State of Michigan Retirement System Has $7.70 Million Stake in NetApp, Inc. $NTAP

State of Michigan Retirement System boosted its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 3.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,229 shares of the data storage provider’s stock after buying an additional 2,100 shares during the quarter. State of Michigan Retirement System’s holdings in NetApp were worth $7,696,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Burns Matteson Capital Management LLC acquired a new stake in shares of NetApp in the first quarter valued at about $321,000. UNICOM Systems Inc. acquired a new stake in NetApp during the first quarter worth about $13,483,000. Citizens Financial Group Inc. RI grew its position in NetApp by 6.5% during the first quarter. Citizens Financial Group Inc. RI now owns 60,457 shares of the data storage provider’s stock worth $5,311,000 after buying an additional 3,704 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its position in NetApp by 17.7% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 814,697 shares of the data storage provider’s stock worth $71,563,000 after buying an additional 122,784 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd grew its position in NetApp by 119.3% during the first quarter. Dynamic Technology Lab Private Ltd now owns 5,869 shares of the data storage provider’s stock worth $516,000 after buying an additional 3,193 shares in the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 779 shares of NetApp stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $121.87, for a total value of $94,936.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Kurian sold 8,750 shares of NetApp stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the completion of the transaction, the chief executive officer owned 274,938 shares of the company’s stock, valued at $33,792,629.58. This trade represents a 3.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 21,029 shares of company stock worth $2,444,194. Insiders own 0.28% of the company’s stock.

NetApp Stock Down 0.7%

Shares of NTAP opened at $116.94 on Tuesday. The stock has a market cap of $23.34 billion, a price-to-earnings ratio of 20.66, a P/E/G ratio of 2.48 and a beta of 1.45. The company has a quick ratio of 1.28, a current ratio of 1.31 and a debt-to-equity ratio of 2.55. NetApp, Inc. has a 12 month low of $71.84 and a 12 month high of $135.45. The company has a 50-day moving average price of $119.18 and a two-hundred day moving average price of $107.79.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 27th. The data storage provider reported $1.19 EPS for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.35). The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. NetApp had a return on equity of 123.24% and a net margin of 17.77%.The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.56 EPS. NetApp has set its FY 2026 guidance at 7.600-7.900 EPS. Q2 2026 guidance at 1.840-1.940 EPS. Equities analysts predict that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd were paid a $0.52 dividend. The ex-dividend date was Friday, October 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.8%. NetApp’s payout ratio is 36.75%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Argus reissued a “buy” rating and set a $130.00 target price on shares of NetApp in a research report on Friday, August 29th. Northland Securities lifted their target price on NetApp from $119.00 to $120.00 and gave the stock a “market perform” rating in a research report on Thursday, August 28th. Morgan Stanley set a $117.00 target price on NetApp in a research report on Thursday, August 28th. Bank of America lifted their target price on NetApp from $121.00 to $125.00 and gave the stock a “neutral” rating in a research report on Monday, August 25th. Finally, JPMorgan Chase & Co. lifted their target price on NetApp from $115.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $122.40.

NetApp Company Profile

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.