Evolve Private Wealth LLC Purchases Shares of 19,480 NetApp, Inc. $NTAP

Evolve Private Wealth LLC acquired a new position in NetApp, Inc. (NASDAQ:NTAP) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 19,480 shares of the data storage provider’s stock, valued at approximately $3,015,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Parallel Advisors LLC boosted its position in shares of NetApp by 2.1% during the 4th quarter. Parallel Advisors LLC now owns 5,007 shares of the data storage provider’s stock valued at $536,000 after purchasing an additional 101 shares in the last quarter. Park Square Financial Group LLC grew its stake in NetApp by 68.7% during the fourth 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. Assetmark Inc. increased its holdings in NetApp by 3.0% in the first quarter. Assetmark Inc. now owns 3,540 shares of the data storage provider’s stock worth $362,000 after purchasing an additional 104 shares in the last quarter. Fifth Third Bancorp increased its holdings in NetApp by 0.9% in the fourth 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 in the last quarter. Finally, Transamerica Financial Advisors LLC lifted its stake in NetApp by 16.8% in the fourth quarter. Transamerica Financial Advisors LLC now owns 833 shares of the data storage provider’s stock valued at $89,000 after buying an additional 120 shares during the period. 92.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NTAP shares. Wells Fargo & Company increased their price target on NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Wedbush lifted their price objective on shares of NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. UBS Group reiterated a “neutral” rating and set a $160.00 target price on shares of NetApp in a research report on Friday, May 29th. Wall Street Zen lowered shares of NetApp from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 29th. Finally, Citigroup raised their price target on shares of NetApp from $150.00 to $209.00 and gave the stock a “neutral” rating in a report on Tuesday. Five analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, NetApp has an average rating of “Hold” and an average price target of $177.25.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $192.27 on Friday. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $209.06. The stock’s 50 day moving average is $172.93 and its 200-day moving average is $134.89. 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 market capitalization of $37.73 billion, a price-to-earnings ratio of 30.23, a PEG ratio of 3.45 and a beta of 1.45.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.24). The business 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 revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business 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. Sell-side analysts forecast that NetApp, Inc. will post 7.32 EPS for the current fiscal year.

NetApp Dividend Announcement

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

Insider Buying and Selling

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $193.82, for a total value of $193,820.00. Following the transaction, the executive vice president owned 30,297 shares of the company’s stock, valued at approximately $5,872,164.54. This trade represents a 3.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 2,608 shares of NetApp stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $204.48, for a total value of $533,283.84. Following the transaction, the president owned 46,530 shares of the company’s stock, valued at $9,514,454.40. This trade represents a 5.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 55,297 shares of company stock worth $8,758,016 in the last quarter. Insiders own 0.36% 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.