Hohimer Wealth Management LLC Acquires New Holdings in NetApp, Inc. $NTAP

Hohimer Wealth Management LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 29,395 shares of the data storage provider’s stock, valued at approximately $6,175,000.

Other institutional investors also recently added to or reduced their stakes in the company. Provenance Wealth Advisors LLC bought a new position in NetApp during the third quarter valued at about $26,000. West Financial Advisors LLC acquired a new position in NetApp during the second quarter worth about $37,000. Fortitude Family Office LLC grew its holdings in NetApp by 56.9% during the third quarter. Fortitude Family Office LLC now owns 204 shares of the data storage provider’s stock worth $43,000 after acquiring an additional 74 shares during the period. Bell Investment Advisors Inc bought a new stake in NetApp in the second quarter worth about $55,000. Finally, Elevation Wealth Partners LLC raised its position in NetApp by 90.8% in the third quarter. Elevation Wealth Partners LLC now owns 292 shares of the data storage provider’s stock worth $61,000 after acquiring an additional 139 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of NetApp from $173.00 to $191.00 and gave the stock an “equal weight” rating in a report on Thursday, September 3rd. The Goldman Sachs Group restated a “buy” rating and issued a $240.00 price target (up from $210.00) on shares of NetApp in a research report on Tuesday, October 6th. Argus set a $225.00 price objective on NetApp and gave the company a “buy” rating in a research report on Friday, September 11th. Wedbush raised their price objective on NetApp from $150.00 to $170.00 and gave the stock a “neutral” rating in a research note on Thursday, September 3rd. Finally, Weiss Ratings upgraded NetApp from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, NetApp currently has an average rating of “Moderate Buy” and a consensus price target of $205.24.

NetApp Stock Performance

NASDAQ:NTAP opened at $169.19 on Monday. The company has a market capitalization of $33.23 billion, a P/E ratio of 23.86, a P/E/G ratio of 1.82 and a beta of 1.52. The stock’s 50 day moving average price is $204.20 and its 200 day moving average price is $151.93. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.16 and a current ratio of 1.24. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $240.87.

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

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Friday, October 9th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, October 9th. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. NetApp’s payout ratio is presently 29.34%.

Insider Activity at NetApp

In related news, Director Deepak Ahuja sold 3,526 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $194.04, for a total value of $684,185.04. Following the completion of the transaction, the director owned 16,264 shares of the company’s stock, valued at $3,155,866.56. This represents a 17.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Carrie Palin sold 5,000 shares of the stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $216.43, for a total value of $1,082,150.00. Following the completion of the transaction, the director directly 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 172,524 shares of company stock worth $34,824,306. Insiders own 0.36% of the company’s stock.

About NetApp

NetApp, Inc develops data storage and data management technologies for businesses and other organizations. Its offerings support workloads across on-premises infrastructure, public cloud environments and hybrid settings, with services for storing, managing, protecting and moving data.

The company’s portfolio includes its ONTAP data management software, all-flash and hybrid-flash storage systems, object storage, and cloud storage and data services. NetApp also provides tools to help customers manage data across different environments and offers infrastructure through its Keystone storage-as-a-service model.

Founded in 1992 as Network Appliance, the company adopted the NetApp name in 2008.