NetApp (NASDAQ:NTAP) President Sells $7,658,016.48 in Stock

NetApp, Inc. (NASDAQ:NTAP) President Cesar Cernuda sold 49,464 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the sale, the president owned 46,806 shares of the company’s stock, valued at approximately $7,246,504.92. This represents a 51.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

NetApp Stock Performance

NASDAQ NTAP traded down $0.97 during trading on Thursday, reaching $154.59. The company’s stock had a trading volume of 2,070,076 shares, compared to its average volume of 2,749,411. The business’s fifty day moving average price is $135.40 and its 200-day moving average price is $114.88. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $192.83. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. The firm has a market cap of $30.29 billion, a price-to-earnings ratio of 24.31, a P/E/G ratio of 2.88 and a beta of 1.45.

NetApp (NASDAQ:NTAP) last announced its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the company posted $1.93 EPS. NetApp’s quarterly revenue was up 12.5% on a year-over-year basis. 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, analysts anticipate that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, July 10th. NetApp’s dividend payout ratio (DPR) is presently 32.70%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. raised its stake in shares of NetApp by 38.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock worth $67,000 after buying an additional 210 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in NetApp in the 2nd quarter valued at about $315,000. Cerity Partners LLC grew its stake in NetApp by 9.9% in the 2nd quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock valued at $4,986,000 after acquiring an additional 4,232 shares during the last quarter. Bank of Nova Scotia increased its holdings in NetApp by 7.3% during the 2nd quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock valued at $2,589,000 after acquiring an additional 1,662 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in NetApp by 12.7% during the second quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock worth $2,148,000 after acquiring an additional 2,277 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Weiss Ratings upgraded NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. JPMorgan Chase & Co. boosted their price objective on shares of NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Argus raised their target price on shares of NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. The Goldman Sachs Group reiterated a “buy” rating and set a $200.00 price target on shares of NetApp in a research note on Tuesday, June 2nd. Finally, Bank of America increased their price target on shares of NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $169.33.

NetApp Company 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.