Oppenheimer Asset Management Inc. Makes New Investment in NetApp, Inc. $NTAP

Oppenheimer Asset Management Inc. bought a new position in NetApp, Inc. (NASDAQ:NTAP) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 14,280 shares of the data storage provider’s stock, valued at approximately $2,210,000.

Several other hedge funds have also made changes to their positions in the company. West Financial Advisors LLC purchased a new position in NetApp during the 2nd quarter worth approximately $37,000. Park Square Financial Group LLC lifted its holdings in shares of NetApp by 68.7% in the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 103 shares in the last quarter. Gen Wealth Partners Inc purchased a new stake in shares of NetApp in the fourth quarter valued at $30,000. DV Equities LLC acquired a new stake in shares of NetApp in the fourth quarter worth $30,000. Finally, Measured Wealth Private Client Group LLC purchased a new position in shares of NetApp during the third quarter valued at $35,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Analyst Upgrades and Downgrades

NTAP has been the topic of several recent analyst reports. Wall Street Zen lowered NetApp from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 29th. Bank of America raised their price objective on NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Northland Securities upped their target price on NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a report on Friday, May 29th. UBS Group reissued a “neutral” rating and issued a $160.00 price target on shares of NetApp in a research report on Friday, May 29th. Finally, Weiss Ratings upgraded shares of NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, NetApp currently has an average rating of “Hold” and a consensus target price of $172.33.

Insider Buying and Selling

In other NetApp news, President Cesar Cernuda sold 49,464 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total value 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. The trade was a 51.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Lorenzo Daniel De sold 225 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $171.09, for a total transaction of $38,495.25. Following the transaction, the chief accounting officer owned 1,090 shares in the company, valued at approximately $186,488.10. This trade represents a 17.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 52,689 shares of company stock worth $8,224,732. Insiders own 0.36% of the company’s stock.

NetApp Price Performance

NTAP opened at $207.08 on Monday. The stock has a market cap of $40.64 billion, a price-to-earnings ratio of 32.56, a PEG ratio of 3.72 and a beta of 1.45. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $209.06. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The stock has a fifty day moving average price of $169.53 and a 200 day moving average price of $131.65.

NetApp (NASDAQ:NTAP) last issued 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 firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the company earned $1.93 earnings per share. The business’s revenue for the quarter 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. Analysts forecast that NetApp, Inc. will post 7.3 EPS for the current fiscal year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. NetApp’s payout ratio is presently 32.70%.

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.