Balboa Wealth Partners Cuts Stake in NetApp, Inc. $NTAP

Balboa Wealth Partners lessened its position in NetApp, Inc. (NASDAQ:NTAP) by 5.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,526 shares of the data storage provider’s stock after selling 133 shares during the period. Balboa Wealth Partners’ holdings in NetApp were worth $269,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NTAP. Pacer Advisors Inc. lifted its position in NetApp by 4,687.6% in the first quarter. Pacer Advisors Inc. now owns 1,068,694 shares of the data storage provider’s stock valued at $93,874,000 after purchasing an additional 1,046,372 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of NetApp by 1,230.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,007,591 shares of the data storage provider’s stock valued at $107,359,000 after buying an additional 931,850 shares during the period. Vanguard Group Inc. boosted its stake in shares of NetApp by 2.3% in the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider’s stock valued at $2,375,363,000 after buying an additional 597,956 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of NetApp by 18.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,546,548 shares of the data storage provider’s stock valued at $311,529,000 after buying an additional 560,218 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in NetApp by 97.7% during the first quarter. Federated Hermes Inc. now owns 1,096,236 shares of the data storage provider’s stock worth $96,293,000 after acquiring an additional 541,837 shares during the period. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of recent analyst reports. UBS Group raised their target price on NetApp from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. Barclays raised their price objective on shares of NetApp from $117.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Bank of America boosted their price objective on shares of NetApp from $121.00 to $125.00 and gave the stock a “neutral” rating in a report on Monday, August 25th. Weiss Ratings restated a “hold (c+)” rating on shares of NetApp in a research report on Wednesday, October 8th. Finally, Morgan Stanley set a $117.00 price target on shares of NetApp in a research report on Thursday, August 28th. Seven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $122.40.

NetApp Price Performance

NetApp stock opened at $119.08 on Wednesday. The firm has a market capitalization of $23.77 billion, a PE ratio of 21.04, a P/E/G ratio of 2.55 and a beta of 1.45. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The firm’s 50-day simple moving average is $117.87 and its 200 day simple moving average is $105.23. The company has a quick ratio of 1.28, a current ratio of 1.31 and a debt-to-equity ratio of 2.55.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 27th. The data storage provider reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.54 by ($0.35). The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. NetApp had a net margin of 17.77% and a return on equity of 123.24%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the company earned $1.56 EPS. 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 predict that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be given 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 yield of 1.7%. NetApp’s dividend payout ratio (DPR) is presently 36.75%.

Insiders Place Their Bets

In other news, CAO Lorenzo Daniel De sold 779 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $121.87, for a total value of $94,936.73. 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 business’s stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total value of $123,670.00. Following the completion of the transaction, the executive vice president owned 23,628 shares of the company’s stock, valued at $2,922,074.76. This trade represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,029 shares of company stock valued at $2,444,194. Corporate insiders own 0.28% of the company’s stock.

NetApp Profile

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.