Victory Capital Management Inc. Cuts Holdings in NetApp, Inc. $NTAP

Victory Capital Management Inc. lowered its position in NetApp, Inc. (NASDAQ:NTAP) by 1.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,623,541 shares of the data storage provider’s stock after selling 30,316 shares during the quarter. Victory Capital Management Inc.’s holdings in NetApp were worth $192,325,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NTAP. Abich Financial Wealth Management LLC acquired a new position in shares of NetApp in the 3rd quarter valued at about $27,000. Rossby Financial LCC increased its position in NetApp by 105.5% during the 3rd quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 115 shares in the last quarter. SouthState Corp raised its holdings in NetApp by 434.5% in the second quarter. SouthState Corp now owns 294 shares of the data storage provider’s stock valued at $31,000 after buying an additional 239 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new position in NetApp during the second quarter valued at approximately $34,000. Finally, NewSquare Capital LLC lifted its position in NetApp by 951.4% during the second quarter. NewSquare Capital LLC now owns 368 shares of the data storage provider’s stock valued at $39,000 after buying an additional 333 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

NetApp Stock Down 1.4%

NASDAQ:NTAP opened at $98.79 on Wednesday. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.36 and a current ratio of 1.39. The company has a market capitalization of $19.49 billion, a price-to-earnings ratio of 16.52, a price-to-earnings-growth ratio of 3.15 and a beta of 1.39. NetApp, Inc. has a one year low of $71.84 and a one year high of $126.66. The stock has a 50-day simple moving average of $102.70 and a 200 day simple moving average of $111.17.

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

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Friday, April 3rd will be paid a dividend of $0.52 per share. The ex-dividend date is Thursday, April 2nd. This represents a $2.08 annualized dividend and a yield of 2.1%. NetApp’s payout ratio is presently 34.78%.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $103.45, for a total value of $103,450.00. Following the transaction, the executive vice president directly owned 20,075 shares in the company, valued at approximately $2,076,758.75. This trade represents a 4.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. The Goldman Sachs Group initiated coverage on shares of NetApp in a research report on Tuesday, January 13th. They set a “buy” rating and a $128.00 price target for the company. Wells Fargo & Company upped their target price on NetApp from $100.00 to $115.00 and gave the stock a “positive” rating in a research report on Wednesday, November 26th. Weiss Ratings upgraded NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Northland Securities set a $137.00 price target on NetApp and gave the stock an “outperform” rating in a research report on Wednesday, November 26th. Finally, Barclays increased their price objective on shares of NetApp from $125.00 to $134.00 and gave the company an “overweight” rating in a research report on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $122.42.

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.