25,156 Shares in NetApp, Inc. $NTAP Acquired by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC acquired a new stake in NetApp, Inc. (NASDAQ:NTAP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 25,156 shares of the data storage provider’s stock, valued at approximately $3,893,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. grew its stake in shares of NetApp by 38.3% during the first quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock worth $67,000 after buying an additional 210 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of NetApp in the 2nd quarter valued at $315,000. Cerity Partners LLC lifted its stake in shares of NetApp by 9.9% in the 2nd quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock valued at $4,986,000 after acquiring an additional 4,232 shares during the last quarter. Bank of Nova Scotia boosted its holdings in shares of NetApp by 7.3% during the 2nd quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock valued at $2,589,000 after acquiring an additional 1,662 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of NetApp by 12.7% during the 2nd quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock valued at $2,148,000 after acquiring an additional 2,277 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NTAP. Citigroup upped their target price on NetApp from $150.00 to $209.00 and gave the stock a “neutral” rating in a report on Tuesday. Northland Securities lifted their price target on NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. boosted their price target on NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Wall Street Zen cut NetApp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 29th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $160.00 price objective on shares of NetApp in a research note on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $177.25.

NetApp Stock Performance

Shares of NetApp stock opened at $192.27 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $209.06. The stock has a market cap of $37.73 billion, a price-to-earnings ratio of 30.23, a P/E/G ratio of 3.45 and a beta of 1.45. The company’s fifty day moving average is $172.93 and its 200 day moving average is $134.89.

NetApp (NASDAQ:NTAP) last posted 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). The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $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. Sell-side analysts forecast that NetApp, Inc. will post 7.32 EPS for the current year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, July 10th. NetApp’s dividend payout ratio (DPR) is 32.70%.

Insider Buying and Selling

In related news, CAO Lorenzo Daniel De sold 225 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the sale, the chief accounting officer directly owned 1,090 shares in the company, valued at $186,488.10. This represents a 17.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $193.82, for a total transaction of $193,820.00. Following the transaction, the executive vice president owned 30,297 shares of the company’s stock, valued at approximately $5,872,164.54. The trade was a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 55,297 shares of company stock valued at $8,758,016 over the last ninety days. 0.36% of the stock is owned by company insiders.

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.