Abound Financial LLC Invests $639,000 in NetApp, Inc. $NTAP

Abound Financial LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,965 shares of the data storage provider’s stock, valued at approximately $639,000.

Several other institutional investors have also modified their holdings of NTAP. Norges Bank purchased a new position in shares of NetApp during the 4th quarter worth $458,060,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of NetApp by 94.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider’s stock worth $215,987,000 after acquiring an additional 886,485 shares during the period. AQR Capital Management LLC raised its holdings in shares of NetApp by 71.6% during the 3rd quarter. AQR Capital Management LLC now owns 1,849,218 shares of the data storage provider’s stock worth $219,058,000 after acquiring an additional 771,835 shares during the period. Wellington Management Group LLP raised its holdings in shares of NetApp by 17.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock worth $582,296,000 after acquiring an additional 718,409 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of NetApp by 83.0% during the 2nd quarter. Bank of America Corp DE now owns 1,544,513 shares of the data storage provider’s stock worth $164,568,000 after acquiring an additional 700,467 shares during the period. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

Shares of NetApp stock opened at $161.82 on Tuesday. NetApp, Inc. has a one year low of $93.69 and a one year high of $192.83. The company has a market cap of $31.70 billion, a PE ratio of 25.44, a P/E/G ratio of 2.95 and a beta of 1.44. 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 business has a 50-day simple moving average of $127.09 and a 200-day simple moving average of $112.64.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data 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 return on equity of 117.23% and a net margin of 18.43%.The company 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 firm posted $1.93 earnings per share. The business’s quarterly 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. On average, equities research analysts forecast that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders 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 1.3%. The ex-dividend date is Friday, July 10th. NetApp’s dividend payout ratio is 32.70%.

Analysts Set New Price Targets

Several research analysts have recently commented on NTAP shares. The Goldman Sachs Group reiterated a “buy” rating and set a $200.00 price target on shares of NetApp in a report on Tuesday, June 2nd. Argus boosted their price objective on shares of NetApp from $130.00 to $200.00 and gave the company a “buy” rating in a report on Monday, June 1st. Barclays boosted their price objective on shares of NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Citigroup boosted their price objective 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, JPMorgan Chase & Co. boosted their price objective on shares of NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $169.33.

Insider Buying and Selling at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 275 shares of the stock in a transaction on 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 represents a 20.15% 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, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $117.73, for a total value of $117,730.00. Following the completion of the transaction, the executive vice president owned 18,382 shares of the company’s stock, 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. Insiders sold 3,500 shares of company stock valued at $448,955 in the last quarter. 0.28% of the stock is currently owned by company 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.