Palouse Capital Management Inc. Has $5.62 Million Stock Holdings in NetApp, Inc. $NTAP

Palouse Capital Management Inc. reduced its holdings in NetApp, Inc. (NASDAQ:NTAP) by 8.9% during the 2nd quarter, Holdings Channel reports. The fund owned 36,299 shares of the data storage provider’s stock after selling 3,556 shares during the quarter. NetApp makes up approximately 3.5% of Palouse Capital Management Inc.’s portfolio, making the stock its 2nd biggest position. Palouse Capital Management Inc.’s holdings in NetApp were worth $5,618,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. State Street Corp raised its position in NetApp by 1.1% in 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 during the last quarter. Wellington Management Group LLP grew its holdings in shares of NetApp by 17.1% during the third quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock worth $582,296,000 after purchasing an additional 718,409 shares during the last quarter. Norges Bank bought a new stake in shares of NetApp during the fourth quarter worth $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of NetApp by 17.4% in the fourth 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 in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of NetApp by 127.0% in the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock valued at $374,549,000 after buying an additional 2,046,912 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other 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 owned 46,806 shares of the company’s stock, valued at $7,246,504.92. This represents a 51.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Lorenzo Daniel De sold 225 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the completion of the transaction, the chief accounting officer owned 1,090 shares in the company, valued at $186,488.10. This represents a 17.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 52,964 shares of company stock valued at $8,181,642. Company insiders own 0.36% of the company’s stock.

NetApp Stock Performance

NetApp stock opened at $191.48 on Friday. The company has a market cap of $37.57 billion, a PE ratio of 30.11, a PEG ratio of 3.41 and a beta of 1.45. 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, Inc. has a 1 year low of $93.69 and a 1 year high of $195.70. The company’s 50-day moving average is $166.64 and its two-hundred day moving average is $127.35.

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 the consensus estimate of $2.27 by ($0.24). The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The firm’s quarterly revenue 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 analysts anticipate that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, July 10th. NetApp’s payout ratio is currently 32.70%.

Analysts Set New Price Targets

A number of research firms recently issued reports on NTAP. Wedbush lifted their price target on NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. JPMorgan Chase & Co. increased their price objective on shares of NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Morgan Stanley raised their price objective on shares of NetApp from $88.00 to $137.00 and gave the company an “underweight” 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 note on Friday, May 29th. Finally, UBS Group reiterated a “neutral” rating and set a $160.00 target price on shares of NetApp in a research report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average 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.