Modern Wealth Management LLC Acquires Shares of 3,853 NetApp, Inc. $NTAP

Modern Wealth Management LLC bought a new stake in shares of NetApp, Inc. (NASDAQ:NTAP) in the first quarter, HoldingsChannel reports. The institutional investor bought 3,853 shares of the data storage provider’s stock, valued at approximately $393,000.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of NetApp in the fourth quarter worth $458,060,000. First Trust Advisors LP lifted its position in NetApp by 127.0% during the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock worth $374,549,000 after purchasing an additional 2,046,912 shares during the period. SG Americas Securities LLC grew its stake in NetApp by 378.9% during the first quarter. SG Americas Securities LLC now owns 1,329,475 shares of the data storage provider’s stock worth $136,125,000 after buying an additional 1,051,863 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in NetApp by 94.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider’s stock worth $215,987,000 after buying an additional 886,485 shares in the last quarter. Finally, SEB Asset Management AB bought a new position in NetApp in the 1st quarter valued at about $89,977,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $170.92, for a total transaction of $170,920.00. Following the sale, the executive vice president owned 31,297 shares of the company’s stock, valued at approximately $5,349,283.24. The trade was a 3.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the company’s 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 transaction, the president 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 52,964 shares of company stock worth $8,181,642 over the last quarter. Corporate insiders own 0.28% of the company’s stock.

NetApp Stock Up 1.2%

NTAP stock opened at $169.80 on Tuesday. The stock has a market capitalization of $33.32 billion, a P/E ratio of 26.70, a price-to-earnings-growth ratio of 3.06 and a beta of 1.46. 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 has a 50-day moving average price of $158.93 and a 200-day moving average price of $123.11.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.93 earnings per share. 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, 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. Shareholders of record on Friday, July 10th will be given a $0.52 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. NetApp’s dividend payout ratio (DPR) is currently 32.70%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NTAP. Citigroup boosted their target price on shares of NetApp from $114.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Barclays lifted their price objective on shares of NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Wall Street Zen upgraded shares of NetApp from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Morgan Stanley upped their target price on NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a research note on Friday, May 29th. Finally, Argus raised their target price on NetApp from $130.00 to $200.00 and gave the company a “buy” rating in a report on Monday, June 1st. Five analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $169.33.

About NetApp

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.