Bank of New York Mellon Corp Cuts Stock Holdings in NetApp, Inc. $NTAP

Bank of New York Mellon Corp trimmed its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 11.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,443,054 shares of the data storage provider’s stock after selling 188,538 shares during the period. Bank of New York Mellon Corp’s holdings in NetApp were worth $154,537,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Jefferies Financial Group Inc. purchased a new position in NetApp during the fourth quarter valued at $14,869,000. Handelsbanken Fonder AB lifted its position in NetApp by 106.8% during the fourth quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider’s stock valued at $28,136,000 after purchasing an additional 135,715 shares during the last quarter. Norges Bank bought a new position in NetApp during the fourth quarter valued at $458,060,000. Envestnet Asset Management Inc. lifted its position in NetApp by 4.9% during the third quarter. Envestnet Asset Management Inc. now owns 432,772 shares of the data storage provider’s stock valued at $51,266,000 after purchasing an additional 20,089 shares during the last quarter. Finally, National Pension Service lifted its position in NetApp by 13.6% during the fourth quarter. National Pension Service now owns 180,917 shares of the data storage provider’s stock valued at $19,374,000 after purchasing an additional 21,643 shares during the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NTAP. Weiss Ratings lowered shares of NetApp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, March 13th. Susquehanna raised their target price on shares of NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Citigroup raised their target price on shares of NetApp from $114.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Wall Street Zen lowered shares of NetApp from a “buy” rating to a “hold” rating in a report on Sunday, April 19th. Finally, Northland Securities lifted their price objective on shares of NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, NetApp presently has an average rating of “Hold” and an average price target of $169.33.

Insider Activity at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 225 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were 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 approximately $186,488.10. The trade was a 17.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $117.73, for a total transaction of $117,730.00. Following the sale, the executive vice president directly owned 18,382 shares in the company, valued at approximately $2,164,112.86. This represents a 5.16% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 3,500 shares of company stock worth $386,145. 0.28% of the stock is owned by insiders.

NetApp Trading Down 6.6%

NASDAQ NTAP opened at $167.04 on Friday. 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 company has a market capitalization of $32.96 billion, a price-to-earnings ratio of 26.26, a price-to-earnings-growth ratio of 3.06 and a beta of 1.45. The company’s 50-day simple moving average is $119.80 and its two-hundred day simple moving average is $110.25. NetApp, Inc. has a one year low of $93.69 and a one year high of $192.83.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data 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). The firm 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%.The company’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.93 EPS. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. Equities analysts forecast that NetApp, Inc. will post 7.14 EPS for the current fiscal year.

NetApp Dividend Announcement

The company also recently disclosed 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. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, July 10th. NetApp’s payout ratio is 32.70%.

NetApp 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.