Key Points
- NetApp director Carrie Palin sold 5,000 shares at an average price of $216.43, reducing her holdings by 42.88% to 6,660 shares.
- NetApp reported strong quarterly results, with EPS of $2.58 beating estimates by $0.46 and revenue rising 29.9% year over year to $2.02 billion.
- The stock has a “Moderate Buy” consensus rating, with analysts’ average price target at $204.53; NetApp also declared a quarterly dividend of $0.52 per share.
NetApp, Inc. (NASDAQ:NTAP - Get Free Report) Director Carrie Palin sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $216.43, for a total value of $1,082,150.00. Following the sale, the director owned 6,660 shares of the company's stock, valued at approximately $1,441,423.80. This trade represents a 42.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
NetApp Price Performance
NTAP stock opened at $228.45 on Wednesday. The stock's 50 day moving average is $194.84 and its two-hundred day moving average is $156.66. NetApp, Inc. has a 52-week low of $93.69 and a 52-week high of $231.90. The company has a market capitalization of $44.87 billion, a PE ratio of 32.22, a P/E/G ratio of 2.41 and a beta of 1.46. The company has a quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 1.30.
NetApp (NASDAQ:NTAP - Get Free Report) last released its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.12 by $0.46. NetApp had a return on equity of 119.13% and a net margin of 19.18%.The company had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.84 billion. During the same period in the prior year, the business posted $1.15 EPS. The business's revenue was up 29.9% on a year-over-year basis. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. Analysts predict that NetApp, Inc. will post 8.32 earnings per share for the current fiscal year.
NetApp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, October 9th. NetApp's dividend payout ratio is 29.34%.
Institutional Trading of NetApp
Institutional investors and hedge funds have recently modified their holdings of the business. Private Client Services LLC acquired a new position in shares of NetApp in the 3rd quarter valued at about $662,000. Versant Capital Management Inc raised its stake in NetApp by 46.1% during the third quarter. Versant Capital Management Inc now owns 2,111 shares of the data storage provider's stock worth $443,000 after acquiring an additional 666 shares during the period. QRG Capital Management Inc. raised its stake in NetApp by 11.2% during the second quarter. QRG Capital Management Inc. now owns 12,480 shares of the data storage provider's stock worth $1,931,000 after acquiring an additional 1,261 shares during the period. Andra AP fonden lifted its holdings in NetApp by 168.2% in the second quarter. Andra AP fonden now owns 106,363 shares of the data storage provider's stock worth $16,461,000 after acquiring an additional 66,711 shares during the last quarter. Finally, National Pension Service lifted its holdings in NetApp by 145.1% in the second quarter. National Pension Service now owns 539,405 shares of the data storage provider's stock worth $83,478,000 after acquiring an additional 319,332 shares during the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on NTAP shares. Loop Capital boosted their target price on shares of NetApp from $215.00 to $260.00 and gave the stock a "buy" rating in a research report on Friday. Susquehanna increased their price target on shares of NetApp from $185.00 to $195.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. The Goldman Sachs Group reiterated a "buy" rating and issued a $240.00 price target on shares of NetApp in a research note on Tuesday. Wells Fargo & Company boosted their price objective on NetApp from $180.00 to $190.00 and gave the company an "equal weight" rating in a report on Thursday, September 3rd. Finally, Zacks Research upgraded NetApp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $204.53.
Read Our Latest Report on NTAP
About NetApp
(
Get Free Report)
NetApp, Inc develops intelligent data infrastructure and data management solutions for enterprises, service providers, and government organizations. The company helps customers store, manage, protect, and access data across on-premises environments, private clouds, public clouds, and hybrid multicloud infrastructures.
Its portfolio includes enterprise storage systems, all-flash arrays, cloud-connected storage, object storage, and data management software. NetApp's offerings include the ONTAP data management operating system, AFF and ASA storage systems, StorageGRID object storage, and BlueXP, a platform designed to help customers manage data and storage resources across multiple environments.
Further Reading
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