Bangor Savings Bank Lowers Stake in NetApp, Inc. $NTAP

Bangor Savings Bank decreased its position in NetApp, Inc. (NASDAQ:NTAP) by 32.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 7,365 shares of the data storage provider’s stock after selling 3,598 shares during the period. Bangor Savings Bank’s holdings in NetApp were worth $1,547,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Private Client Services LLC purchased a new stake in NetApp in the third quarter worth $662,000. Versant Capital Management Inc lifted its position in shares of NetApp by 46.1% during the 3rd quarter. Versant Capital Management Inc now owns 2,111 shares of the data storage provider’s stock valued at $443,000 after buying an additional 666 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of NetApp by 11.2% during the 2nd quarter. QRG Capital Management Inc. now owns 12,480 shares of the data storage provider’s stock valued at $1,931,000 after buying an additional 1,261 shares during the last quarter. Andra AP fonden grew its stake in shares of NetApp by 168.2% during the 2nd quarter. Andra AP fonden now owns 106,363 shares of the data storage provider’s stock worth $16,461,000 after acquiring an additional 66,711 shares during the period. Finally, National Pension Service grew its stake in shares of NetApp by 145.1% during the 2nd quarter. National Pension Service now owns 539,405 shares of the data storage provider’s stock worth $83,478,000 after acquiring an additional 319,332 shares during the period. 92.17% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NTAP. Loop Capital lifted their price objective on NetApp from $215.00 to $260.00 and gave the stock a “buy” rating in a report on Friday. Evercore set a $210.00 target price on shares of NetApp in a research note on Monday, August 24th. Citigroup lowered their price target on shares of NetApp from $209.00 to $190.00 and set a “neutral” rating on the stock in a research report on Thursday, September 3rd. Wells Fargo & Company upped their price target on shares of NetApp from $180.00 to $190.00 and gave the company an “equal weight” rating in a research note on Thursday, September 3rd. Finally, Zacks Research raised shares of NetApp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, NetApp presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.53.

NetApp Price Performance

NASDAQ NTAP traded up $4.68 during trading hours on Tuesday, hitting $228.45. The company had a trading volume of 2,842,798 shares, compared to its average volume of 2,700,426. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.16 and a current ratio of 1.24. The firm has a market capitalization of $44.87 billion, a price-to-earnings ratio of 32.22, a PEG ratio of 2.43 and a beta of 1.46. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $231.90. The firm has a 50 day simple moving average of $193.77 and a 200 day simple moving average of $155.76.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.46. NetApp had a return on equity of 119.13% and a net margin of 19.18%.The firm had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the prior year, the business posted $1.15 earnings per share. The company’s revenue was up 29.9% on a year-over-year basis. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. Equities research analysts expect that NetApp, Inc. will post 8.32 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, October 9th. NetApp’s dividend payout ratio (DPR) is presently 29.34%.

Insider Activity

In related news, Director Deepak Ahuja sold 3,526 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $194.04, for a total value of $684,185.04. Following the sale, the director owned 16,264 shares in the company, valued at approximately $3,155,866.56. This trade represents a 17.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Cesar Cernuda sold 2,608 shares of NetApp stock in a transaction on Monday, August 17th. The shares were sold at an average price of $204.48, for a total value 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 represents a 5.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 173,524 shares of company stock worth $34,951,626. Company insiders own 0.36% of the company’s stock.

NetApp Company Profile

NetApp, Inc develops intelligent data infrastructure and data management solutions for enterprises, service providers, and government organizations. The company helps customers store, manage, protect, and access data across on-premises environments, private clouds, public clouds, and hybrid multicloud infrastructures.

Its portfolio includes enterprise storage systems, all-flash arrays, cloud-connected storage, object storage, and data management software. NetApp’s offerings include the ONTAP data management operating system, AFF and ASA storage systems, StorageGRID object storage, and BlueXP, a platform designed to help customers manage data and storage resources across multiple environments.