Globeflex Capital L P Purchases Shares of 10,056 NetApp, Inc. $NTAP

Globeflex Capital L P purchased a new position in NetApp, Inc. (NASDAQ:NTAP) in the second quarter, HoldingsChannel.com reports. The firm purchased 10,056 shares of the data storage provider’s stock, valued at approximately $1,556,000.

A number of other large investors have also recently made changes to their positions in NTAP. BlackRock Inc. purchased a new position in shares of NetApp during the 2nd quarter worth about $2,925,168,000. Norges Bank bought a new stake in shares of NetApp in the fourth quarter valued at about $458,060,000. First Trust Advisors LP raised its holdings in shares of NetApp by 127.0% in the 1st quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock valued at $374,549,000 after purchasing an additional 2,046,912 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of NetApp in the 2nd quarter worth approximately $195,203,000. Finally, Bank of New York Mellon Corp bought a new position in shares of NetApp during the second quarter valued at approximately $181,772,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NetApp

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp 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 completion of the sale, the executive vice president directly owned 30,297 shares in the company, valued at $5,872,164.54. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Lorenzo Daniel De sold 225 shares of the business’s 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 sale, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $186,488.10. This represents a 17.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 55,297 shares of company stock valued at $8,758,016 in the last three months. 0.36% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Bank of America upped their target price on NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. UBS Group reissued a “neutral” rating and issued a $160.00 price target on shares of NetApp in a research report on Friday, May 29th. Wedbush raised their price objective on NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. lifted their target price on NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, Wells Fargo & Company boosted their target price on shares of NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $179.77.

NetApp Stock Down 2.8%

NetApp stock opened at $186.86 on Tuesday. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. The stock has a market capitalization of $36.67 billion, a price-to-earnings ratio of 29.38, a PEG ratio of 3.44 and a beta of 1.45. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $209.06. The business has a fifty day moving average price of $173.43 and a 200-day moving average price of $135.80.

NetApp (NASDAQ:NTAP) last announced its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the company earned $1.93 earnings per share. The company’s quarterly revenue was up 12.5% on a year-over-year basis. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. Equities research analysts forecast that NetApp, Inc. will post 7.32 EPS for the current fiscal year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, July 10th. NetApp’s dividend payout ratio (DPR) is presently 32.70%.

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.