NetApp (NASDAQ:NTAP) President Cesar Cernuda Sells 49,464 Shares

NetApp, Inc. (NASDAQ:NTAP) President Cesar Cernuda sold 49,464 shares of NetApp stock in a transaction that occurred on Tuesday, June 23rd. The shares were 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 in the company, valued at $7,246,504.92. This trade represents a 51.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $154.59 on Friday. The company has a market cap of $30.29 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 2.84 and a beta of 1.45. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. The firm has a 50 day simple moving average of $136.52 and a 200 day simple moving average of $115.15. NetApp, Inc. has a one year low of $93.69 and a one year high of $192.83.

NetApp (NASDAQ:NTAP) last issued its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). The company 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% on a year-over-year basis. During the same quarter in the prior 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 predict that NetApp, Inc. will post 7.17 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. NetApp’s dividend payout ratio (DPR) is 32.70%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NTAP. Wells Fargo & Company upped their target price on NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Argus boosted their price target on NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Wall Street Zen raised NetApp from a “hold” rating to a “strong-buy” rating in a research note on Saturday, June 13th. JPMorgan Chase & Co. lifted their target price on shares of NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Wedbush boosted their target price on shares of NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, NetApp currently has a consensus rating of “Hold” and a consensus target price of $169.33.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NTAP. Geneos Wealth Management Inc. boosted its stake in shares of NetApp by 38.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock valued at $67,000 after purchasing an additional 210 shares during the last quarter. Sivia Capital Partners LLC bought a new position in NetApp during the second quarter worth $315,000. Cerity Partners LLC lifted 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 valued at $4,986,000 after buying an additional 4,232 shares during the period. Bank of Nova Scotia lifted its holdings in NetApp by 7.3% in 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 buying an additional 1,662 shares during the period. Finally, NewEdge Advisors LLC boosted 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 during the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

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.