Pitcairn Co. Lowers Stock Holdings in NetApp, Inc. $NTAP

Pitcairn Co. reduced its position in NetApp, Inc. (NASDAQ:NTAP) by 63.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,223 shares of the data storage provider’s stock after selling 5,617 shares during the quarter. Pitcairn Co.’s holdings in NetApp were worth $382,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its holdings in shares of NetApp by 4.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 432,772 shares of the data storage provider’s stock valued at $51,266,000 after buying an additional 20,089 shares during the period. Citigroup Inc. boosted its stake in shares of NetApp by 216.1% in the third quarter. Citigroup Inc. now owns 927,525 shares of the data storage provider’s stock valued at $109,875,000 after buying an additional 634,085 shares in the last quarter. National Pension Service grew its holdings in NetApp by 26.0% during the third quarter. National Pension Service now owns 159,274 shares of the data storage provider’s stock worth $18,868,000 after acquiring an additional 32,833 shares during the period. Epoch Investment Partners Inc. raised its position in NetApp by 3.8% in the second quarter. Epoch Investment Partners Inc. now owns 1,810,772 shares of the data storage provider’s stock worth $192,938,000 after acquiring an additional 66,045 shares in the last quarter. Finally, J. Safra Sarasin Holding AG raised its position in NetApp by 496.7% in the third quarter. J. Safra Sarasin Holding AG now owns 18,168 shares of the data storage provider’s stock worth $2,152,000 after acquiring an additional 15,123 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

NASDAQ:NTAP opened at $101.06 on Monday. The company has a current ratio of 1.39, a quick ratio of 1.36 and a debt-to-equity ratio of 2.15. The company has a market capitalization of $19.94 billion, a P/E ratio of 16.90, a price-to-earnings-growth ratio of 3.13 and a beta of 1.39. The firm has a 50-day moving average price of $102.15 and a two-hundred day moving average price of $111.00. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $126.66.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Thursday, February 26th. The data storage provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.07 by $0.05. NetApp had a net margin of 18.07% and a return on equity of 118.11%. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the company posted $1.91 EPS. The company’s revenue was up 4.4% on a year-over-year basis. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. As a group, research analysts expect that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Investors of record on Friday, April 3rd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $2.08 annualized dividend and a yield of 2.1%. NetApp’s payout ratio is presently 34.78%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Weiss Ratings upgraded shares of NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 27th. Citigroup increased their price target on shares of NetApp from $110.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, March 2nd. Barclays raised their price objective on shares of NetApp from $125.00 to $134.00 and gave the company an “overweight” rating in a research note on Wednesday, November 26th. UBS Group boosted their price objective on shares of NetApp from $114.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, November 26th. Finally, Oppenheimer restated a “market perform” rating on shares of NetApp in a research report on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, NetApp has a consensus rating of “Moderate Buy” and an average price target of $122.42.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $103.45, for a total value of $103,450.00. Following the completion of the transaction, the executive vice president owned 20,075 shares of the company’s stock, valued at $2,076,758.75. The trade was a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.28% of the company’s stock.

NetApp 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.