Parkway Wealth Management Group LLC Acquires New Position in NetApp, Inc. $NTAP

Key Points

• Parkway Wealth Management Group acquired 19,550 NetApp shares worth approximately $4.1 million in the third quarter. Institutional investors collectively own 92.17% of the company.
• NetApp reported quarterly EPS of $2.58, exceeding estimates of $2.12, while revenue rose 29.9% year over year to $2.02 billion. Analysts hold a consensus “Moderate Buy” rating with an average price target of $213.20.
• NetApp shares opened at $207.37, near their 12-month high, and the company declared a quarterly dividend of $0.52 per share, representing a 1.0% annualized yield.

Parkway Wealth Management Group LLC acquired a new stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,550 shares of the data storage provider's stock, valued at approximately $4,107,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in NetApp by 3.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,837 shares of the data storage provider's stock worth $8,369,000 after acquiring an additional 1,294 shares during the last quarter. CWA Asset Management Group LLC raised its stake in shares of NetApp by 3.6% during the third quarter. CWA Asset Management Group LLC now owns 1,433 shares of the data storage provider's stock valued at $301,000 after acquiring an additional 50 shares during the last quarter. Fairvoy Private Wealth LLC bought a new position in shares of NetApp during the third quarter valued at about $1,573,000. SteelPeak Wealth LLC bought a new position in shares of NetApp during the third quarter valued at about $476,000. Finally, IFP Advisors Inc boosted its holdings in shares of NetApp by 46.0% during the third quarter. IFP Advisors Inc now owns 3,912 shares of the data storage provider's stock worth $822,000 after purchasing an additional 1,233 shares during the period. Hedge funds and other institutional investors own 92.17% of the company's stock.

Insider Buying and Selling

In related news, Director Thomas Nevens sold 5,940 shares of NetApp stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $195.21, for a total transaction of $1,159,547.40. Following the sale, the director directly owned 7,747 shares in the company, valued at $1,512,291.87. The trade was a 43.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Cesar Cernuda sold 2,608 shares of NetApp stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $204.48, for a total value of $533,283.84. Following the sale, the president owned 46,530 shares in the company, valued at $9,514,454.40. This represents a 5.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 173,524 shares of company stock worth $35,018,126 over the last quarter. Company insiders own 0.36% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on NTAP. Wall Street Zen raised NetApp from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 5th. Barclays downgraded NetApp from an "overweight" rating to an "equal weight" rating and set a $219.00 price target on the stock. in a report on Wednesday, October 14th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $240.00 price target on shares of NetApp in a research report on Tuesday, October 6th. Weiss Ratings upgraded NetApp from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Finally, TD Cowen lifted their price objective on NetApp from $200.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, NetApp presently has a consensus rating of "Moderate Buy" and an average price target of $213.20.

NetApp Trading Up 1.8%

NASDAQ:NTAP opened at $207.37 on Tuesday. The company has a 50-day moving average price of $202.14 and a 200-day moving average price of $164.44. The stock has a market cap of $40.73 billion, a price-to-earnings ratio of 27.43, a P/E/G 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, Inc. has a 12 month low of $93.69 and a 12 month high of $240.87.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.46. NetApp had a net margin of 19.18% and a return on equity of 119.13%. The company had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $1.84 billion. During the same quarter in the previous year, the company earned $1.15 earnings per share. NetApp's quarterly revenue 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. Equities analysts predict that NetApp, Inc. will post 8.32 EPS for the current year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Friday, October 9th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. NetApp's dividend payout ratio is currently 29.34%.

NetApp Company 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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