CX Institutional Has $311,000 Position in NetApp, Inc. $NTAP

CX Institutional lessened its holdings in NetApp, Inc. (NASDAQ:NTAP) by 97.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,013 shares of the data storage provider’s stock after selling 88,845 shares during the quarter. CX Institutional’s holdings in NetApp were worth $311,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of NetApp by 1.1% during the fourth quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock worth $1,091,499,000 after purchasing an additional 115,451 shares during the period. Wellington Management Group LLP increased its holdings in NetApp by 17.1% in the third quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock valued at $582,296,000 after purchasing an additional 718,409 shares during the period. Norges Bank acquired a new stake in NetApp in the fourth quarter valued at $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in NetApp by 17.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,127,533 shares of the data storage provider’s stock worth $442,018,000 after purchasing an additional 611,003 shares during the last quarter. Finally, First Trust Advisors LP raised its position in NetApp by 127.0% during the 1st quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock worth $374,549,000 after purchasing an additional 2,046,912 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wells Fargo & Company upped their price target on NetApp from $115.00 to $180.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. Barclays raised their price objective on NetApp from $120.00 to $199.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Northland Securities lifted their price objective on NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $200.00 price objective on shares of NetApp in a research note on Tuesday, June 2nd. Finally, UBS Group reiterated a “neutral” rating and issued a $160.00 target price on shares of NetApp in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $169.33.

NetApp Price Performance

NTAP stock opened at $189.52 on Friday. The firm has a market cap of $37.19 billion, a price-to-earnings ratio of 29.80, a PEG ratio of 3.46 and a beta of 1.45. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $195.70. The company’s fifty day simple moving average is $166.95 and its 200 day simple moving average is $127.79.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the company posted $1.93 EPS. The business’s revenue was up 12.5% compared to the same quarter last year. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. On average, analysts expect that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Dividend Announcement

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

Insider Activity at NetApp

In other NetApp news, President Cesar Cernuda sold 49,464 shares of NetApp stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the completion of the sale, the president directly owned 46,806 shares in the company, valued at approximately $7,246,504.92. The trade was a 51.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $170.92, for a total value of $170,920.00. Following the completion of the transaction, the executive vice president directly owned 31,297 shares in the company, valued at approximately $5,349,283.24. This trade represents a 3.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 52,964 shares of company stock worth $8,181,642 in the last 90 days. Corporate insiders own 0.36% of the company’s stock.

About NetApp

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.