Arrowstreet Capital Limited Partnership Lowers Holdings in NetApp, Inc. $NTAP

Arrowstreet Capital Limited Partnership lowered its holdings in NetApp, Inc. (NASDAQ:NTAP) by 39.9% in the first quarter, HoldingsChannel reports. The firm owned 988,873 shares of the data storage provider’s stock after selling 655,402 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in NetApp were worth $101,251,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Park Square Financial Group LLC boosted its position in NetApp by 68.7% in the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after buying an additional 103 shares during the period. Gen Wealth Partners Inc purchased a new stake in shares of NetApp during the fourth quarter worth $30,000. DV Equities LLC acquired a new stake in shares of NetApp in the fourth quarter valued at $30,000. Roble Belko & Company Inc acquired a new stake in shares of NetApp in the first quarter valued at $31,000. Finally, JFS Wealth Advisors LLC boosted its holdings in NetApp by 176.3% in the fourth quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider’s stock valued at $34,000 after purchasing an additional 201 shares during the period. 92.17% of the stock is currently owned by institutional investors and hedge funds.

NetApp Trading Up 1.9%

Shares of NetApp stock opened at $167.74 on Friday. The company has a fifty day simple moving average of $157.95 and a 200-day simple moving average of $122.54. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $192.83. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The stock has a market cap of $32.92 billion, a price-to-earnings ratio of 26.37, a PEG ratio of 3.06 and a beta of 1.46.

NetApp (NASDAQ:NTAP) last posted its 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 company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the business earned $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. On average, equities analysts forecast that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. NetApp’s dividend payout ratio is currently 32.70%.

Analyst Ratings Changes

Several brokerages have weighed in on NTAP. UBS Group restated a “neutral” rating and set a $160.00 price target on shares of NetApp in a report on Friday, May 29th. Wells Fargo & Company boosted their price objective on NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. The Goldman Sachs Group restated a “buy” rating and set a $200.00 target price on shares of NetApp in a research note on Tuesday, June 2nd. Citigroup raised their target price on shares of NetApp from $114.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Finally, Barclays lifted their price target on shares of NetApp from $120.00 to $199.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Five equities research 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’s stock. According to MarketBeat, NetApp presently has an average rating of “Hold” and an average target price of $169.33.

Insider Buying and Selling

In other news, President Cesar Cernuda sold 49,464 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total value of $7,658,016.48. Following the completion of the sale, the president directly owned 46,806 shares of the company’s stock, valued at approximately $7,246,504.92. This represents a 51.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Lorenzo Daniel De sold 225 shares of the 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 sale, the chief accounting officer owned 1,090 shares of the company’s stock, valued at $186,488.10. This trade represents a 17.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 52,964 shares of company stock worth $8,181,642 in the last 90 days. Company insiders own 0.28% of the company’s stock.

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.