Elevation Point Wealth Partners LLC Invests $3.89 Million in NetApp, Inc. $NTAP

Elevation Point Wealth Partners LLC acquired a new stake in NetApp, Inc. (NASDAQ:NTAP) during the second quarter, Holdings Channel.com reports. The firm acquired 25,156 shares of the data storage provider’s stock, valued at approximately $3,893,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. West Financial Advisors LLC bought a new stake in NetApp in the second quarter worth approximately $37,000. Park Square Financial Group LLC lifted its stake in NetApp by 68.7% in the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after buying an additional 103 shares during the period. Gen Wealth Partners Inc acquired a new position in NetApp in the fourth quarter valued at approximately $30,000. DV Equities LLC bought a new position in shares of NetApp during the 4th quarter worth approximately $30,000. Finally, Measured Wealth Private Client Group LLC bought a new position in shares of NetApp during the 3rd quarter worth approximately $35,000. Institutional investors own 92.17% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Argus lifted their price objective on shares of NetApp from $130.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Morgan Stanley raised shares of NetApp from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $137.00 to $173.00 in a research note on Monday, August 10th. Wedbush raised their price target on shares of NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Bank of America lifted their price target on shares of NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, Susquehanna lifted their price target on shares of NetApp from $110.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, NetApp currently has a consensus rating of “Hold” and an average target price of $177.25.

NetApp Trading Down 0.3%

Shares of NetApp stock opened at $192.27 on Friday. The stock has a market capitalization of $37.73 billion, a PE ratio of 30.23, a price-to-earnings-growth ratio of 3.45 and a beta of 1.45. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $209.06. The stock has a 50 day moving average price of $172.93 and a two-hundred day moving average price of $134.89. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44.

NetApp (NASDAQ:NTAP) last issued 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). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the company earned $1.93 earnings per share. NetApp’s revenue for the quarter was up 12.5% compared to the same quarter last year. 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, equities analysts anticipate that NetApp, Inc. will post 7.32 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm also recently disclosed 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 dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, July 10th. NetApp’s dividend payout ratio (DPR) is 32.70%.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 225 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the sale, the chief accounting officer directly owned 1,090 shares of the company’s stock, valued at $186,488.10. The trade was a 17.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Cesar Cernuda sold 49,464 shares of the firm’s 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 completion of the transaction, the president directly owned 46,806 shares in the company, valued at approximately $7,246,504.92. The trade was a 51.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 55,297 shares of company stock worth $8,758,016 over the last three months. 0.36% of the stock is currently owned by insiders.

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.