Pictet Asset Management Holding SA Has $11.40 Million Stock Holdings in NetApp, Inc. $NTAP

Pictet Asset Management Holding SA trimmed its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 8.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,323 shares of the data storage provider’s stock after selling 9,924 shares during the quarter. Pictet Asset Management Holding SA’s holdings in NetApp were worth $11,398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in NTAP. Norges Bank bought a new stake in NetApp in the fourth quarter valued at approximately $458,060,000. SG Americas Securities LLC raised its holdings in NetApp by 378.9% during the 1st quarter. SG Americas Securities LLC now owns 1,329,475 shares of the data storage provider’s stock worth $136,125,000 after purchasing an additional 1,051,863 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of NetApp by 94.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider’s stock worth $215,987,000 after purchasing an additional 886,485 shares during the period. AQR Capital Management LLC lifted its position in shares of NetApp by 71.6% in the 3rd quarter. AQR Capital Management LLC now owns 1,849,218 shares of the data storage provider’s stock worth $219,058,000 after purchasing an additional 771,835 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of 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 purchasing an additional 718,409 shares during the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Trading Down 1.4%

NTAP opened at $154.17 on Friday. The company has a fifty day moving average price of $141.43 and a two-hundred day moving average price of $116.44. 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 $30.20 billion, a P/E ratio of 24.24, a price-to-earnings-growth ratio of 2.86 and a beta of 1.46. 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 released its quarterly earnings data 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). The company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.NetApp’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the company earned $1.93 EPS. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. Analysts predict that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be issued a $0.52 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.08 annualized dividend and a yield of 1.3%. NetApp’s dividend payout ratio is presently 32.70%.

Insider Buying and Selling at NetApp

In related news, President Cesar Cernuda sold 49,464 shares of the stock in a transaction 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 transaction, the president directly owned 46,806 shares in the company, valued at $7,246,504.92. This trade represents a 51.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $163.48, for a total value of $163,480.00. Following the completion of the transaction, the executive vice president owned 32,297 shares in the company, valued at approximately $5,279,913.56. This represents a 3.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 52,964 shares of company stock valued at $8,106,972. Company insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NTAP. Northland Securities lifted their target price on shares of NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Bank of America upped their price target on shares of NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Wall Street Zen downgraded NetApp from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 27th. Argus lifted their price objective on NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Finally, Weiss Ratings raised NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, NetApp presently has a consensus rating of “Hold” and a consensus target price of $169.33.

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.