Sumitomo Mitsui Trust Group Inc. Sells 21,040 Shares of NetApp, Inc. $NTAP

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 4.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 456,364 shares of the data storage provider's stock after selling 21,040 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.23% of NetApp worth $46,727,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in NetApp during the fourth quarter worth $458,060,000. SG Americas Securities LLC grew its holdings in NetApp by 378.9% during the 1st quarter. SG Americas Securities LLC now owns 1,329,475 shares of the data storage provider's stock worth $136,125,000 after acquiring an additional 1,051,863 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in NetApp by 94.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider's stock worth $215,987,000 after acquiring an additional 886,485 shares during the period. AQR Capital Management LLC raised its position in shares of NetApp by 71.6% in the 3rd quarter. AQR Capital Management LLC now owns 1,849,218 shares of the data storage provider's stock worth $219,058,000 after acquiring an additional 771,835 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of NetApp by 17.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider's stock worth $582,296,000 after acquiring an additional 718,409 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $163.48, for a total transaction of $163,480.00. Following the completion of the sale, the executive vice president owned 32,297 shares in the company, valued at approximately $5,279,913.56. This trade represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Lorenzo Daniel De sold 275 shares of NetApp stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $120.00, for a total transaction of $33,000.00. Following the completion of the sale, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $130,800. This represents a 20.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 51,964 shares of company stock valued at $8,010,722. Insiders own 0.28% of the company's stock.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $168.87 on Monday. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The stock has a market cap of $33.09 billion, a PE ratio of 26.55, a price-to-earnings-growth ratio of 3.09 and a beta of 1.46. The stock's fifty day simple moving average is $148.15 and its two-hundred day simple moving average is $118.68. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $192.83.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The firm had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter last year, the firm posted $1.93 earnings per share. The firm's revenue for the quarter 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, analysts forecast that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, July 10th. NetApp's dividend payout ratio (DPR) is 32.70%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NTAP. Wedbush lifted their price objective on shares of NetApp from $115.00 to $150.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Barclays raised their price target on shares of NetApp from $120.00 to $199.00 and gave the stock an "overweight" rating in a report on Friday, May 29th. Wells Fargo & Company lifted their price target on shares of NetApp from $115.00 to $180.00 and gave the company an "equal weight" rating in a research note on Friday, May 29th. UBS Group reiterated a "neutral" rating and set a $160.00 price objective on shares of NetApp in a report on Friday, May 29th. Finally, JPMorgan Chase & Co. increased their price objective on shares of NetApp from $110.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $169.33.

NetApp Company 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.