Meeder Asset Management Inc. acquired a new position in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 28,618 shares of the data storage provider’s stock, valued at approximately $4,429,000.
Other large investors also recently made changes to their positions in the company. Tiemann Investment Advisors LLC bought a new position in shares of NetApp during the 2nd quarter valued at $229,000. Citizens Financial Group Inc. RI bought a new stake in NetApp in the second quarter worth $315,000. Focused Alpha LLC bought a new stake in NetApp in the second quarter worth $685,000. BlackRock Inc. acquired a new position in NetApp during the second quarter worth $2,925,168,000. Finally, Occidental Asset Management LLC acquired a new position in NetApp during the second quarter worth $8,302,000. Institutional investors and hedge funds own 92.17% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on NTAP. Weiss Ratings raised shares of NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Northland Securities lifted their target price on shares of NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Bank of America boosted their target price on shares of NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Wells Fargo & Company raised their price target on NetApp from $115.00 to $180.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. Finally, Argus lifted their price target on NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Five analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, NetApp currently has a consensus rating of “Hold” and an average target price of $177.25.
Insider Transactions at NetApp
In other NetApp news, CAO Lorenzo Daniel De sold 225 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief accounting officer directly owned 1,090 shares in the company, valued at $186,488.10. The trade was a 17.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $193.82, for a total value of $193,820.00. Following the transaction, the executive vice president directly owned 30,297 shares of the company’s stock, valued at $5,872,164.54. This trade represents a 3.20% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 52,689 shares of company stock valued at $8,224,732. Company insiders own 0.36% of the company’s stock.
NetApp Stock Up 0.2%
Shares of NASDAQ:NTAP opened at $204.71 on Wednesday. The company has a 50 day moving average price of $171.00 and a two-hundred day moving average price of $133.13. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. The company has a market capitalization of $40.17 billion, a PE ratio of 32.19, a PEG ratio of 3.72 and a beta of 1.45. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $209.06.
NetApp (NASDAQ:NTAP – Get Free Report) last announced 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). The business 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%.The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company 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. Analysts forecast that NetApp, Inc. will post 7.3 earnings per share for the current year.
NetApp Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th were given a $0.52 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. NetApp’s payout ratio is presently 32.70%.
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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