34,934 Shares in NetApp, Inc. $NTAP Acquired by Westpac Banking Corp

Westpac Banking Corp bought a new position in NetApp, Inc. (NASDAQ:NTAP) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 34,934 shares of the data storage provider’s stock, valued at approximately $5,406,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. West Financial Advisors LLC bought a new stake in shares of NetApp in the 2nd quarter worth approximately $37,000. Park Square Financial Group LLC grew its holdings in shares of NetApp by 68.7% during the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 103 shares during the last quarter. Gen Wealth Partners Inc bought a new position in shares of NetApp during the 4th quarter valued at $30,000. DV Equities LLC purchased a new position in NetApp in the 4th quarter worth $30,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in NetApp in the third quarter worth $35,000. 92.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Argus upped their price target on shares of NetApp from $130.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. boosted their target price on NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Barclays boosted their target price on NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Wedbush raised their price target on NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Northland Securities lifted their price target on NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, NetApp presently has a consensus rating of “Hold” and a consensus target price of $177.25.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $193.82, for a total value of $193,820.00. Following the sale, the executive vice president directly owned 30,297 shares in the company, valued at approximately $5,872,164.54. This trade represents a 3.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lorenzo Daniel De sold 225 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $171.09, for a total value of $38,495.25. Following the transaction, the chief accounting officer directly owned 1,090 shares in the company, valued at $186,488.10. This trade represents a 17.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 55,297 shares of company stock valued at $8,758,016 in the last 90 days. Insiders own 0.36% of the company’s stock.

NetApp Trading Down 0.3%

Shares of NTAP opened at $192.27 on Friday. The stock has a market capitalization of $37.73 billion, a P/E ratio of 30.23, a PEG ratio of 3.46 and a beta of 1.45. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $209.06. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. The firm has a fifty day simple moving average of $172.93 and a two-hundred day simple moving average of $134.89.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data 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 firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. NetApp’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $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. On average, research analysts anticipate that NetApp, Inc. will post 7.3 EPS for the current year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, July 10th. NetApp’s payout ratio is currently 32.70%.

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.