NetApp, Inc. $NTAP Stake Boosted by Gallacher Capital Management LLC

Gallacher Capital Management LLC boosted its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 115.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,993 shares of the data storage provider’s stock after purchasing an additional 4,812 shares during the period. Gallacher Capital Management LLC’s holdings in NetApp were worth $921,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. lifted its holdings in shares of NetApp by 38.3% during the 1st 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 during the last quarter. Sivia Capital Partners LLC acquired a new position in NetApp in the second quarter worth approximately $315,000. Cerity Partners LLC increased its holdings in 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 buying an additional 4,232 shares during the last quarter. Bank of Nova Scotia raised its position in 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 acquiring an additional 1,662 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in NetApp by 12.7% during the second quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock valued at $2,148,000 after acquiring an additional 2,277 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insider Activity at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 275 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $120.00, for a total value of $33,000.00. Following the sale, the chief accounting officer directly owned 1,090 shares in the company, valued at $130,800. This trade represents a 20.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the business’s stock in a transaction dated 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 transaction, the president owned 46,806 shares in the company, valued at approximately $7,246,504.92. The trade was a 51.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 52,964 shares of company stock worth $8,181,642 in the last ninety days. 0.28% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

NTAP has been the subject of several recent research reports. Argus boosted their target price on shares of NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Wells Fargo & Company raised their price target on shares of NetApp from $115.00 to $180.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. UBS Group reaffirmed a “neutral” rating and issued a $160.00 price objective on shares of NetApp in a research note on Friday, May 29th. Weiss Ratings upgraded shares of NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Finally, Morgan Stanley increased their target price on shares of NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a research report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $169.33.

NetApp Price Performance

NASDAQ NTAP opened at $159.69 on Friday. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $192.83. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. The stock has a market capitalization of $31.29 billion, a PE ratio of 25.11, a P/E/G ratio of 2.96 and a beta of 1.46. The stock has a 50-day simple moving average of $152.36 and a 200 day simple moving average of $120.23.

NetApp (NASDAQ:NTAP) last released 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). The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the business earned $1.93 EPS. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. Research analysts anticipate that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. NetApp’s payout ratio 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.