TD Asset Management Inc Sells 107,773 Shares of NetApp, Inc. $NTAP

Key Points

• TD Asset Management cut its NetApp stake by 6.8% in Q4, selling 107,773 shares and ending with 1,486,887 shares valued at about $159.2 million.
• NetApp recently reported mixed quarterly results: earnings of $2.03 per share missed estimates, while revenue of $1.95 billion came in above expectations and rose 12.5% year over year.
• The company also announced a quarterly dividend of $0.52 per share, and analysts remain split on the stock with a consensus Hold rating and an average price target of $169.33.

TD Asset Management Inc trimmed its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 6.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,486,887 shares of the data storage provider's stock after selling 107,773 shares during the quarter. TD Asset Management Inc owned approximately 0.75% of NetApp worth $159,231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Wellington Management Group LLP raised its position in shares of NetApp by 17.1% during the third 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 during the last quarter. Norges Bank bought a new position in shares of NetApp during the fourth quarter worth about $458,060,000. Boston Partners raised its position in shares of NetApp by 12.6% during the third quarter. Boston Partners now owns 3,317,605 shares of the data storage provider's stock worth $393,027,000 after acquiring an additional 370,405 shares during the last quarter. Northern Trust Corp raised its position in shares of NetApp by 1.0% during the third quarter. Northern Trust Corp now owns 2,903,077 shares of the data storage provider's stock worth $343,899,000 after acquiring an additional 29,871 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of NetApp by 0.6% during the third quarter. Dimensional Fund Advisors LP now owns 2,091,817 shares of the data storage provider's stock worth $247,795,000 after acquiring an additional 13,195 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors.

NetApp Trading Down 1.2%

NASDAQ NTAP opened at $178.87 on Friday. The business has a 50 day simple moving average of $118.57 and a 200 day simple moving average of $109.85. NetApp, Inc. has a one year low of $93.69 and a one year high of $192.83. The stock has a market capitalization of $35.30 billion, a P/E ratio of 28.12, a P/E/G ratio of 3.32 and a beta of 1.45. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39.

NetApp (NASDAQ:NTAP - Get Free Report) last released its earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS 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 business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the business earned $1.93 EPS. The company's revenue for the quarter was up 12.5% on a year-over-year basis. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. Research analysts expect that NetApp, Inc. will post 7.14 earnings per share for the current year.

NetApp Dividend Announcement

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

Insider Activity at NetApp

In related news, CAO Lorenzo Daniel De sold 225 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the sale, the chief accounting officer owned 1,090 shares of the company's stock, valued at $186,488.10. This trade represents a 17.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $117.73, for a total value of $117,730.00. Following the sale, the executive vice president directly owned 18,382 shares of the company's stock, valued at $2,164,112.86. This represents a 5.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,500 shares of company stock valued at $386,145 in the last ninety days. 0.28% of the stock is currently owned by insiders.

NetApp News Summary

Here are the key news stories impacting NetApp this week:

• Positive Sentiment: NetApp’s updated fiscal 2027 guidance points to improved margins and higher earnings potential, which investors are viewing as the main driver behind the stock’s recent strength.
• Positive Sentiment: The company announced new collaborations with Cisco to expand secure, simplified AI solutions and strengthen cyber resilience, which could help NetApp benefit from enterprise AI spending. NetApp and Cisco Accelerate and Secure AI Innovation
• Positive Sentiment: NetApp has also been drawing analyst and investor attention after its earnings call, with questions centered on the company’s AI opportunity, margins, and growth outlook. The 5 Most Interesting Analyst Questions From NetApp’s Q1 Earnings Call

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on NTAP shares. Wall Street Zen downgraded NetApp from a "buy" rating to a "hold" rating in a research report on Sunday, April 19th. Barclays raised their price objective on NetApp from $120.00 to $199.00 and gave the stock an "overweight" rating in a research report on Friday, May 29th. Northland Securities raised their price objective on NetApp from $137.00 to $171.00 and gave the stock an "outperform" rating in a research report on Friday, May 29th. Bank of America raised their price objective on NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Finally, Morgan Stanley raised their target price on NetApp from $88.00 to $137.00 and gave the stock an "underweight" rating in a research note on Friday, May 29th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price 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.

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