Resona Asset Management Co. Ltd. Buys 2,435 Shares of NetApp, Inc. $NTAP

Key Points

• Resona Asset Management Co. Ltd. increased its stake in NetApp, Inc. by 3.8% during the first quarter, bringing its total holdings to 66,142 shares worth approximately $5.8 million.
• A variety of hedge funds, including Bridgewater Associates LP and Freedom Investment Management Inc., also adjusted their stakes in NetApp, with 92.17% of the stock now owned by institutional investors.
• Analysts have mixed views on NetApp's stock, with JPMorgan Chase raising its price target to $130, while others like Evercore ISI and Wells Fargo have decreased their targets, reflecting a consensus “Hold” rating with an average target price of $119.21.

Resona Asset Management Co. Ltd. raised its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 3.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,142 shares of the data storage provider's stock after purchasing an additional 2,435 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in NetApp were worth $5,815,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in NTAP. Manchester Capital Management LLC lifted its holdings in NetApp by 375.0% during the 1st quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Olde Wealth Management LLC acquired a new stake in NetApp during the 1st quarter valued at $29,000. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of NetApp by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock worth $31,000 after buying an additional 124 shares in the last quarter. Itau Unibanco Holding S.A. lifted its holdings in shares of NetApp by 929.6% during the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after buying an additional 251 shares in the last quarter. Finally, Coppell Advisory Solutions LLC lifted its holdings in shares of NetApp by 50.0% during the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Stock Down 1.8%

Shares of NASDAQ:NTAP traded down $1.99 during trading on Wednesday, reaching $107.17. 1,155,821 shares of the stock were exchanged, compared to its average volume of 2,020,160. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.25 and a quick ratio of 1.22. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45. The stock has a fifty day moving average of $105.42 and a two-hundred day moving average of $100.65. The firm has a market cap of $21.47 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 2.50 and a beta of 1.44.

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

NetApp Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. UBS Group dropped their price target on NetApp from $115.00 to $108.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Wedbush reaffirmed a "neutral" rating and issued a $110.00 price target on shares of NetApp in a research note on Friday, May 30th. Evercore ISI dropped their price target on NetApp from $120.00 to $100.00 and set an "in-line" rating for the company in a research note on Monday, April 28th. Barclays boosted their price target on NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Finally, Citigroup boosted their price target on NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a research note on Monday, August 11th. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, NetApp presently has a consensus rating of "Hold" and an average target price of $119.21.

Insider Buying and Selling at NetApp

In other news, CAO Lorenzo Daniel De sold 302 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total transaction of $29,828.54. Following the completion of the transaction, the chief accounting officer owned 455 shares in the company, valued at approximately $44,940.35. This represents a 39.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $105.90, for a total value of $105,900.00. Following the transaction, the executive vice president owned 23,251 shares of the company's stock, valued at $2,462,280.90. The trade was a 4.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,302 shares of company stock worth $2,026,379 in the last quarter. 0.28% of the stock is currently 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.