BI Asset Management Fondsmaeglerselskab A S Cuts Stake in NetApp, Inc. $NTAP

BI Asset Management Fondsmaeglerselskab A S lessened its position in NetApp, Inc. (NASDAQ:NTAP) by 7.8% in the 1st quarter, Holdings Channel reports. The fund owned 238,394 shares of the data storage provider’s stock after selling 20,196 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in NetApp were worth $24,409,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Rossby Financial LCC raised its holdings in NetApp by 105.5% during the third quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 115 shares in the last quarter. Park Square Financial Group LLC boosted its holdings 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 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 acquired a new position in NetApp during the 4th quarter worth approximately $30,000. Finally, JFS Wealth Advisors LLC raised its stake in shares of NetApp by 176.3% during the 4th quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider’s stock worth $34,000 after buying an additional 201 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

NTAP opened at $159.71 on Friday. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $192.83. The stock has a market cap of $31.29 billion, a P/E ratio of 25.11, a P/E/G ratio of 2.92 and a beta of 1.45. The stock’s 50 day simple moving average is $131.77 and its 200 day simple moving average is $113.99. 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 issued its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (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 analyst estimates of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.93 earnings per share. 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, equities analysts anticipate that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Announces Dividend

The company 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 of this dividend is Friday, July 10th. NetApp’s payout ratio is 32.70%.

Insider Activity

In other NetApp news, CAO Lorenzo Daniel De sold 225 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the transaction, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $186,488.10. This trade represents a 17.11% decrease in their position. 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 NetApp stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $163.48, for a total transaction of $163,480.00. Following the transaction, the executive vice president owned 32,297 shares of the company’s stock, valued at approximately $5,279,913.56. The trade was a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,500 shares of company stock worth $448,955 over the last quarter. Insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

NTAP has been the subject of several recent analyst reports. Bank of America raised their price target on NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Wells Fargo & Company increased 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. Barclays raised their target price on NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Morgan Stanley boosted their target price on shares of NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. upped their price target on shares of NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $169.33.

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.