Wealthfront Advisers LLC Buys Shares of 40,173 NetApp, Inc. $NTAP

Wealthfront Advisers LLC purchased a new stake in shares of NetApp, Inc. (NASDAQ:NTAP) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 40,173 shares of the data storage provider’s stock, valued at approximately $6,217,000.

Several other hedge funds have also recently made changes to their positions in NTAP. Jefferies Financial Group Inc. purchased a new stake in NetApp during the fourth quarter valued at $14,869,000. Norges Bank purchased a new position in NetApp in the fourth quarter worth about $458,060,000. Handelsbanken Fonder AB boosted its position in NetApp by 106.8% in the fourth quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider’s stock worth $28,136,000 after purchasing an additional 135,715 shares during the last quarter. National Pension Service grew its stake in shares of NetApp by 13.6% during the 4th quarter. National Pension Service now owns 180,917 shares of the data storage provider’s stock valued at $19,374,000 after purchasing an additional 21,643 shares during the period. Finally, Swedbank AB increased its position in shares of NetApp by 22.0% during the 4th quarter. Swedbank AB now owns 97,086 shares of the data storage provider’s stock valued at $10,397,000 after purchasing an additional 17,520 shares during the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other NetApp news, President Cesar Cernuda sold 2,608 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $204.48, for a total transaction of $533,283.84. Following the sale, the president directly owned 46,530 shares of the company’s stock, valued at $9,514,454.40. This trade represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $193.82, for a total value of $193,820.00. Following the completion of the transaction, the executive vice president owned 30,297 shares in the company, valued at $5,872,164.54. The trade was a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 55,297 shares of company stock worth $8,758,016. Corporate insiders own 0.36% of the company’s stock.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $192.81 on Friday. The company has a market capitalization of $37.84 billion, a P/E ratio of 30.32, a P/E/G ratio of 3.49 and a beta of 1.45. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $209.06. The firm’s 50 day simple moving average is $172.32 and its two-hundred day simple moving average is $134.48. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39.

NetApp (NASDAQ:NTAP) last announced 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 firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the company 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. Research analysts expect that NetApp, Inc. will post 7.3 EPS for the current fiscal year.

NetApp Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on NTAP shares. Argus increased their price objective 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. Wedbush boosted their target price on shares of NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Weiss Ratings raised shares of NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Citigroup increased their price target on shares of NetApp from $150.00 to $209.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $200.00 price target on shares of NetApp in a research note on Tuesday, June 2nd. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, NetApp has an average rating of “Hold” and a consensus target price of $177.25.

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.