Axxcess Wealth Management LLC Reduces Stock Position in NetApp, Inc. $NTAP

Axxcess Wealth Management LLC reduced its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 95.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,396 shares of the data storage provider’s stock after selling 51,980 shares during the quarter. Axxcess Wealth Management LLC’s holdings in NetApp were worth $255,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Horizon Investments LLC increased its holdings in NetApp by 3.8% during the 1st quarter. Horizon Investments LLC now owns 2,919 shares of the data storage provider’s stock worth $255,000 after acquiring an additional 107 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in NetApp by 11.0% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,083 shares of the data storage provider’s stock worth $115,000 after acquiring an additional 107 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its holdings in NetApp by 54.9% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 124 shares during the period. Hohimer Wealth Management LLC increased its holdings in NetApp by 0.4% during the 1st quarter. Hohimer Wealth Management LLC now owns 29,694 shares of the data storage provider’s stock worth $2,608,000 after acquiring an additional 131 shares during the period. Finally, EWA LLC increased its holdings in NetApp by 5.4% during the 2nd quarter. EWA LLC now owns 2,535 shares of the data storage provider’s stock worth $270,000 after acquiring an additional 131 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on NTAP. Citigroup upped their target price on shares of NetApp from $115.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday. Morgan Stanley set a $117.00 target price on shares of NetApp in a report on Thursday, August 28th. Barclays increased their price target on shares of NetApp from $117.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Bank of America increased their price target on shares of NetApp from $121.00 to $125.00 and gave the stock a “neutral” rating in a report on Monday, August 25th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of NetApp in a report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, NetApp has a consensus rating of “Hold” and an average target price of $122.40.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $119.07 on Friday. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. The company’s fifty day moving average price is $117.42 and its 200-day moving average price is $104.68. The firm has a market capitalization of $23.77 billion, a price-to-earnings ratio of 21.04, a PEG ratio of 2.59 and a beta of 1.45.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 27th. The data storage provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.54 by ($0.35). NetApp had a net margin of 17.77% and a return on equity of 123.24%. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the business posted $1.56 EPS. NetApp’s revenue for the quarter was up 1.2% on a year-over-year basis. NetApp has set its FY 2026 guidance at 7.600-7.900 EPS. Q2 2026 guidance at 1.840-1.940 EPS. On average, equities research analysts anticipate that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.7%. NetApp’s dividend payout ratio (DPR) is currently 36.75%.

Insider Activity at NetApp

In related news, CEO George Kurian sold 8,750 shares of the stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the transaction, the chief executive officer owned 274,938 shares of the company’s stock, valued at approximately $33,792,629.58. This trade represents a 3.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total transaction of $123,670.00. Following the transaction, the executive vice president directly owned 23,628 shares in the company, valued at approximately $2,922,074.76. This represents a 4.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,529 shares of company stock valued at $3,362,874. Insiders own 0.28% of the company’s stock.

About NetApp

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.