Moran Wealth Management LLC Sells 17,889 Shares of NetApp, Inc. $NTAP

Moran Wealth Management LLC decreased its holdings in NetApp, Inc. (NASDAQ:NTAP) by 7.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 225,310 shares of the data storage provider’s stock after selling 17,889 shares during the quarter. NetApp comprises approximately 0.7% of Moran Wealth Management LLC’s portfolio, making the stock its 25th biggest position. Moran Wealth Management LLC owned 0.11% of NetApp worth $23,069,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in NTAP. Geneos Wealth Management Inc. lifted its position in shares of NetApp by 38.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock worth $67,000 after purchasing an additional 210 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of NetApp during the second quarter valued at about $315,000. Cerity Partners LLC increased its position in shares of NetApp by 9.9% during the second quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock valued at $4,986,000 after buying an additional 4,232 shares during the period. Bank of Nova Scotia raised its stake in NetApp by 7.3% in the second quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock worth $2,589,000 after buying an additional 1,662 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in NetApp by 12.7% in the second quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock worth $2,148,000 after buying an additional 2,277 shares during the period. Institutional investors own 92.17% of the company’s stock.

Analyst Ratings Changes

NTAP has been the topic of several research reports. Northland Securities lifted their price objective on NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Wall Street Zen lowered NetApp from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 27th. Bank of America raised their target price on NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. UBS Group restated a “neutral” rating and set a $160.00 price target on shares of NetApp in a research report on Friday, May 29th. Finally, Citigroup upped their price target on NetApp from $114.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, NetApp presently has a consensus rating of “Hold” and a consensus price target of $169.33.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $154.17 on Friday. The company has a 50 day simple moving average of $142.29 and a two-hundred day simple moving average of $116.71. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week high of $192.83. The company has a market capitalization of $30.20 billion, a price-to-earnings ratio of 24.24, a P/E/G ratio of 2.82 and a beta of 1.46. 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 (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 company had revenue of $1.95 billion during 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%.The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior 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. Analysts expect that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced 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. This represents a $2.08 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, July 10th. NetApp’s payout ratio is 32.70%.

Insiders Place Their Bets

In other news, 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 sale, the executive vice president directly owned 32,297 shares of the company’s stock, valued at approximately $5,279,913.56. This represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Lorenzo Daniel De sold 225 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $171.09, for a total value of $38,495.25. Following the transaction, the chief accounting officer owned 1,090 shares of the company’s stock, valued at $186,488.10. The trade was a 17.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 52,964 shares of company stock valued at $8,106,972. 0.28% of the stock is currently owned by corporate insiders.

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.