Perigon Wealth Management LLC Buys Shares of 6,633 NetApp, Inc. $NTAP

Key Points

• Perigon Wealth Management acquired 6,633 NetApp shares worth approximately $1.03 million during the second quarter. Institutional investors collectively own 92.17% of NTAP.
• Analysts maintain a generally cautious view, with five Buy ratings and ten Holds; the average price target is $177.25, below the stock’s reported $204.71 price.
• NetApp’s quarterly revenue rose 12.5% year over year to $1.95 billion, beating expectations, though EPS of $2.03 missed consensus. The company also pays a quarterly dividend of $0.52, equating to a 1.0% yield.

Perigon Wealth Management LLC acquired a new stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,633 shares of the data storage provider's stock, valued at approximately $1,027,000.

A number of other institutional investors have also added to or reduced their stakes in NTAP. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of NetApp during the 2nd quarter valued at about $78,317,000. Plato Investment Management Ltd bought a new stake in NetApp during the second quarter valued at approximately $1,571,000. Bell Investment Advisors Inc purchased a new position in NetApp in the 2nd quarter worth approximately $55,000. Simplicity Wealth LLC purchased a new position in NetApp in the 2nd quarter worth approximately $202,000. Finally, Global Retirement Partners LLC bought a new position in shares of NetApp in the 2nd quarter worth $371,000. Hedge funds and other institutional investors own 92.17% of the company's stock.

Analyst Ratings Changes

NTAP has been the subject of several research reports. Morgan Stanley upgraded shares of NetApp from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $137.00 to $173.00 in a research report on Monday, August 10th. Wedbush lifted their price target on NetApp from $115.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Susquehanna upped their price objective on NetApp from $110.00 to $185.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Argus increased their price objective on NetApp from $130.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, June 1st. Finally, Weiss Ratings raised NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, June 8th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $177.25.

NetApp Price Performance

NTAP stock opened at $204.71 on Wednesday. The firm's 50-day moving average price is $171.00 and its two-hundred day moving average price is $133.13. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $209.06. The stock has a market capitalization of $40.17 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 3.72 and a beta of 1.45. 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 announced its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing analysts' consensus estimates of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The business had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. During the same period in the previous year, the business earned $1.93 EPS. The business's revenue was up 12.5% compared to the same quarter last year. 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 7.3 earnings per share for the current year.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, July 10th. NetApp's dividend payout ratio is 32.70%.

Insider Buying and Selling at NetApp

In related news, President Cesar Cernuda sold 49,464 shares of the firm's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the completion of the transaction, the president owned 46,806 shares of the company's stock, valued at $7,246,504.92. This trade represents a 51.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Lorenzo Daniel De sold 225 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the completion of the sale, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $186,488.10. This represents a 17.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 52,689 shares of company stock valued at $8,224,732. Corporate insiders own 0.36% of the company's stock.

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.

Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp, Inc. (NASDAQ:NTAP - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source