NetApp, Inc. $NTAP Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in NetApp, Inc. by selling 10,363 shares, resulting in a new total ownership of approximately 2.8 million shares, representing 1.38% of the company's stock.
• NetApp reported quarterly earnings of $1.93 per share, exceeding analysts' expectations of $1.90, with a revenue of $1.73 billion for the quarter, marking a 3.8% increase year-over-year.
• The company declared a quarterly dividend of $0.52 per share, translating to an annualized yield of 1.9%, with a payout ratio of 36.62%.

Northern Trust Corp lessened its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 0.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,813,964 shares of the data storage provider's stock after selling 10,363 shares during the quarter. Northern Trust Corp owned 1.38% of NetApp worth $247,179,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in NetApp by 2.3% in the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider's stock valued at $2,375,363,000 after buying an additional 597,956 shares during the period. Ameriprise Financial Inc. raised its holdings in NetApp by 14.5% in the fourth quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider's stock valued at $815,402,000 after buying an additional 888,671 shares during the period. Invesco Ltd. raised its holdings in NetApp by 12.3% in the first quarter. Invesco Ltd. now owns 3,507,590 shares of the data storage provider's stock valued at $308,107,000 after buying an additional 384,362 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in NetApp by 8.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,986,330 shares of the data storage provider's stock valued at $346,653,000 after buying an additional 220,393 shares during the period. Finally, Allianz Asset Management GmbH raised its holdings in NetApp by 11.7% in the first quarter. Allianz Asset Management GmbH now owns 2,014,237 shares of the data storage provider's stock valued at $176,931,000 after buying an additional 210,207 shares during the period. Hedge funds and other institutional investors own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on NTAP shares. Barclays raised their price target on shares of NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Evercore ISI lowered their price objective on shares of NetApp from $120.00 to $100.00 and set an "in-line" rating for the company in a research report on Monday, April 28th. UBS Group lowered their price objective on shares of NetApp from $115.00 to $108.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Citigroup increased their price objective on shares of NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Monday, August 11th. Finally, Bank of America increased their price objective on shares of NetApp from $121.00 to $125.00 and gave the company a "neutral" rating in a research report on Monday. Six analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $119.64.

NetApp Stock Up 0.7%

Shares of NASDAQ:NTAP traded up $0.7680 during midday trading on Monday, reaching $111.2880. The company had a trading volume of 1,151,205 shares, compared to its average volume of 2,015,707. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.25 and a quick ratio of 1.22. The stock's fifty day moving average price is $105.83 and its 200-day moving average price is $100.22. The stock has a market capitalization of $22.30 billion, a P/E ratio of 19.53, a PEG ratio of 2.58 and a beta of 1.44. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.90 by $0.03. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.72 billion. NetApp had a net margin of 18.05% and a return on equity of 126.96%. The business's revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.80 earnings per share. NetApp has set its FY 2026 guidance at 7.600-7.900 EPS. Q1 2026 guidance at 1.480-1.580 EPS. Equities research analysts expect that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, July 3rd. NetApp's payout ratio is currently 36.62%.

Insiders Place Their Bets

In other NetApp news, CAO Lorenzo Daniel De sold 302 shares of NetApp stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total value of $29,828.54. Following the completion of the transaction, the chief accounting officer owned 455 shares of the company's stock, valued at $44,940.35. The trade was a 39.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction on Monday, August 11th. The stock was sold at an average price of $105.90, for a total transaction of $105,900.00. Following the completion of the transaction, the executive vice president directly owned 23,251 shares of the company's stock, valued at approximately $2,462,280.90. This represents a 4.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,802 shares of company stock valued at $2,951,604 over the last 90 days. 0.28% of the stock is owned by company insiders.

NetApp Company Profile

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.