Bangor Savings Bank Reduces Holdings in NetApp, Inc. $NTAP

Bangor Savings Bank reduced its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 32.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,365 shares of the data storage provider’s stock after selling 3,598 shares during the quarter. Bangor Savings Bank’s holdings in NetApp were worth $1,547,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Private Client Services LLC acquired a new stake in shares of NetApp in the 3rd quarter worth about $662,000. Versant Capital Management Inc boosted its stake in NetApp by 46.1% during the 3rd quarter. Versant Capital Management Inc now owns 2,111 shares of the data storage provider’s stock valued at $443,000 after purchasing an additional 666 shares during the last quarter. QRG Capital Management Inc. increased its holdings in NetApp by 11.2% during the 2nd quarter. QRG Capital Management Inc. now owns 12,480 shares of the data storage provider’s stock worth $1,931,000 after purchasing an additional 1,261 shares in the last quarter. Andra AP fonden increased its holdings in NetApp by 168.2% during the 2nd quarter. Andra AP fonden now owns 106,363 shares of the data storage provider’s stock worth $16,461,000 after purchasing an additional 66,711 shares in the last quarter. Finally, National Pension Service increased its holdings in NetApp by 145.1% during the 2nd quarter. National Pension Service now owns 539,405 shares of the data storage provider’s stock worth $83,478,000 after purchasing an additional 319,332 shares in the last quarter. 92.17% of the stock is owned by institutional investors.

NetApp Stock Performance

Shares of NetApp stock traded up $4.68 during mid-day trading on Tuesday, hitting $228.45. 2,842,798 shares of the stock were exchanged, compared to its average volume of 2,700,426. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $231.90. The company has a 50-day simple moving average of $193.77 and a 200 day simple moving average of $155.76. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.16 and a current ratio of 1.24. The company has a market capitalization of $44.87 billion, a P/E ratio of 32.22, a P/E/G ratio of 2.43 and a beta of 1.46.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.46. The firm had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.84 billion. NetApp had a return on equity of 119.13% and a net margin of 19.18%.The company’s revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 EPS. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. Sell-side analysts anticipate that NetApp, Inc. will post 8.32 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, October 9th. NetApp’s dividend payout ratio is 29.34%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NTAP. Argus set a $225.00 target price on NetApp in a report on Friday, September 11th. UBS Group upped their price target on NetApp from $160.00 to $171.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. TD Cowen increased their price target on NetApp from $200.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday. Wedbush raised their price objective on NetApp from $150.00 to $170.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. Finally, Citigroup cut their price objective on shares of NetApp from $209.00 to $190.00 and set a “neutral” rating on the stock in a report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $202.53.

Insider Activity

In related news, Director Thomas Nevens sold 5,940 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $195.21, for a total value of $1,159,547.40. Following the transaction, the director directly owned 7,747 shares of the company’s stock, valued at approximately $1,512,291.87. The trade was a 43.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carrie Palin sold 5,000 shares of the stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $216.43, for a total transaction of $1,082,150.00. Following the transaction, the director owned 6,660 shares of the company’s stock, valued at approximately $1,441,423.80. The trade was a 42.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 173,524 shares of company stock worth $34,951,626. 0.36% of the stock is owned by insiders.

About NetApp

NetApp, Inc develops intelligent data infrastructure and data management solutions for enterprises, service providers, and government organizations. The company helps customers store, manage, protect, and access data across on-premises environments, private clouds, public clouds, and hybrid multicloud infrastructures.

Its portfolio includes enterprise storage systems, all-flash arrays, cloud-connected storage, object storage, and data management software. NetApp’s offerings include the ONTAP data management operating system, AFF and ASA storage systems, StorageGRID object storage, and BlueXP, a platform designed to help customers manage data and storage resources across multiple environments.