Hohimer Wealth Management LLC Acquires New Position in NetApp, Inc. $NTAP

Hohimer Wealth Management LLC purchased a new stake in NetApp, Inc. (NASDAQ:NTAP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 29,395 shares of the data storage provider’s stock, valued at approximately $6,175,000.

Several other hedge funds and other institutional investors have also made changes to their positions in NTAP. BlackRock Inc. bought a new position in NetApp during the second quarter worth about $2,925,168,000. Primecap Management Co. CA acquired a new stake in shares of NetApp in the 2nd quarter valued at approximately $1,395,423,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of NetApp by 9.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,444,057 shares of the data storage provider’s stock valued at $687,762,000 after acquiring an additional 383,701 shares during the period. First Trust Advisors LP raised its position in shares of 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 valued at $374,549,000 after acquiring an additional 2,046,912 shares during the period. Finally, Legal & General Group Plc bought a new position in NetApp during the 2nd quarter worth approximately $258,093,000. 92.17% of the stock is currently owned by institutional investors.

NetApp Price Performance

NTAP stock opened at $169.19 on Monday. The company has a market cap of $33.23 billion, a price-to-earnings ratio of 23.86, a P/E/G ratio of 1.82 and a beta of 1.52. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $240.87. The business has a 50 day moving average price of $204.20 and a two-hundred day moving average price of $151.93. The company has a quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 1.30.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, September 2nd. The data storage provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.46. NetApp had a net margin of 19.18% and a return on equity of 119.13%. The company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter last year, the firm posted $1.15 EPS. The company’s quarterly 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. Analysts anticipate that NetApp, Inc. will post 8.32 EPS for the current fiscal year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Friday, October 9th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, October 9th. 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 29.34%.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $237.42, for a total transaction of $237,420.00. Following the sale, the executive vice president directly owned 29,737 shares in the company, valued at $7,060,158.54. This represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO George Kurian sold 10,000 shares of NetApp stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $210.04, for a total transaction of $2,100,400.00. Following the completion of the transaction, the chief executive officer directly owned 208,537 shares in the company, valued at $43,801,111.48. This trade represents a 4.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 172,524 shares of company stock valued at $34,824,306 in the last 90 days. 0.36% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of NetApp from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Cantor Fitzgerald upgraded shares of NetApp to an “overweight” rating in a report on Wednesday, October 7th. TD Cowen increased their target price on shares of NetApp from $200.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Wedbush lifted their price target on shares of NetApp from $150.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. Finally, Northland Securities boosted their price target on shares of NetApp from $171.00 to $187.00 and gave the company an “outperform” rating in a report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, NetApp has an average rating of “Moderate Buy” and a consensus target price of $205.24.

NetApp Company Profile

NetApp, Inc develops data storage and data management technologies for businesses and other organizations. Its offerings support workloads across on-premises infrastructure, public cloud environments and hybrid settings, with services for storing, managing, protecting and moving data.

The company’s portfolio includes its ONTAP data management software, all-flash and hybrid-flash storage systems, object storage, and cloud storage and data services. NetApp also provides tools to help customers manage data across different environments and offers infrastructure through its Keystone storage-as-a-service model.

Founded in 1992 as Network Appliance, the company adopted the NetApp name in 2008.