Edgestream Partners L.P. Buys 30,038 Shares of NetApp, Inc. $NTAP

Edgestream Partners L.P. increased its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 203.1% during the first quarter, HoldingsChannel.com reports. The fund owned 44,831 shares of the data storage provider’s stock after purchasing an additional 30,038 shares during the period. Edgestream Partners L.P.’s holdings in NetApp were worth $4,590,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in shares of NetApp in the 4th quarter valued at approximately $458,060,000. First Trust Advisors LP boosted its position in NetApp by 127.0% during the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock worth $374,549,000 after purchasing an additional 2,046,912 shares during the period. SG Americas Securities LLC boosted its position in NetApp by 378.9% during the first quarter. SG Americas Securities LLC now owns 1,329,475 shares of the data storage provider’s stock worth $136,125,000 after purchasing an additional 1,051,863 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in NetApp by 94.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider’s stock valued at $215,987,000 after purchasing an additional 886,485 shares during the last quarter. Finally, SEB Asset Management AB acquired a new position in NetApp during the first quarter valued at approximately $89,977,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

Insider Activity at NetApp

In other news, CAO Lorenzo Daniel De sold 275 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $120.00, for a total transaction of $33,000.00. Following the transaction, the chief accounting officer owned 1,090 shares in the company, valued at approximately $130,800. The trade was a 20.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the transaction, the president directly owned 46,806 shares of the company’s stock, valued at $7,246,504.92. This represents a 51.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 52,964 shares of company stock worth $8,181,642 in the last ninety days. 0.28% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NTAP shares. Citigroup boosted their price objective on shares of NetApp from $114.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Barclays raised their target price on shares of NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Bank of America lifted their target price on shares of NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. The Goldman Sachs Group reissued a “buy” rating and set a $200.00 target price on shares of NetApp in a research report on Tuesday, June 2nd. Finally, Wells Fargo & Company upped their price target on shares of NetApp from $115.00 to $180.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, NetApp has an average rating of “Hold” and a consensus price target of $169.33.

NetApp Stock Performance

Shares of NASDAQ NTAP opened at $178.50 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. The business’s 50 day moving average is $162.88 and its two-hundred day moving average is $124.94. The company has a market cap of $35.03 billion, a P/E ratio of 28.07, a P/E/G ratio of 3.18 and a beta of 1.46. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $192.83.

NetApp (NASDAQ:NTAP) last issued its quarterly 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). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the firm earned $1.93 earnings per share. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. On average, equities analysts expect that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, July 10th. NetApp’s dividend payout ratio is presently 32.70%.

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.