Globeflex Capital L P bought a new stake in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,056 shares of the data storage provider’s stock, valued at approximately $1,556,000.
Several other institutional investors have also recently made changes to their positions in the stock. Geneos Wealth Management Inc. grew its position in shares of NetApp by 38.3% in the first quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock valued at $67,000 after purchasing an additional 210 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in NetApp during the 2nd quarter worth about $315,000. Cerity Partners LLC boosted its stake in NetApp by 9.9% in the 2nd quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock worth $4,986,000 after purchasing an additional 4,232 shares during the period. Bank of Nova Scotia grew its holdings in NetApp by 7.3% during the 2nd quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock valued at $2,589,000 after buying an additional 1,662 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in shares of NetApp by 12.7% during the second quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock valued at $2,148,000 after buying an additional 2,277 shares during the period. Hedge funds and other institutional investors own 92.17% of the company’s stock.
Insider Activity
In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $193.82, for a total value of $193,820.00. Following the sale, the executive vice president owned 30,297 shares in the company, valued at approximately $5,872,164.54. This trade represents a 3.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Lorenzo Daniel De sold 225 shares of NetApp 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 directly owned 1,090 shares of the company’s stock, valued at approximately $186,488.10. This trade represents a 17.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 55,297 shares of company stock valued at $8,758,016 in the last 90 days. 0.36% of the stock is currently owned by insiders.
NetApp Price Performance
NetApp (NASDAQ:NTAP – Get Free Report) last posted its earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business 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 expect that NetApp, Inc. will post 7.32 EPS for the current fiscal year.
NetApp Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, July 10th. This represents a $2.08 annualized dividend and a yield of 1.1%. NetApp’s dividend payout ratio is currently 32.70%.
Analyst Upgrades and Downgrades
NTAP has been the topic of several recent analyst reports. 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, August 18th. The Goldman Sachs Group reissued a “buy” rating and set a $200.00 price objective on shares of NetApp in a report on Tuesday, June 2nd. Evercore set a $210.00 target price on shares of NetApp in a research note on Monday. Wall Street Zen lowered shares of NetApp from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 29th. 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 and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $179.77.
Check Out Our Latest Report on NTAP
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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