Hsbc Holdings PLC Sells 82,639 Shares of NetApp, Inc. $NTAP

Hsbc Holdings PLC decreased its position in NetApp, Inc. (NASDAQ:NTAP) by 8.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 936,340 shares of the data storage provider’s stock after selling 82,639 shares during the quarter. Hsbc Holdings PLC owned 0.48% of NetApp worth $144,848,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wedbush upped their price target on NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Barclays boosted their price target on shares of NetApp from $120.00 to $199.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Susquehanna lifted their target price on shares of NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Wall Street Zen lowered NetApp from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 29th. Finally, Morgan Stanley upgraded NetApp from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $137.00 to $173.00 in a report on Monday, August 10th. Five analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, NetApp presently has a consensus rating of “Hold” and a consensus target price of $179.77.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $193.82, for a total value of $193,820.00. Following the completion of the transaction, the executive vice president owned 30,297 shares in the company, valued at $5,872,164.54. This represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the sale, the president directly owned 46,806 shares of the company’s stock, valued at $7,246,504.92. This represents a 51.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 55,297 shares of company stock valued at $8,758,016. 0.36% of the stock is currently owned by corporate insiders.

NetApp Trading Up 0.3%

Shares of NASDAQ NTAP opened at $187.43 on Wednesday. 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 company’s fifty day moving average is $173.96 and its 200-day moving average is $136.41. The stock has a market cap of $36.78 billion, a price-to-earnings ratio of 29.47, a P/E/G ratio of 3.34 and a beta of 1.45.

NetApp (NASDAQ:NTAP) last posted its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The firm’s 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. Equities research analysts predict that NetApp, Inc. will post 7.32 EPS for the current year.

NetApp Announces Dividend

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

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.