NetApp, Inc. $NTAP Stock Holdings Increased by L2 Asset Management LLC

L2 Asset Management LLC increased its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 23.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 75,099 shares of the data storage provider’s stock after buying an additional 14,295 shares during the quarter. NetApp comprises approximately 1.3% of L2 Asset Management LLC’s portfolio, making the stock its 13th largest holding. L2 Asset Management LLC’s holdings in NetApp were worth $8,896,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NTAP. Norges Bank purchased a new stake in NetApp in the 2nd quarter worth approximately $281,093,000. Boston Partners grew its holdings in shares of NetApp by 108.9% during the 2nd quarter. Boston Partners now owns 2,947,200 shares of the data storage provider’s stock valued at $313,997,000 after acquiring an additional 1,536,339 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of NetApp by 103.6% during the 3rd quarter. Pacer Advisors Inc. now owns 1,783,103 shares of the data storage provider’s stock valued at $211,226,000 after acquiring an additional 907,233 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of NetApp by 94.6% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider’s stock worth $215,987,000 after acquiring an additional 886,485 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of NetApp by 71.6% in the third quarter. AQR Capital Management LLC now owns 1,849,218 shares of the data storage provider’s stock worth $219,058,000 after acquiring an additional 771,835 shares during the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Trading Up 3.6%

Shares of NASDAQ:NTAP opened at $102.24 on Tuesday. The company has a current ratio of 1.39, a quick ratio of 1.36 and a debt-to-equity ratio of 2.15. The stock has a market capitalization of $20.18 billion, a PE ratio of 17.10, a P/E/G ratio of 3.06 and a beta of 1.39. NetApp, Inc. has a 1 year low of $71.84 and a 1 year high of $126.66. The firm has a fifty day moving average price of $101.13 and a 200 day moving average price of $110.47.

NetApp (NASDAQ:NTAP) last posted its earnings results on Thursday, February 26th. The data storage provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.05. NetApp had a return on equity of 118.11% and a net margin of 18.07%.The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the company earned $1.91 earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. Analysts expect that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Investors of record on Friday, April 3rd will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, April 2nd. NetApp’s payout ratio is 34.78%.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $100.67, for a total transaction of $100,670.00. Following the completion of the sale, the executive vice president owned 20,382 shares of the company’s stock, valued at $2,051,855.94. This represents a 4.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 3,000 shares of company stock valued at $309,610. 0.28% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on NTAP. UBS Group lifted their price objective on NetApp from $114.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, November 26th. Oppenheimer reaffirmed a “market perform” rating on shares of NetApp in a research report on Wednesday, November 26th. Bank of America lifted their price target on NetApp from $125.00 to $129.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. Northland Securities set a $137.00 price target on NetApp and gave the company an “outperform” rating in a research note on Wednesday, November 26th. Finally, Wedbush restated a “neutral” rating and issued a $115.00 price objective on shares of NetApp in a report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $122.42.

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.