Allstate Corp Boosts Stake in NetApp, Inc. $NTAP

Allstate Corp raised its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 98.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,456 shares of the data storage provider’s stock after acquiring an additional 7,668 shares during the period. Allstate Corp’s holdings in NetApp were worth $1,655,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in NTAP. Abich Financial Wealth Management LLC purchased a new stake in NetApp during the third quarter valued at about $27,000. Rossby Financial LCC grew its position in NetApp by 105.5% during the third quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 115 shares during the period. Park Square Financial Group LLC grew its position in NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after acquiring an additional 103 shares during the period. JFS Wealth Advisors LLC grew its position in NetApp by 176.3% during the fourth quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider’s stock valued at $34,000 after acquiring an additional 201 shares during the period. Finally, Torren Management LLC purchased a new stake in NetApp during the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Key Stories Impacting NetApp

Here are the key news stories impacting NetApp this week:

• Positive Sentiment: NetApp reported quarterly revenue of $1.95 billion, above consensus, and raised FY2027 and Q1 FY2027 guidance for both EPS and revenue, signaling better-than-expected business momentum.
• Positive Sentiment: The board authorized a new $1 billion share repurchase program, which can support the stock by returning capital to shareholders and reducing share count. Article Title
• Neutral Sentiment: Analyst commentary ahead of earnings highlighted expectations for a strong quarter and noted a recent Google Cloud award, but this appears secondary to the actual results and guidance. Article Title
• Negative Sentiment: Despite strong revenue growth, NetApp’s EPS of $2.03 missed the $2.27 consensus, which likely explains why investors initially reacted cautiously to the report.
• Negative Sentiment: Some broader commentary has pointed to pressure from slower IT spending and cloud-related competition, which could weigh on sentiment even as the company’s near-term outlook improved. Article Title

Insider Activity

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $117.73, for a total value of $117,730.00. Following the transaction, the executive vice president owned 18,382 shares in the company, valued at approximately $2,164,112.86. The trade was a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Lorenzo Daniel De sold 275 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was 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 owned 1,090 shares in the company, valued at approximately $130,800. This trade represents a 20.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 3,275 shares of company stock worth $347,650. Insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup downgraded NetApp from a “neutral” rating to a “mixed” rating in a research report on Thursday, May 14th. Bank of America boosted their price objective on NetApp from $118.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 20th. JPMorgan Chase & Co. cut NetApp from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $125.00 to $110.00 in a research note on Thursday, April 16th. Wedbush restated a “neutral” rating and set a $115.00 price objective on shares of NetApp in a research note on Wednesday, February 25th. Finally, Weiss Ratings cut NetApp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $122.27.

NetApp Trading Down 0.2%

NASDAQ:NTAP opened at $142.40 on Friday. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.36 and a current ratio of 1.39. NetApp, Inc. has a one year low of $93.69 and a one year high of $143.65. The business’s 50-day simple moving average is $110.99 and its 200 day simple moving average is $107.48. The stock has a market cap of $28.10 billion, a price-to-earnings ratio of 23.81, a price-to-earnings-growth ratio of 2.60 and a beta of 1.28.

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 the consensus estimate of $2.27 by ($0.24). NetApp had a return on equity of 118.11% and a net margin of 18.07%.The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the firm posted $1.93 EPS. The company’s revenue was up 12.5% compared to the same quarter last year. 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, sell-side analysts predict that NetApp, Inc. will post 6.48 earnings per share for the current fiscal year.

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.