Arvest Bank Trust Division Makes New $3.07 Million Investment in NetApp, Inc. $NTAP

Arvest Bank Trust Division acquired a new position in NetApp, Inc. (NASDAQ:NTAP) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 29,994 shares of the data storage provider’s stock, valued at approximately $3,071,000.

A number of other hedge funds have also made changes to their positions in NTAP. Park Square Financial Group LLC lifted its stake in shares of NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 103 shares in the last quarter. Gen Wealth Partners Inc acquired a new position in NetApp during the 4th quarter worth approximately $30,000. DV Equities LLC purchased a new position in NetApp in the 4th quarter worth approximately $30,000. Measured Wealth Private Client Group LLC purchased a new position in NetApp in the 3rd quarter worth approximately $35,000. Finally, Roble Belko & Company Inc acquired a new stake in NetApp in the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insider Activity at NetApp

In related news, President Cesar Cernuda sold 49,464 shares of the company’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the completion of the transaction, the president directly owned 46,806 shares in the company, valued at $7,246,504.92. This represents a 51.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $170.92, for a total value of $170,920.00. Following the completion of the sale, the executive vice president owned 31,297 shares in the company, valued at $5,349,283.24. The trade was a 3.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 52,964 shares of company stock worth $8,181,642 in the last 90 days. 0.28% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NTAP has been the topic of a number of recent research reports. The Goldman Sachs Group reissued a “buy” rating and set a $200.00 target price on shares of NetApp in a research report on Tuesday, June 2nd. Weiss Ratings upgraded NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Bank of America increased their target price on NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Wedbush increased their price objective on shares of NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, UBS Group reissued a “neutral” rating and issued a $160.00 target price on shares of NetApp in a research report on Friday, May 29th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, NetApp presently has a consensus rating of “Hold” and a consensus price target of $169.33.

NetApp Stock Performance

NetApp stock opened at $165.76 on Wednesday. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $192.83. The company has a fifty day moving average price of $155.14 and a two-hundred day moving average price of $121.40. The company has a market cap of $32.53 billion, a PE ratio of 26.06, a P/E/G ratio of 2.94 and a beta of 1.46.

NetApp (NASDAQ:NTAP) last posted 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 net margin of 18.43% and a return on equity of 117.23%. The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the firm posted $1.93 earnings per share. The company’s quarterly revenue 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. Research analysts expect that NetApp, Inc. will post 7.16 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. Investors of record on Friday, July 10th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. NetApp’s dividend payout ratio (DPR) is 32.70%.

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.