Wall Street Zen lowered shares of NetApp (NASDAQ:NTAP – Free Report) from a strong-buy rating to a buy rating in a research report sent to investors on Wednesday morning.
Other research analysts have also issued reports about the stock. Northland Securities raised their target price on shares of NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. The Goldman Sachs Group restated a “buy” rating and issued a $200.00 price target on shares of NetApp in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. increased their price target on NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Barclays lifted 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. Finally, Susquehanna boosted their price objective on NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Five analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, NetApp presently has an average rating of “Hold” and a consensus target price of $169.33.
Check Out Our Latest Stock Report on NetApp
NetApp Price Performance
NetApp (NASDAQ:NTAP – Get Free Report) last posted its quarterly 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). 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 quarter in the previous year, the firm posted $1.93 earnings per share. The business’s revenue 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. On average, equities analysts predict that NetApp will post 7.16 earnings per share for the current fiscal year.
NetApp Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. NetApp’s dividend payout ratio is 32.70%.
Insider Transactions at NetApp
In related news, President Cesar Cernuda sold 49,464 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the transaction, the president directly owned 46,806 shares in the company, valued at approximately $7,246,504.92. This represents a 51.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Lorenzo Daniel De sold 225 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the completion of the transaction, the chief accounting officer owned 1,090 shares of the company’s stock, valued at $186,488.10. The trade was a 17.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 52,964 shares of company stock worth $8,181,642 in the last 90 days. Insiders own 0.28% of the company’s stock.
Hedge Funds Weigh In On NetApp
Large investors have recently modified their holdings of the business. Geneos Wealth Management Inc. raised its holdings in NetApp by 38.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock valued at $67,000 after buying an additional 210 shares during the period. Sivia Capital Partners LLC purchased a new position in NetApp during the second quarter worth about $315,000. Cerity Partners LLC increased its position in shares of NetApp by 9.9% during the second quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock valued at $4,986,000 after acquiring an additional 4,232 shares during the last quarter. Bank of Nova Scotia increased its position in shares of NetApp by 7.3% during the second quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock valued at $2,589,000 after acquiring an additional 1,662 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of NetApp by 12.7% in the 2nd quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock valued at $2,148,000 after acquiring an additional 2,277 shares during the period. Institutional investors and hedge funds own 92.17% of the company’s stock.
About NetApp
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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