Commerce Bank Acquires New Holdings in NetApp, Inc. $NTAP

Commerce Bank bought a new stake in NetApp, Inc. (NASDAQ:NTAP) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 60,789 shares of the data storage provider’s stock, valued at approximately $9,408,000.

Several other hedge funds also recently bought and sold shares of NTAP. Geneos Wealth Management Inc. increased its position 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 valued at $67,000 after acquiring an additional 210 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of NetApp in the 2nd quarter worth approximately $315,000. Cerity Partners LLC boosted its position in shares of NetApp by 9.9% during the 2nd quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock worth $4,986,000 after purchasing an additional 4,232 shares during the period. Bank of Nova Scotia boosted its position 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 worth $2,589,000 after purchasing an additional 1,662 shares during the period. Finally, NewEdge Advisors LLC increased its holdings in NetApp by 12.7% in the 2nd quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock valued at $2,148,000 after purchasing an additional 2,277 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Price Performance

NTAP stock opened at $192.27 on Monday. The company’s 50 day moving average price is $172.93 and its 200 day moving average price is $135.15. The firm has a market capitalization of $37.73 billion, a price-to-earnings ratio of 30.23, a PEG ratio of 3.44 and a beta of 1.45. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week high of $209.06. 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 (NASDAQ:NTAP) last issued its quarterly 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 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 analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the firm earned $1.93 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. On average, equities research analysts anticipate that NetApp, Inc. will post 7.32 EPS for the current fiscal year.

NetApp Announces Dividend

The company 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 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, July 10th. NetApp’s payout ratio is 32.70%.

Analyst Upgrades and Downgrades

NTAP has been the topic of a number of research analyst reports. UBS Group reissued a “neutral” rating and issued a $160.00 target price on shares of NetApp in a research report on Friday, May 29th. The Goldman Sachs Group restated a “buy” rating and set a $200.00 price target on shares of NetApp in a research report on Tuesday, June 2nd. Citigroup lifted their price objective on NetApp from $150.00 to $209.00 and gave the company a “neutral” rating in a research note on Tuesday, August 18th. JPMorgan Chase & Co. boosted their price objective on NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Finally, Wedbush increased their target price on NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating 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 stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $177.25.

Insider Transactions at NetApp

In related news, CAO Lorenzo Daniel De sold 225 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the transaction, the chief accounting officer owned 1,090 shares in the company, valued at approximately $186,488.10. The trade was a 17.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Cesar Cernuda sold 2,608 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $204.48, for a total value of $533,283.84. Following the completion of the transaction, the president directly owned 46,530 shares in the company, valued at $9,514,454.40. This trade represents a 5.31% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 55,297 shares of company stock valued at $8,758,016. Insiders own 0.36% of the company’s stock.

NetApp 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.