Procyon Advisors LLC Increases Position in NetApp, Inc. $NTAP

Procyon Advisors LLC increased its holdings in NetApp, Inc. (NASDAQ:NTAP) by 42.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 28,227 shares of the data storage provider’s stock after acquiring an additional 8,375 shares during the quarter. Procyon Advisors LLC’s holdings in NetApp were worth $2,890,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp grew its stake in NetApp by 1.1% during the 4th quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock valued at $1,091,499,000 after purchasing an additional 115,451 shares in the last quarter. Wellington Management Group LLP raised its position 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 in the last quarter. Norges Bank purchased a new position in shares of NetApp during the 4th quarter valued at approximately $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of 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 buying an additional 611,003 shares during the last quarter. Finally, Boston Partners grew its position in shares of NetApp by 12.6% during the third quarter. Boston Partners now owns 3,317,605 shares of the data storage provider’s stock worth $393,027,000 after buying an additional 370,405 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NTAP shares. Argus lifted their price target on shares of NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Weiss Ratings raised shares of NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Northland Securities boosted their target price on shares of NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Susquehanna boosted their target price on shares of NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, UBS Group restated a “neutral” rating and issued a $160.00 target price on shares of NetApp in a research note on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, NetApp presently has an average rating of “Hold” and an average target price of $169.33.

NetApp Trading Down 2.9%

Shares of NASDAQ NTAP opened at $163.93 on Tuesday. The company has a market cap of $32.12 billion, a price-to-earnings ratio of 25.78, a price-to-earnings-growth ratio of 3.09 and a beta of 1.46. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $192.83. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The stock’s 50 day simple moving average is $149.21 and its 200 day simple moving average is $119.06.

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 analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm 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. Equities research analysts expect that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Announces Dividend

The company also recently declared 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 payout ratio is 32.70%.

Insider Transactions at NetApp

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction dated Wednesday, June 10th. The shares were 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 in the company, valued at $5,279,913.56. This trade represents a 3.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Lorenzo Daniel De sold 275 shares of the business’s stock in a transaction dated 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 $130,800. The trade was a 20.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 51,964 shares of company stock worth $8,010,722. 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.