NetApp, Inc. $NTAP Position Cut by Keybank National Association OH

Keybank National Association OH reduced its holdings in NetApp, Inc. (NASDAQ:NTAP) by 16.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,754 shares of the data storage provider’s stock after selling 4,087 shares during the quarter. Keybank National Association OH’s holdings in NetApp were worth $2,125,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in NTAP. Jefferies Financial Group Inc. acquired a new stake in shares of NetApp during the fourth quarter worth approximately $14,869,000. Norges Bank acquired a new position in NetApp in the 4th quarter valued at approximately $458,060,000. Handelsbanken Fonder AB lifted its position in NetApp by 106.8% in the 4th quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider’s stock worth $28,136,000 after buying an additional 135,715 shares in the last quarter. National Pension Service boosted 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 buying an additional 21,643 shares during the period. Finally, Arbejdsmarkedets Tillaegspension purchased a new position in shares of NetApp during the 4th quarter valued at $21,234,000. Institutional investors own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Northland Securities upped their target price on NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Weiss Ratings raised NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. The Goldman Sachs Group restated a “buy” rating and issued a $200.00 price objective on shares of NetApp in a report on Tuesday, June 2nd. Finally, UBS Group reaffirmed a “neutral” rating and set a $160.00 price objective on shares of NetApp in a research report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $169.33.

Insider Buying and Selling

In related news, President Cesar Cernuda sold 49,464 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the completion of the transaction, the president owned 46,806 shares of the company’s stock, valued at approximately $7,246,504.92. The trade was a 51.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $117.73, for a total value of $117,730.00. Following the sale, the executive vice president owned 18,382 shares of the company’s stock, valued at approximately $2,164,112.86. The trade was a 5.16% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 52,964 shares of company stock valued at $8,106,972. Insiders own 0.28% of the company’s stock.

NetApp Price Performance

Shares of NetApp stock opened at $154.17 on Monday. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $192.83. The firm has a fifty day simple moving average of $142.29 and a 200-day simple moving average of $116.72. 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 has a market capitalization of $30.20 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 2.82 and a beta of 1.46.

NetApp (NASDAQ:NTAP) last announced its 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 firm 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 was up 12.5% compared to the same quarter last year. During the same quarter last year, the business 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. On average, sell-side analysts expect that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Announces Dividend

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

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.