Abound Financial LLC Makes New Investment in NetApp, Inc. $NTAP

Abound Financial LLC purchased a new position in NetApp, Inc. (NASDAQ:NTAP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 5,965 shares of the data storage provider’s stock, valued at approximately $639,000.

Other large investors also recently modified their holdings of the company. Abich Financial Wealth Management LLC purchased a new position in shares of NetApp in the 3rd quarter worth about $27,000. Rossby Financial LCC raised its holdings in shares of NetApp by 105.5% in the 3rd quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 115 shares during the period. Park Square Financial Group LLC raised its holdings in shares of NetApp by 68.7% in the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 103 shares during the period. Gen Wealth Partners Inc purchased a new stake in shares of NetApp during the 4th quarter valued at about $30,000. Finally, JFS Wealth Advisors LLC raised its holdings 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 valued at $34,000 after buying an additional 201 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NTAP. Bank of America raised their target price on NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Wall Street Zen upgraded NetApp from a “hold” rating to a “strong-buy” rating in a report on Saturday. Northland Securities raised their target price on NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a report on Friday, May 29th. UBS Group reiterated a “neutral” rating and set a $160.00 target price on shares of NetApp in a report on Friday, May 29th. Finally, 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. Five investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $169.33.

NetApp Trading Up 0.1%

Shares of NTAP stock opened at $161.82 on Tuesday. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $192.83. The stock has a fifty day moving average of $127.09 and a two-hundred day moving average of $112.64. The firm has a market capitalization of $31.70 billion, a PE ratio of 25.44, a price-to-earnings-growth ratio of 2.95 and a beta of 1.44.

NetApp (NASDAQ:NTAP) last posted 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 firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the firm posted $1.93 EPS. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. 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, research analysts expect that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, July 10th. NetApp’s payout ratio is currently 32.70%.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $163.48, for a total transaction of $163,480.00. Following the sale, the executive vice president directly owned 32,297 shares of the company’s stock, valued at $5,279,913.56. The trade was a 3.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Lorenzo Daniel De sold 225 shares of the business’s stock in a transaction 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 trade 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 a total of 3,500 shares of company stock worth $448,955 in the last three months. Company insiders own 0.28% of the company’s stock.

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.