3,530 Shares of NetApp, Inc. $NTAP Bought by AlphaCore Capital LLC

AlphaCore Capital LLC bought a new stake in NetApp, Inc. (NASDAQ:NTAP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,530 shares of the data storage provider’s stock, valued at approximately $742,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC raised its position in NetApp by 10.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 11,396 shares of the data storage provider’s stock worth $2,451,000 after purchasing an additional 1,078 shares in the last quarter. Beverly Hills Private Wealth LLC bought a new position in NetApp during the third quarter worth about $275,000. Hohimer Wealth Management LLC acquired a new stake in NetApp during the third quarter valued at approximately $6,175,000. Brighton Jones LLC grew its stake in shares of NetApp by 43.8% in the 3rd quarter. Brighton Jones LLC now owns 2,361 shares of the data storage provider’s stock valued at $496,000 after purchasing an additional 719 shares during the period. Finally, Ethic Inc. grew its stake in shares of NetApp by 1.3% in the 3rd quarter. Ethic Inc. now owns 24,369 shares of the data storage provider’s stock valued at $5,119,000 after purchasing an additional 304 shares during the period. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Price Performance

NASDAQ:NTAP opened at $181.37 on Friday. The firm has a market cap of $35.62 billion, a PE ratio of 25.58, a price-to-earnings-growth ratio of 2.00 and a beta of 1.52. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $240.87. The company has a quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 1.30. The company’s 50-day moving average price is $203.82 and its two-hundred day moving average price is $153.98.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.46. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.84 billion. NetApp had a net margin of 19.18% and a return on equity of 119.13%. The company’s revenue was up 29.9% on a year-over-year basis. During the same quarter last year, the business posted $1.15 earnings per share. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. On average, equities analysts anticipate that NetApp, Inc. will post 8.32 EPS for the current fiscal year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 28th. Investors of record on Friday, October 9th were given a dividend of $0.52 per share. The ex-dividend date was Friday, October 9th. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. NetApp’s dividend payout ratio is 29.34%.

Insiders Place Their Bets

In related 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 directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Elizabeth O’Callahan sold 1,000 shares of NetApp stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $175.95, for a total value of $175,950.00. Following the completion of the transaction, the executive vice president owned 29,423 shares of the company’s stock, valued at approximately $5,176,976.85. The trade was a 3.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 173,524 shares of company stock valued at $35,000,256. Company insiders own 0.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NTAP shares. Morgan Stanley increased their target price on NetApp from $173.00 to $191.00 and gave the stock an “equal weight” rating in a report on Thursday, September 3rd. Citigroup decreased their price target on NetApp from $209.00 to $190.00 and set a “neutral” rating on the stock in a research note on Thursday, September 3rd. Guggenheim started coverage on NetApp in a research report on Monday, October 26th. They issued a “neutral” rating on the stock. Wall Street Zen lowered NetApp from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 31st. Finally, TD Cowen increased their price objective on NetApp from $200.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Eleven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $205.24.

About NetApp

NetApp, Inc. develops data storage and data management technologies for businesses and other organizations. Its offerings support workloads across on-premises infrastructure, public cloud environments and hybrid settings, with services for storing, managing, protecting and moving data. The company’s portfolio includes its ONTAP data management software, all-flash and hybrid-flash storage systems, object storage, and cloud storage and data services. NetApp also provides tools to help customers manage data across different environments and offers infrastructure through its Keystone storage-as-a-service model.