Tocqueville Asset Management L.P. Buys New Shares in NetApp, Inc. $NTAP

Tocqueville Asset Management L.P. bought a new position in NetApp, Inc. (NASDAQ:NTAP) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 10,775 shares of the data storage provider’s stock, valued at approximately $1,668,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of NetApp during the second quarter valued at about $2,925,168,000. State Street Corp lifted its stake in shares of NetApp by 1.1% in the 4th quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock valued at $1,091,499,000 after acquiring an additional 115,451 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of NetApp by 17.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock valued at $582,296,000 after acquiring an additional 718,409 shares during the last quarter. Norges Bank purchased a new stake in NetApp during the 4th quarter valued at about $458,060,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in 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 period. 92.17% of the stock is owned by institutional investors.

NetApp Stock Down 0.9%

NASDAQ NTAP opened at $192.81 on Friday. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. The stock has a market capitalization of $37.84 billion, a PE ratio of 30.32, a PEG ratio of 3.49 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 business’s 50-day moving average is $172.32 and its 200 day moving average is $134.48.

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 analysts’ consensus estimates of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the company earned $1.93 EPS. The company’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. Sell-side analysts forecast that NetApp, Inc. will post 7.3 earnings per share for the current year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were issued a $0.52 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.08 annualized dividend and a yield of 1.1%. NetApp’s payout ratio is 32.70%.

Insider Activity at NetApp

In other news, President Cesar Cernuda sold 2,608 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $204.48, for a total value of $533,283.84. Following the completion of the sale, the president directly owned 46,530 shares of the company’s stock, valued at approximately $9,514,454.40. This trade represents a 5.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Lorenzo Daniel De sold 225 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the sale, the chief accounting officer directly owned 1,090 shares of the company’s stock, valued at approximately $186,488.10. This represents a 17.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 55,297 shares of company stock worth $8,758,016 over the last quarter. Corporate insiders own 0.36% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on NTAP. Wells Fargo & Company raised their price target on NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Susquehanna boosted their price objective on NetApp from $110.00 to $185.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Wedbush increased their price objective on NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. UBS Group restated a “neutral” rating and issued a $160.00 target price on shares of NetApp in a report on Friday, May 29th. Finally, Citigroup lifted their target price on shares of NetApp from $150.00 to $209.00 and gave the stock a “neutral” rating in a research note on Tuesday. Five analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $177.25.

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.