CIBC Asset Management Inc Raises Stock Holdings in NetApp, Inc. $NTAP

CIBC Asset Management Inc raised its position in NetApp, Inc. (NASDAQ:NTAP) by 62.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,276 shares of the data storage provider’s stock after buying an additional 18,227 shares during the quarter. CIBC Asset Management Inc’s holdings in NetApp were worth $5,063,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of NetApp during the fourth quarter worth approximately $458,060,000. Arrowstreet Capital Limited Partnership raised its stake in shares of NetApp by 94.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider’s stock worth $215,987,000 after purchasing an additional 886,485 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of NetApp by 71.6% during the third quarter. AQR Capital Management LLC now owns 1,849,218 shares of the data storage provider’s stock worth $219,058,000 after purchasing an additional 771,835 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of NetApp by 17.1% during the third quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock worth $582,296,000 after purchasing an additional 718,409 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of NetApp by 83.0% during the second quarter. Bank of America Corp DE now owns 1,544,513 shares of the data storage provider’s stock worth $164,568,000 after purchasing an additional 700,467 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Trading Down 6.6%

Shares of NTAP stock opened at $167.04 on Friday. The business’s fifty day moving average price is $119.80 and its 200 day moving average price is $110.25. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $192.83. The firm has a market capitalization of $32.96 billion, a PE ratio of 26.26, a P/E/G ratio of 3.06 and a beta of 1.45. 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 (NASDAQ:NTAP) last announced its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the company earned $1.93 EPS. The company’s 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. As a group, sell-side analysts forecast that NetApp, Inc. will post 7.14 EPS for the current fiscal year.

NetApp Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NTAP shares. Susquehanna upped their price target on NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Wells Fargo & Company upped their price target on NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. upped their price target on NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Morgan Stanley upped their price target on NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a research note on Friday, May 29th. Finally, Weiss Ratings cut NetApp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 13th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, NetApp presently has a consensus rating of “Hold” and a consensus target price of $169.33.

Insiders Place Their Bets

In related news, CAO Lorenzo Daniel De sold 275 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $120.00, for a total transaction of $33,000.00. Following the transaction, the chief accounting officer owned 1,090 shares of the company’s stock, valued at $130,800. This represents a 20.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction on 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 directly owned 18,382 shares in the company, valued at $2,164,112.86. This represents a 5.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,500 shares of company stock worth $386,145 in the last ninety days. 0.28% of the stock is currently owned by corporate insiders.

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.