Central Bank & Trust Co. Cuts Holdings in NetApp, Inc. $NTAP

Central Bank & Trust Co. decreased its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 24.5% in the third quarter, Holdings Channel reports. 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).

Several other hedge funds have also recently added to or reduced their stakes in the business. Insight Wealth Strategies LLC increased its position in NetApp by 1.5% during the third quarter. Insight Wealth Strategies LLC now owns 37,957 shares of the data storage provider’s stock worth $7,974,000 after acquiring an additional 579 shares during the period. Monument Capital Management grew its holdings in shares of NetApp by 16.7% during the 3rd quarter. Monument Capital Management now owns 16,791 shares of the data storage provider’s stock worth $3,527,000 after purchasing an additional 2,399 shares in the last quarter. GAMMA Investing LLC increased its position in shares of NetApp by 13.4% during the third quarter. GAMMA Investing LLC now owns 7,601 shares of the data storage provider’s stock valued at $1,597,000 after purchasing an additional 897 shares during the period. Farther Finance Advisors LLC raised its stake in shares of NetApp by 214.6% in the third quarter. Farther Finance Advisors LLC now owns 7,727 shares of the data storage provider’s stock valued at $1,623,000 after purchasing an additional 5,271 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC acquired a new stake in NetApp during the third quarter worth $258,000. Institutional investors own 92.17% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on NTAP shares. Morgan Stanley raised their price target on shares of NetApp from $173.00 to $191.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 3rd. Loop Capital set a $300.00 price target on shares of NetApp in a report on Wednesday. Susquehanna boosted their target price on NetApp from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. Barclays increased their target price on NetApp from $199.00 to $219.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. Finally, Citigroup lowered their price objective on shares of NetApp from $209.00 to $190.00 and set a “neutral” rating for the company in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $213.20.

NetApp Stock Up 1.8%

NTAP traded up $4.24 during trading on Friday, reaching $235.29. The company had a trading volume of 497,103 shares, compared to its average volume of 2,688,188. The company has a market cap of $46.21 billion, a P/E ratio of 33.22, a PEG ratio of 2.54 and a beta of 1.46. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $238.07. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.24 and a quick ratio of 1.16. The business’s fifty day moving average price is $197.24 and its 200 day moving average price is $158.51.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 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 analyst estimates of $1.84 billion. During the same period in the previous year, the company posted $1.15 earnings per share. The company’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. Equities analysts anticipate that NetApp, Inc. will post 8.32 EPS for the current year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Friday, October 9th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, October 9th. NetApp’s dividend payout ratio (DPR) is 29.34%.

Insider Buying and Selling

In other NetApp news, CEO George Kurian sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $210.04, for a total transaction of $2,100,400.00. Following the completion of the sale, the chief executive officer owned 208,537 shares of the company’s stock, valued at $43,801,111.48. This trade represents a 4.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $184.74, for a total value of $184,740.00. Following the sale, the executive vice president owned 30,737 shares of the company’s stock, valued at approximately $5,678,353.38. This represents a 3.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 172,524 shares of company stock worth $34,780,706 in the last 90 days. 0.36% of the stock is owned by corporate insiders.

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.