NetApp, Inc. $NTAP Position Reduced by Westpac Banking Corp

Westpac Banking Corp trimmed its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 6.0% during the fourth quarter, HoldingsChannel reports. The fund owned 44,674 shares of the data storage provider’s stock after selling 2,849 shares during the quarter. Westpac Banking Corp’s holdings in NetApp were worth $4,784,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in NTAP. Abich Financial Wealth Management LLC bought a new position in NetApp during the 3rd quarter valued at $27,000. Rossby Financial LCC boosted its stake in NetApp by 105.5% during the 3rd quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 115 shares during the last quarter. Park Square Financial Group LLC raised its stake in NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after buying an additional 103 shares in the last quarter. JFS Wealth Advisors LLC lifted its holdings in NetApp by 176.3% during the 4th quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider’s stock worth $34,000 after buying an additional 201 shares during the last quarter. Finally, Torren Management LLC bought a new position in NetApp during the 4th quarter worth approximately $34,000. 92.17% of the stock is currently owned by institutional investors.

NetApp Trading Down 2.3%

NetApp stock opened at $175.64 on Wednesday. The firm’s 50-day moving average is $113.99 and its 200-day moving average is $108.41. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $192.83. The company has a market cap of $34.66 billion, a P/E ratio of 27.62, a PEG ratio of 3.29 and a beta of 1.45.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the business posted $1.93 earnings per share. The company’s quarterly 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, equities analysts expect that NetApp, Inc. will post 7.14 earnings per share for the current year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, July 10th. NetApp’s dividend payout ratio (DPR) is presently 32.70%.

Insider Transactions at NetApp

In other news, CAO Lorenzo Daniel De sold 275 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $120.00, for a total value of $33,000.00. Following the transaction, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $130,800. This trade represents a 20.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $117.73, for a total transaction of $117,730.00. Following the completion of the sale, the executive vice president directly owned 18,382 shares in the company, valued at approximately $2,164,112.86. This trade represents a 5.16% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 3,275 shares of company stock worth $347,650. Insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

NTAP has been the topic of a number of research analyst reports. Northland Securities increased their target price on NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. UBS Group reaffirmed a “neutral” rating and set a $160.00 target price on shares of NetApp in a report on Friday. Wedbush increased their target price on NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. JPMorgan Chase & Co. increased their target price on NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Morgan Stanley raised their price target on shares of NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a research report on Friday, May 29th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $169.33.

NetApp Profile

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.