Central Bank & Trust Co. decreased its position in NetApp, Inc. (NASDAQ:NTAP – Free Report) by 24.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,032 shares of the data storage provider’s stock after selling 5,858 shares during the period. Central Bank & Trust Co.’s holdings in NetApp were worth $3,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. acquired a new position in NetApp during the second quarter worth about $2,210,000. Plato Investment Management Ltd purchased a new stake in shares of NetApp in the second quarter valued at $1,571,000. Bank of America Corp DE purchased a new stake in NetApp in the 2nd quarter valued at about $235,682,000. Insight Wealth Strategies LLC purchased a new position in shares of NetApp during the 2nd quarter worth about $5,845,000. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in NetApp during the first quarter worth approximately $1,107,000. Institutional investors and hedge funds own 92.17% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on NTAP shares. Loop Capital set a $300.00 target price on shares of NetApp in a research report on Wednesday. Citigroup reduced their price objective on NetApp from $209.00 to $190.00 and set a “neutral” rating on the stock in a research note on Thursday, September 3rd. Barclays boosted their price target on NetApp from $199.00 to $219.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of NetApp in a research report on Friday, September 4th. Finally, Zacks Research raised shares of NetApp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $213.20.
NetApp Stock Performance
Shares of NetApp stock traded up $4.24 during trading hours on Friday, reaching $235.29. The company’s stock had a trading volume of 497,103 shares, compared to its average volume of 2,688,188. NetApp, Inc. has a one year low of $93.69 and a one year high of $238.07. The company’s 50 day simple moving average is $197.24 and its 200 day simple moving average is $158.51. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.16 and a current ratio of 1.24. The stock has a market cap of $46.21 billion, a P/E ratio of 33.22, a price-to-earnings-growth ratio of 2.54 and a beta of 1.46.
NetApp (NASDAQ:NTAP – Get Free Report) last posted its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.46. NetApp had a return on equity of 119.13% and a net margin of 19.18%.The company had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period last year, the business posted $1.15 earnings per share. The firm’s quarterly revenue was up 29.9% compared to the same quarter last year. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. As a group, analysts expect that NetApp, Inc. will post 8.32 EPS for the current fiscal year.
NetApp Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a $2.08 annualized dividend and a dividend yield of 0.9%. NetApp’s dividend payout ratio is currently 29.34%.
Insiders Place Their Bets
In other NetApp news, Director Thomas Nevens sold 5,940 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $195.21, for a total transaction of $1,159,547.40. Following the completion of the sale, the director directly owned 7,747 shares of the company’s stock, valued at approximately $1,512,291.87. This represents a 43.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Deepak Ahuja sold 3,526 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $194.04, for a total transaction of $684,185.04. Following the completion of the sale, the director owned 16,264 shares of the company’s stock, valued at approximately $3,155,866.56. This trade represents a 17.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 172,524 shares of company stock worth $34,780,706. Corporate insiders own 0.36% of the company’s stock.
NetApp Profile
NetApp, Inc develops intelligent data infrastructure and data management solutions for enterprises, service providers, and government organizations. The company helps customers store, manage, protect, and access data across on-premises environments, private clouds, public clouds, and hybrid multicloud infrastructures.
Its portfolio includes enterprise storage systems, all-flash arrays, cloud-connected storage, object storage, and data management software. NetApp’s offerings include the ONTAP data management operating system, AFF and ASA storage systems, StorageGRID object storage, and BlueXP, a platform designed to help customers manage data and storage resources across multiple environments.
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