Portfolio Design Labs LLC Makes New Investment in NetApp, Inc. $NTAP

Portfolio Design Labs LLC acquired a new position in NetApp, Inc. (NASDAQ:NTAP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,418 shares of the data storage provider’s stock, valued at approximately $838,000.

A number of other large investors have also recently made changes to their positions in the stock. Geneos Wealth Management Inc. increased its holdings in NetApp by 38.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock worth $67,000 after acquiring an additional 210 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in NetApp during the second quarter valued at approximately $315,000. Cerity Partners LLC lifted its holdings in NetApp by 9.9% during the second quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock valued at $4,986,000 after purchasing an additional 4,232 shares in the last quarter. Bank of Nova Scotia boosted its position in shares of NetApp by 7.3% in the second quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock worth $2,589,000 after purchasing an additional 1,662 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of NetApp by 12.7% in the second quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock worth $2,148,000 after purchasing an additional 2,277 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Trading Down 0.9%

NetApp stock opened at $192.81 on Friday. The stock has a market cap of $37.84 billion, a P/E ratio of 30.32, a PEG ratio of 3.49 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, Inc. has a 1 year low of $93.69 and a 1 year high of $209.06. The firm’s 50 day moving average price is $172.32 and its 200-day moving average price is $134.48.

NetApp (NASDAQ:NTAP) last released its earnings results 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). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the firm posted $1.93 EPS. NetApp’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 analysts predict that NetApp, Inc. will post 7.3 earnings per share for the current fiscal year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were paid a $0.52 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.08 annualized dividend and a yield of 1.1%. NetApp’s payout ratio is presently 32.70%.

Insider Buying and Selling at NetApp

In other news, President Cesar Cernuda sold 49,464 shares of NetApp stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the sale, the president directly owned 46,806 shares of the company’s stock, valued at approximately $7,246,504.92. The trade was a 51.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Lorenzo Daniel De sold 225 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the completion of the sale, the chief accounting officer owned 1,090 shares in the company, valued at $186,488.10. This represents a 17.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 55,297 shares of company stock valued at $8,758,016 in the last 90 days. Insiders own 0.36% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on NTAP. Bank of America raised their price objective 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. Wedbush upped their target price on shares of NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Northland Securities increased their price target on NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. The Goldman Sachs Group reissued a “buy” rating and set a $200.00 price target on shares of NetApp in a report on Tuesday, June 2nd. Finally, Barclays boosted their price objective on NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $177.25.

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.