Panagora Asset Management Inc. Has $24.59 Million Stock Holdings in NetApp, Inc. $NTAP

Panagora Asset Management Inc. boosted its position in NetApp, Inc. (NASDAQ:NTAP) by 58.3% in the 4th quarter, HoldingsChannel reports. The firm owned 229,650 shares of the data storage provider’s stock after acquiring an additional 84,552 shares during the period. Panagora Asset Management Inc.’s holdings in NetApp were worth $24,593,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Parallel Advisors LLC lifted its stake in NetApp by 2.1% in the 4th quarter. Parallel Advisors LLC now owns 5,007 shares of the data storage provider’s stock valued at $536,000 after purchasing an additional 101 shares during the last quarter. Park Square Financial Group LLC lifted its stake in NetApp by 68.7% in the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 103 shares during the last quarter. Transcend Capital Advisors LLC raised its holdings in NetApp by 5.8% in the 4th quarter. Transcend Capital Advisors LLC now owns 1,953 shares of the data storage provider’s stock valued at $209,000 after acquiring an additional 107 shares during the period. Fifth Third Bancorp lifted its position in NetApp by 0.9% during the fourth quarter. Fifth Third Bancorp now owns 12,559 shares of the data storage provider’s stock worth $1,345,000 after acquiring an additional 108 shares during the last quarter. Finally, US Bancorp DE lifted its position in NetApp by 0.7% during the third quarter. US Bancorp DE now owns 15,398 shares of the data storage provider’s stock worth $1,824,000 after acquiring an additional 114 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NTAP. Argus raised their price objective on shares of NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Citigroup raised their price objective on shares of NetApp from $114.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Wells Fargo & Company raised their price objective on shares of NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. UBS Group restated a “neutral” rating and set a $160.00 price objective on shares of NetApp in a research report on Friday, May 29th. Finally, Bank of America raised their price objective on shares of NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $169.33.

NetApp Stock Up 0.1%

Shares of NTAP opened at $161.82 on Tuesday. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $192.83. The firm’s 50 day moving average is $127.09 and its 200-day moving average is $112.64. The stock has a market capitalization of $31.70 billion, a PE ratio of 25.44, a P/E/G ratio of 2.95 and a beta of 1.44. 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 announced its earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the business posted $1.93 earnings per share. The firm’s revenue for the quarter 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. Equities research analysts forecast that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. NetApp’s dividend payout ratio (DPR) is currently 32.70%.

Insider Activity at NetApp

In other news, CAO Lorenzo Daniel De sold 275 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $120.00, for a total transaction of $33,000.00. Following the transaction, the chief accounting officer directly owned 1,090 shares of the company’s stock, valued at approximately $130,800. This trade represents a 20.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $117.73, for a total transaction of $117,730.00. Following the transaction, the executive vice president directly owned 18,382 shares in the company, valued at $2,164,112.86. This represents a 5.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 3,500 shares of company stock worth $448,955 over the last ninety days. Insiders own 0.28% of the company’s stock.

NetApp Company 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.