4,277,338 Shares in NetApp, Inc. $NTAP Acquired by Norges Bank

Norges Bank purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 4,277,338 shares of the data storage provider’s stock, valued at approximately $458,060,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Caliber Wealth Management LLC KS lifted its stake in shares of NetApp by 5.0% during the 3rd quarter. Caliber Wealth Management LLC KS now owns 2,100 shares of the data storage provider’s stock worth $249,000 after acquiring an additional 100 shares during the last quarter. Park Square Financial Group LLC increased its holdings in NetApp by 68.7% during the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 103 shares during the period. Transcend Capital Advisors LLC increased its holdings in NetApp by 5.8% during the 4th quarter. Transcend Capital Advisors LLC now owns 1,953 shares of the data storage provider’s stock worth $209,000 after purchasing an additional 107 shares during the period. Fifth Third Bancorp increased its holdings in NetApp by 0.9% during the 4th quarter. Fifth Third Bancorp now owns 12,559 shares of the data storage provider’s stock worth $1,345,000 after purchasing an additional 108 shares during the period. Finally, US Bancorp DE increased its holdings in NetApp by 0.7% during the 3rd quarter. US Bancorp DE now owns 15,398 shares of the data storage provider’s stock worth $1,824,000 after purchasing an additional 114 shares during the period. 92.17% of the stock is owned by institutional investors.

NetApp Trading Up 3.1%

Shares of NASDAQ:NTAP opened at $179.70 on Tuesday. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $192.83. The business’s fifty day simple moving average is $113.99 and its 200-day simple moving average is $108.41. The company has a market capitalization of $35.46 billion, a PE ratio of 28.25, a P/E/G ratio of 3.18 and a beta of 1.28. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84.

NetApp (NASDAQ:NTAP) last announced 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 net margin of 18.43% and a return on equity of 117.23%. The company 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 business posted $1.93 earnings per share. The company’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. As a group, equities research analysts predict that NetApp, Inc. will post 7.14 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be issued a $0.52 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.2%. NetApp’s dividend payout ratio (DPR) is currently 32.70%.

Wall Street Analyst Weigh In

NTAP has been the topic of several research reports. Bank of America raised their price objective on NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday. Wedbush raised their price objective on NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday. Northland Securities raised their price objective on NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a report on Friday. Morgan Stanley raised their price objective on NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a report on Friday. Finally, Wells Fargo & Company raised their price objective on NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a report on Friday. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $163.33.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction on Monday, May 11th. The stock was sold at an average price of $117.73, for a total value of $117,730.00. Following the transaction, the executive vice president directly owned 18,382 shares in the company, valued at approximately $2,164,112.86. This trade represents a 5.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Lorenzo Daniel De sold 275 shares of NetApp 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 completion of the transaction, the chief accounting officer owned 1,090 shares in the company, valued at $130,800. This represents a 20.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,275 shares of company stock worth $347,650 over the last quarter. Company insiders own 0.28% of the company’s stock.

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.