9,016,690 Shares in NetApp, Inc. $NTAP Bought by Primecap Management Co. CA

Primecap Management Co. CA bought a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,016,690 shares of the data storage provider’s stock, valued at approximately $1,395,423,000. NetApp makes up 0.8% of Primecap Management Co. CA’s investment portfolio, making the stock its 29th biggest holding.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of NetApp during the 2nd quarter worth $2,925,168,000. State Street Corp boosted its position in shares of NetApp by 1.1% in the 4th quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock worth $1,091,499,000 after buying an additional 115,451 shares in the last quarter. Wellington Management Group LLP grew its stake in NetApp by 17.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock valued at $582,296,000 after acquiring an additional 718,409 shares during the last quarter. Norges Bank purchased a new position in NetApp during the 4th quarter valued at about $458,060,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings 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 valued at $442,018,000 after acquiring an additional 611,003 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Price Performance

NASDAQ:NTAP opened at $187.43 on Wednesday. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $209.06. The firm has a market cap of $36.78 billion, a price-to-earnings ratio of 29.47, a price-to-earnings-growth ratio of 3.34 and a beta of 1.45. The company’s 50-day moving average is $173.96 and its two-hundred day moving average is $136.41. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84.

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). The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.93 earnings per share. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. Research analysts expect that NetApp, Inc. will post 7.32 EPS for the current year.

NetApp Announces Dividend

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

Insider Buying and Selling at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 225 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the completion of the transaction, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $186,488.10. The trade was a 17.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $193.82, for a total value of $193,820.00. Following the transaction, the executive vice president directly owned 30,297 shares in the company, valued at approximately $5,872,164.54. This represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 55,297 shares of company stock worth $8,758,016. Insiders own 0.36% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on NTAP shares. Wall Street Zen downgraded shares of NetApp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their price objective on shares of NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Barclays upped their target price on NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Evercore set a $210.00 target price on NetApp in a report on Monday. Finally, Susquehanna raised their price target on NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Five analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $179.77.

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.