Westpac Banking Corp Makes New $5.41 Million Investment in NetApp, Inc. $NTAP

Key Points

• Westpac Banking Corp established a new NetApp position of 34,934 shares worth approximately $5.41 million in the second quarter. Institutional investors collectively own 92.17% of NetApp.
• NetApp’s quarterly revenue rose 12.5% year over year to $1.95 billion, exceeding estimates, although adjusted EPS of $2.03 fell short of the $2.27 consensus. The company reaffirmed fiscal 2027 EPS guidance of $8.70–$9.00.
• NetApp shares opened at $192.27, near their 12-month high of $209.06. Analysts maintain a consensus “Hold” rating with an average price target of $177.25, while the company pays a quarterly dividend of $0.52.

Westpac Banking Corp bought a new position in NetApp, Inc. (NASDAQ:NTAP - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 34,934 shares of the data storage provider's stock, valued at approximately $5,406,000.

Several other hedge funds and other institutional investors also recently modified their holdings of NTAP. Korea Investment CORP bought a new position in NetApp in the 2nd quarter worth approximately $17,700,000. EP Wealth Advisors LLC bought a new position in shares of NetApp in the second quarter worth $2,847,000. Callan Family Office LLC bought a new position in shares of NetApp in the second quarter worth $2,194,000. Keating Financial Advisory Services Inc. purchased a new position in shares of NetApp in the second quarter valued at $106,000. Finally, Allworth Financial LP bought a new stake in shares of NetApp during the 2nd quarter valued at $1,000,000. Institutional investors own 92.17% of the company's stock.

NetApp Stock Performance

NASDAQ:NTAP opened at $192.27 on Friday. The stock has a market cap of $37.73 billion, a P/E ratio of 30.23, a PEG ratio of 3.46 and a beta of 1.45. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. The business's 50-day moving average price is $172.93 and its two-hundred day moving average price is $134.89. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $209.06.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 EPS. 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 EPS for the current fiscal year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, July 10th. NetApp's payout ratio is currently 32.70%.

Insider Transactions at NetApp

In other news, CAO Lorenzo Daniel De sold 225 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $171.09, for a total value of $38,495.25. Following the transaction, the chief accounting officer owned 1,090 shares of the company's stock, valued at $186,488.10. This represents a 17.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Cesar Cernuda sold 49,464 shares of the firm's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the sale, the president owned 46,806 shares in the company, valued at approximately $7,246,504.92. This trade represents a 51.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 55,297 shares of company stock valued at $8,758,016 in the last quarter. Insiders own 0.36% of the company's stock.

Analyst Upgrades and Downgrades

NTAP has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on NetApp from $110.00 to $150.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Wall Street Zen cut NetApp from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, July 29th. Argus upped their target price on shares of NetApp from $130.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Citigroup increased their target price on shares of NetApp from $150.00 to $209.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $200.00 price target on shares of NetApp in a report on Tuesday, June 2nd. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $177.25.

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.

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