Key Points
- NetApp President Cesar Cernuda sold 49,464 shares on June 23 for about $7.66 million, cutting his direct stake by 51.38% to 46,806 shares.
- The stock was down 0.6% in Friday trading, opening at $154.59, with a 52-week range of $93.69 to $192.83 and a market cap of about $30.29 billion.
- NetApp recently reported mixed quarterly results: EPS of $2.03 missed estimates, while revenue of $1.95 billion beat expectations and rose 12.5% year over year. The company also declared a $0.52 quarterly dividend, yielding about 1.3% annually.
NetApp, Inc. (NASDAQ:NTAP - Get Free Report) President Cesar Cernuda sold 49,464 shares of the firm's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the sale, the president directly owned 46,806 shares of the company's stock, valued at $7,246,504.92. This represents a 51.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
NetApp Trading Down 0.6%
Shares of NTAP stock opened at $154.59 on Friday. 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 50 day simple moving average of $136.52 and a two-hundred day simple moving average of $115.15. The company has a market cap of $30.29 billion, a P/E ratio of 24.31, a PEG ratio of 2.84 and a beta of 1.45.
NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings results 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). The business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.NetApp's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company 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. Research analysts forecast that NetApp, Inc. will post 7.17 earnings per share for the current year.
NetApp Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, July 10th. NetApp's dividend payout ratio (DPR) is presently 32.70%.
Institutional Investors Weigh In On NetApp
Several hedge funds and other institutional investors have recently made changes to their positions in NTAP. Norges Bank bought a new position in NetApp in the 4th quarter valued at about $458,060,000. First Trust Advisors LP raised its stake in shares of NetApp by 127.0% in 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 last quarter. SG Americas Securities LLC raised its stake in shares of 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 worth $136,125,000 after purchasing an additional 1,051,863 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of NetApp by 94.6% in 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 in the last quarter. Finally, SEB Asset Management AB purchased a new position in shares of NetApp during the first quarter valued at approximately $89,977,000. 92.17% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on NTAP. Wall Street Zen upgraded shares of NetApp from a "hold" rating to a "strong-buy" rating in a report on Saturday, June 13th. Wedbush raised their target price 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 reaffirmed a "neutral" rating and issued a $160.00 target price on shares of NetApp in a research report on Friday, May 29th. JPMorgan Chase & Co. upped their price target on NetApp from $110.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Finally, Argus increased their price target on NetApp from $130.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $169.33.
Get Our Latest Stock Analysis on NTAP
NetApp Company Profile
(
Get Free Report)
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.
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