advisors LLC purchased a new position in NetApp during the second quarter worth about $37,000. Elevation Wealth Partners LLC grew its position in NetApp by 90.8% in the 3rd quarter. Elevation Wealth Partners LLC now owns 292 shares of the data storage provider's stock worth $61,000 after purchasing an additional 139 shares in the last quarter. Roble Belko & Company Inc bought a new position in shares of NetApp in the first quarter valued at approximately $31,000. Finally, Bell Investment Advisors Inc purchased a new stake in shares of NetApp during the second quarter valued at approximately $55,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the company. Susquehanna lifted their price target on NetApp from $185.00 to $195.00 and gave the stock a "neutral" rating in a report on Thursday, September 3rd. Argus set a $225.00 price objective on NetApp in a research report on Friday, September 11th. Northland Securities upped their price objective on NetApp from $171.00 to $187.00 and gave the company an "outperform" rating in a research note on Thursday, September 3rd. Barclays downgraded NetApp from an "overweight" rating to an "equal weight" rating and set a $219.00 price objective for the company. in a research note on Wednesday. Finally, Weiss Ratings raised NetApp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $213.20.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $203.80 on Monday. The stock has a fifty day simple moving average of $201.97 and a two-hundred day simple moving average of $163.70. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $240.87. The firm has a market cap of $40.03 billion, a price-to-earnings ratio of 28.74, a price-to-earnings-growth ratio of 2.19 and a beta of 1.46. The company has a current ratio of 1.24, a quick ratio of 1.16 and a debt-to-equity ratio of 1.30.

NetApp (NASDAQ:NTAP - Get Free Report) last released its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.12 by $0.46. NetApp had a return on equity of 119.13% and a net margin of 19.18%. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period last year, the business posted $1.15 earnings per share. The business's revenue for the quarter was up 29.9% on a year-over-year basis. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, October 9th. This represents a $2.08 annualized dividend and a yield of 1.0%. NetApp's dividend payout ratio is 29.34%.

Insider Activity

In other news, CEO George Kurian sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $209.95, for a total value of $10,497,500.00. Following the sale, the chief executive officer owned 218,537 shares of the company's stock, valued at $45,881,843.15. The trade was a 18.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas Nevens sold 5,940 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the director directly owned 7,747 shares in the company, valued at approximately $1,512,291.87. This trade represents a 43.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 173,524 shares of company stock valued at $35,018,126. 0.36% of the stock is currently owned by corporate insiders.

NetApp Profile

NetApp, Inc is a data infrastructure and cloud storage company that helps organizations manage, protect and access data across on-premises data centers, public clouds and hybrid environments. Its offerings support enterprise applications, artificial intelligence workloads, business analytics, backup and disaster recovery.

The company's portfolio includes all-flash and hybrid-flash storage systems, the ONTAP data management operating system, StorageGRID object storage and Keystone storage-as-a-service.

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