Perigon Wealth Management LLC Buys Shares of 6,633 NetApp, Inc. $NTAP

Perigon Wealth Management LLC acquired a new position in NetApp, Inc. (NASDAQ:NTAP) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,633 shares of the data storage provider’s stock, valued at approximately $1,027,000.

A number of other institutional investors also recently bought and sold shares of NTAP. State Street Corp raised its stake in shares of NetApp by 1.1% in the fourth quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock worth $1,091,499,000 after buying an additional 115,451 shares during the period. Wellington Management Group LLP grew its stake in shares of NetApp by 17.1% during 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 acquiring an additional 718,409 shares during the period. Norges Bank bought 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 increased its holdings in NetApp by 17.4% in 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 worth $442,018,000 after acquiring an additional 611,003 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in NetApp by 127.0% in the 1st quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock worth $374,549,000 after acquiring an additional 2,046,912 shares in the last quarter. 92.17% of the stock is owned by institutional investors.

Insider Transactions at NetApp

In other NetApp news, President Cesar Cernuda sold 49,464 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were 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 $7,246,504.92. This represents a 51.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Lorenzo Daniel De sold 225 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the transaction, the chief accounting officer owned 1,090 shares in the company, valued at approximately $186,488.10. This represents a 17.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 52,689 shares of company stock valued at $8,224,732. 0.36% of the stock is currently owned by company insiders.

NetApp Stock Up 0.2%

Shares of NASDAQ NTAP opened at $204.71 on Wednesday. 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 12-month low of $93.69 and a 12-month high of $209.06. The firm’s 50-day moving average price is $171.00 and its 200-day moving average price is $133.13. The stock has a market capitalization of $40.17 billion, a price-to-earnings ratio of 32.19, a P/E/G ratio of 3.72 and a beta of 1.45.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results 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 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 firm’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business 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. On average, equities research analysts anticipate that NetApp, Inc. will post 7.3 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced 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 1.0%. The ex-dividend date was Friday, July 10th. NetApp’s dividend payout ratio is currently 32.70%.

Wall Street Analysts Forecast Growth

NTAP has been the topic of several recent analyst reports. Northland Securities raised their price objective on shares of NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. UBS Group reiterated a “neutral” rating and issued a $160.00 price target on shares of NetApp in a research note on Friday, May 29th. Citigroup raised their price target on NetApp from $150.00 to $209.00 and gave the company a “neutral” rating in a report on Tuesday. Argus boosted their price objective on NetApp from $130.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Finally, Wall Street Zen downgraded NetApp from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $177.25.

NetApp 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.