NetApp, Inc. $NTAP Stake Reduced by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 2.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 188,748 shares of the data storage provider’s stock after selling 4,919 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of NetApp worth $19,326,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in NTAP. State Street Corp lifted its stake in NetApp by 1.1% during the fourth quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock valued at $1,091,499,000 after purchasing an additional 115,451 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of NetApp by 17.1% in the third quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock valued at $582,296,000 after buying an additional 718,409 shares in the last quarter. Norges Bank bought a new position in shares of NetApp in the fourth quarter valued at $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of NetApp by 17.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,127,533 shares of the data storage provider’s stock valued at $442,018,000 after acquiring an additional 611,003 shares during the last quarter. Finally, Boston Partners boosted its stake in shares of NetApp by 12.6% during the 3rd quarter. Boston Partners now owns 3,317,605 shares of the data storage provider’s stock worth $393,027,000 after acquiring an additional 370,405 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on NTAP. Argus lifted their target price on NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, June 1st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $200.00 target price on shares of NetApp in a report on Tuesday, June 2nd. UBS Group reiterated a “neutral” rating and issued a $160.00 price target on shares of NetApp in a research report on Friday, May 29th. Citigroup lifted their price target on NetApp from $114.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Finally, Wedbush boosted their price objective on NetApp from $115.00 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 assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $169.33.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $154.17 on Friday. The company’s fifty day moving average is $142.29 and its two-hundred day moving average is $116.71. The company has a quick ratio of 1.39, a current ratio of 1.44 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 company has a market cap of $30.20 billion, a P/E ratio of 24.24, a price-to-earnings-growth ratio of 2.82 and a beta of 1.46.

NetApp (NASDAQ:NTAP) last issued its 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 business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the business earned $1.93 EPS. The business’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. Equities analysts expect that NetApp, Inc. will post 7.16 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, July 10th. NetApp’s dividend payout ratio is currently 32.70%.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $163.48, for a total value of $163,480.00. Following the transaction, the executive vice president owned 32,297 shares in the company, valued at $5,279,913.56. This represents a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Cesar Cernuda sold 49,464 shares of the stock in a transaction that occurred 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 completion of the sale, the president directly owned 46,806 shares of the company’s stock, valued at $7,246,504.92. This trade represents a 51.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 52,964 shares of company stock worth $8,106,972. 0.28% of the stock is currently owned by company insiders.

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.