Elevation Point Wealth Partners LLC Buys New Holdings in NetApp, Inc. $NTAP

Elevation Point Wealth Partners LLC purchased a new position in NetApp, Inc. (NASDAQ:NTAP) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 31,552 shares of the data storage provider’s stock, valued at approximately $3,231,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Jefferies Financial Group Inc. bought a new stake in NetApp in the 4th quarter valued at $14,869,000. Norges Bank bought a new position in shares of NetApp during the 4th quarter valued at about $458,060,000. Handelsbanken Fonder AB boosted its holdings in shares of NetApp by 106.8% during the 4th quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider’s stock valued at $28,136,000 after purchasing an additional 135,715 shares during the last quarter. National Pension Service grew its position in shares of NetApp by 13.6% during the fourth quarter. National Pension Service now owns 180,917 shares of the data storage provider’s stock valued at $19,374,000 after purchasing an additional 21,643 shares in the last quarter. Finally, Arbejdsmarkedets Tillaegspension purchased a new position in shares of NetApp during the fourth quarter valued at about $21,234,000. 92.17% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $117.73, for a total transaction of $117,730.00. Following the sale, the executive vice president owned 18,382 shares in the company, valued at approximately $2,164,112.86. This represents a 5.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Lorenzo Daniel De sold 275 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $120.00, for a total value of $33,000.00. Following the completion of the sale, the chief accounting officer owned 1,090 shares of the company’s stock, valued at approximately $130,800. This represents a 20.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 52,964 shares of company stock valued at $8,106,972. 0.28% of the stock is currently owned by insiders.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $154.17 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $192.83. The firm’s 50-day moving average price is $142.29 and its 200-day moving average price is $116.71. The stock has a market capitalization of $30.20 billion, a price-to-earnings ratio of 24.24, a P/E/G ratio of 2.82 and a beta of 1.46.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS 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 company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the business posted $1.93 EPS. The company’s 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. On average, equities research analysts anticipate that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be issued a $0.52 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. NetApp’s payout ratio is 32.70%.

Analyst Ratings Changes

A number of research firms recently commented on NTAP. Barclays boosted their target price on NetApp from $120.00 to $199.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Northland Securities raised their price target on NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Morgan Stanley lifted their price objective on NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a research note on Friday, May 29th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $200.00 price objective on shares of NetApp in a report on Tuesday, June 2nd. Finally, Wedbush increased their target price on NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.