Brighton Jones LLC Acquires New Shares in NetApp, Inc. $NTAP

Brighton Jones LLC bought a new position in NetApp, Inc. (NASDAQ:NTAP) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 2,746 shares of the data storage provider’s stock, valued at approximately $293,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Manchester Capital Management LLC grew its stake in shares of NetApp by 375.0% in the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider’s stock worth $25,000 after acquiring an additional 225 shares during the period. 1248 Management LLC purchased a new stake in NetApp in the first quarter worth approximately $25,000. Harbour Investments Inc. grew its position in NetApp by 287.9% in the 2nd quarter. Harbour Investments Inc. now owns 256 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 190 shares during the period. Harbor Asset Planning Inc. purchased a new stake in NetApp during the 2nd quarter valued at $28,000. Finally, Olde Wealth Management LLC bought a new position in shares of NetApp during the 1st quarter valued at $29,000. Institutional investors own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

NTAP has been the subject of several research analyst reports. UBS Group lifted their price objective on NetApp from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Thursday, August 28th. Citigroup upped their price target on shares of NetApp from $115.00 to $130.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of NetApp in a research note on Wednesday, October 8th. Bank of America raised their price objective on shares of NetApp from $121.00 to $125.00 and gave the stock a “neutral” rating in a report on Monday, August 25th. Finally, Northland Securities upped their target price on shares of NetApp from $119.00 to $120.00 and gave the company a “market perform” rating in a report on Thursday, August 28th. Seven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, NetApp currently has an average rating of “Hold” and an average price target of $122.40.

Insider Activity

In related news, CAO Lorenzo Daniel De sold 779 shares of the stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $121.87, for a total transaction of $94,936.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Kurian sold 8,750 shares of the business’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total value of $1,075,462.50. Following the completion of the transaction, the chief executive officer directly owned 274,938 shares in the company, valued at approximately $33,792,629.58. This represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,029 shares of company stock worth $2,444,194 over the last ninety days. Corporate insiders own 0.28% of the company’s stock.

NetApp Trading Up 1.3%

NetApp stock opened at $115.57 on Friday. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The firm has a market capitalization of $23.07 billion, a price-to-earnings ratio of 20.42, a P/E/G ratio of 2.48 and a beta of 1.45. The firm has a 50 day moving average of $118.91 and a 200 day moving average of $106.95. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, August 27th. The data storage provider reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.54 by ($0.35). The firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.54 billion. NetApp had a net margin of 17.77% and a return on equity of 123.24%. NetApp’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.56 EPS. NetApp has set its FY 2026 guidance at 7.600-7.900 EPS. Q2 2026 guidance at 1.840-1.940 EPS. As a group, research analysts predict that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, October 3rd. NetApp’s payout ratio is presently 36.75%.

About NetApp

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.