Gallacher Capital Management LLC Purchases 4,812 Shares of NetApp, Inc. $NTAP

Gallacher Capital Management LLC lifted its position in NetApp, Inc. (NASDAQ:NTAP) by 115.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,993 shares of the data storage provider’s stock after purchasing an additional 4,812 shares during the quarter. Gallacher Capital Management LLC’s holdings in NetApp were worth $921,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in NetApp during the first quarter worth $356,000. Allspring Global Investments Holdings LLC raised its stake in shares of NetApp by 4.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,212 shares of the data storage provider’s stock valued at $1,042,000 after buying an additional 474 shares in the last quarter. Aware Super Pty Ltd as trustee of Aware Super acquired a new position in shares of NetApp in the 1st quarter valued at $16,306,000. Wealthfront Advisers LLC lifted its holdings in shares of NetApp by 25.9% during the 1st quarter. Wealthfront Advisers LLC now owns 33,611 shares of the data storage provider’s stock worth $3,441,000 after acquiring an additional 6,914 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of NetApp during the 1st quarter worth about $246,000. 92.17% of the stock is owned by institutional investors.

Insider Transactions at NetApp

In related news, President Cesar Cernuda sold 49,464 shares of NetApp stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $170.92, for a total transaction of $170,920.00. Following the transaction, the executive vice president owned 31,297 shares in the company, valued at approximately $5,349,283.24. The trade was a 3.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 52,964 shares of company stock worth $8,181,642 over the last 90 days. 0.28% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley upped their target price on shares of NetApp from $88.00 to $137.00 and gave the company an “underweight” rating in a research note on Friday, May 29th. Wedbush raised their price target on shares of NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $200.00 price objective on shares of NetApp in a report on Tuesday, June 2nd. Wells Fargo & Company upped their price objective on NetApp from $115.00 to $180.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Finally, UBS Group restated a “neutral” rating and set a $160.00 target price on shares of NetApp in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, NetApp has a consensus rating of “Hold” and a consensus price target of $169.33.

NetApp Trading Down 1.5%

NTAP opened at $159.69 on Friday. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $192.83. The stock has a market capitalization of $31.29 billion, a PE ratio of 25.11, a PEG ratio of 2.96 and a beta of 1.46. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The firm has a 50-day moving average price of $152.36 and a two-hundred day moving average price of $120.23.

NetApp (NASDAQ:NTAP) last announced 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). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the previous year, the company posted $1.93 earnings per share. NetApp’s revenue for the quarter was up 12.5% on a year-over-year basis. 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 analysts anticipate that NetApp, Inc. will post 7.16 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. Shareholders of record on Friday, July 10th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, July 10th. NetApp’s dividend payout ratio (DPR) is presently 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.