Modern Wealth Management LLC Purchases Shares of 3,853 NetApp, Inc. $NTAP

Modern Wealth Management LLC bought a new stake in NetApp, Inc. (NASDAQ:NTAP) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,853 shares of the data storage provider’s stock, valued at approximately $393,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC increased its stake in shares of NetApp by 68.7% during the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 103 shares during the last quarter. Gen Wealth Partners Inc acquired a new stake in NetApp in the 4th quarter valued at about $30,000. DV Equities LLC bought a new position in NetApp during the fourth quarter worth about $30,000. Roble Belko & Company Inc bought a new position in NetApp during the first quarter worth about $31,000. Finally, JFS Wealth Advisors LLC increased its position in NetApp by 176.3% during the fourth quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider’s stock worth $34,000 after buying an additional 201 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

NetApp Trading Up 1.2%

Shares of NTAP stock opened at $169.80 on Tuesday. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $192.83. The company has a market capitalization of $33.32 billion, a PE ratio of 26.70, a price-to-earnings-growth ratio of 3.06 and a beta of 1.46. The firm has a 50 day moving average price of $158.93 and a two-hundred day moving average price of $123.11. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84.

NetApp (NASDAQ:NTAP) last announced its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). The firm had revenue of $1.95 billion for 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%.NetApp’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the business posted $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. As a group, analysts predict that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 1.2%. NetApp’s dividend payout ratio (DPR) is currently 32.70%.

Insider Transactions at NetApp

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $170.92, for a total value of $170,920.00. Following the transaction, the executive vice president directly owned 31,297 shares in the company, valued at approximately $5,349,283.24. This represents a 3.10% 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, President Cesar Cernuda sold 49,464 shares of the firm’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 transaction, the president directly owned 46,806 shares in the company, valued at approximately $7,246,504.92. This represents a 51.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 52,964 shares of company stock valued at $8,181,642. 0.28% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on NTAP. Barclays upped their price objective on NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Morgan Stanley boosted their target price on NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a report on Friday, May 29th. Bank of America increased their price target on NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Wedbush raised 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. Finally, Wall Street Zen raised shares of NetApp from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Five 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 has an average rating of “Hold” and an average target price of $169.33.

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.