Connor Clark & Lunn Investment Management Ltd. Sells 356,431 Shares of NetApp, Inc. $NTAP

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 42.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 475,824 shares of the data storage provider’s stock after selling 356,431 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in NetApp were worth $56,366,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ascent Group LLC grew its position in shares of NetApp by 1.5% during the 3rd quarter. Ascent Group LLC now owns 6,084 shares of the data storage provider’s stock valued at $721,000 after acquiring an additional 90 shares during the period. Caliber Wealth Management LLC KS lifted its stake in NetApp by 5.0% in the third quarter. Caliber Wealth Management LLC KS now owns 2,100 shares of the data storage provider’s stock valued at $249,000 after purchasing an additional 100 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in NetApp by 19.2% during the second quarter. Parkside Financial Bank & Trust now owns 647 shares of the data storage provider’s stock valued at $69,000 after purchasing an additional 104 shares during the period. Frank Rimerman Advisors LLC increased its position in NetApp by 2.0% in the third quarter. Frank Rimerman Advisors LLC now owns 5,526 shares of the data storage provider’s stock worth $655,000 after buying an additional 106 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in NetApp by 2.6% in the third quarter. Harbor Capital Advisors Inc. now owns 4,531 shares of the data storage provider’s stock worth $537,000 after buying an additional 113 shares during the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $103.45, for a total value of $103,450.00. Following the completion of the transaction, the executive vice president directly owned 20,075 shares in the company, valued at approximately $2,076,758.75. This trade represents a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.28% of the company’s stock.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $97.58 on Thursday. The stock has a market cap of $19.26 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 3.00 and a beta of 1.39. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $126.66. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.36 and a current ratio of 1.39. The stock has a fifty day moving average of $101.55 and a 200-day moving average of $110.76.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Thursday, February 26th. The data storage provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.05. NetApp had a return on equity of 118.11% and a net margin of 18.07%.The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the prior year, the firm posted $1.91 EPS. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. Equities research analysts anticipate that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 22nd. Stockholders of record on Friday, April 3rd will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, April 2nd. NetApp’s dividend payout ratio is presently 34.78%.

Analyst Ratings Changes

A number of research analysts have recently commented on NTAP shares. Bank of America upped their price target on NetApp from $125.00 to $129.00 and gave the company a “neutral” rating in a research report on Wednesday, November 26th. UBS Group lifted their price objective on NetApp from $114.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, November 26th. Wells Fargo & Company boosted their price objective on NetApp from $100.00 to $115.00 and gave the company a “positive” rating in a research note on Wednesday, November 26th. Barclays upped their price objective on shares of NetApp from $125.00 to $134.00 and gave the company an “overweight” rating in a report on Wednesday, November 26th. Finally, Citigroup lifted their target price on shares of NetApp from $110.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $122.42.

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.