PNC Financial Services Group Inc. Sells 5,922 Shares of NetApp, Inc. $NTAP

PNC Financial Services Group Inc. lessened its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 16.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,495 shares of the data storage provider’s stock after selling 5,922 shares during the period. PNC Financial Services Group Inc.’s holdings in NetApp were worth $3,020,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of NetApp during the 4th quarter worth approximately $458,060,000. SG Americas Securities LLC lifted its stake in NetApp by 378.9% in the first quarter. SG Americas Securities LLC now owns 1,329,475 shares of the data storage provider’s stock valued at $136,125,000 after purchasing an additional 1,051,863 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings 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 valued at $215,987,000 after purchasing an additional 886,485 shares during the period. SEB Asset Management AB bought a new position in NetApp during the first quarter valued at $89,977,000. Finally, AQR Capital Management LLC grew its holdings in NetApp by 71.6% during the third quarter. AQR Capital Management LLC now owns 1,849,218 shares of the data storage provider’s stock valued at $219,058,000 after purchasing an additional 771,835 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $174.53 on Wednesday. The stock has a market cap of $34.25 billion, a PE ratio of 27.44, a price-to-earnings-growth ratio of 3.10 and a beta of 1.46. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week 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 stock has a fifty day moving average of $160.01 and a 200-day moving average of $123.61.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the company posted $1.93 EPS. 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. Equities research analysts anticipate that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be paid a $0.52 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.08 annualized dividend and a yield of 1.2%. NetApp’s dividend payout ratio is currently 32.70%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. The Goldman Sachs Group restated a “buy” rating and issued a $200.00 target price on shares of NetApp in a research note on Tuesday, June 2nd. Bank of America increased their price target on NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. lifted their price objective on NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Weiss Ratings upgraded NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Finally, Barclays upped their price objective on shares of NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $169.33.

Insider Buying and Selling at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 275 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $120.00, for a total value of $33,000.00. Following the completion of the transaction, the chief accounting officer directly owned 1,090 shares of the company’s stock, valued at $130,800. This trade represents a 20.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the executive vice president owned 31,297 shares of the company’s stock, valued at $5,349,283.24. This trade represents a 3.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 52,964 shares of company stock valued at $8,181,642 in the last three months. Company insiders own 0.28% of the company’s stock.

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.