Tobam Has $956,000 Holdings in NetApp, Inc. $NTAP

Key Points

• Tobam significantly increased its NetApp stake by 854.7% in the fourth quarter, ending with 8,926 shares valued at about $956,000.
• NetApp reported mixed quarterly results, missing earnings expectations with $2.03 EPS but beating revenue estimates at $1.95 billion, while revenue rose 12.5% year over year.
• The company announced a quarterly dividend of $0.52 per share, implying a 1.3% annualized yield, while analysts’ views remain mixed with an overall “Hold” rating and a $169.33 average price target.

Tobam boosted its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 854.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,926 shares of the data storage provider's stock after purchasing an additional 7,991 shares during the quarter. Tobam's holdings in NetApp were worth $956,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rossby Financial LCC raised its position in shares of NetApp by 105.5% in the 3rd quarter. Rossby Financial LCC now owns 224 shares of the data storage provider's stock valued at $27,000 after acquiring an additional 115 shares during the period. Park Square Financial Group LLC grew its holdings in NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider's stock valued at $29,000 after purchasing an additional 103 shares during the period. Gen Wealth Partners Inc bought a new stake in NetApp in the fourth quarter valued at approximately $30,000. DV Equities LLC bought a new stake in NetApp in the fourth quarter valued at approximately $30,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in NetApp in the third quarter worth $35,000. Institutional investors own 92.17% of the company's stock.

NetApp Price Performance

NASDAQ:NTAP opened at $159.71 on Friday. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $192.83. 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 firm has a fifty day simple moving average of $131.77 and a 200 day simple moving average of $113.99. The stock has a market capitalization of $31.29 billion, a PE ratio of 25.11, a P/E/G ratio of 2.92 and a beta of 1.45.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing analysts' consensus estimates of $2.27 by ($0.24). The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.NetApp's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 earnings per share. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. On average, research analysts expect that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, July 10th. NetApp's dividend payout ratio is presently 32.70%.

Analyst Ratings Changes

A number of research firms recently commented on NTAP. JPMorgan Chase & Co. upped their price objective on shares of NetApp from $110.00 to $150.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Morgan Stanley boosted their price objective on NetApp from $88.00 to $137.00 and gave the company an "underweight" rating in a research report on Friday, May 29th. The Goldman Sachs Group reissued a "buy" rating and set a $200.00 price objective on shares of NetApp in a research report on Tuesday, June 2nd. Wall Street Zen raised shares of NetApp from a "hold" rating to a "strong-buy" rating in a research report on Saturday, June 13th. Finally, Weiss Ratings raised shares of NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, June 8th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $169.33.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 225 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were 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 in the company, valued at approximately $186,488.10. This trade represents a 17.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $163.48, for a total value of $163,480.00. Following the sale, the executive vice president owned 32,297 shares of the company's stock, valued at approximately $5,279,913.56. This represents a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,500 shares of company stock valued at $448,955 over the last quarter. 0.28% of the stock is currently owned by company insiders.

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.