Glenmede Trust Co. NA Sells 342,794 Shares of NetApp, Inc. $NTAP

Glenmede Trust Co. NA reduced its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 66.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 169,229 shares of the data storage provider’s stock after selling 342,794 shares during the quarter. Glenmede Trust Co. NA’s holdings in NetApp were worth $17,327,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of NetApp by 1.1% in the 4th quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock valued at $1,091,499,000 after purchasing an additional 115,451 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 buying an additional 718,409 shares during the last quarter. Norges Bank bought a new stake in shares of NetApp during the fourth quarter worth approximately $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of NetApp by 17.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,127,533 shares of the data storage provider’s stock worth $442,018,000 after buying an additional 611,003 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in NetApp by 127.0% in the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock valued at $374,549,000 after buying an additional 2,046,912 shares during the period. 92.17% of the stock is owned by institutional investors.

Analyst Ratings Changes

NTAP has been the topic of a number of recent research reports. Wedbush raised their price objective on shares of NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Bank of America upped their target price on shares of NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Citigroup increased their price target on NetApp from $114.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Barclays raised their price target on NetApp from $120.00 to $199.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Finally, Northland Securities lifted their price objective on NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Five 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. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $169.33.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $170.92, for a total transaction of $170,920.00. Following the sale, the executive vice president owned 31,297 shares of the company’s stock, valued at $5,349,283.24. This trade represents a 3.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Lorenzo Daniel De sold 225 shares of NetApp stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $171.09, for a total value of $38,495.25. Following the transaction, the chief accounting officer owned 1,090 shares in the company, 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 52,964 shares of company stock worth $8,181,642 over the last ninety days. 0.28% of the stock is currently owned by corporate insiders.

NetApp Trading Up 2.6%

Shares of NASDAQ NTAP opened at $178.50 on Friday. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $192.83. The stock has a market cap of $35.03 billion, a price-to-earnings ratio of 28.07, a P/E/G ratio of 3.26 and a beta of 1.46. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. The company’s fifty day moving average is $162.88 and its 200-day moving average is $124.94.

NetApp (NASDAQ:NTAP) last released 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). The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. NetApp’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company 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 research analysts predict that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, July 10th. NetApp’s dividend payout ratio is 32.70%.

NetApp Company 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.