NetApp, Inc. $NTAP Shares Bought by California State Teachers Retirement System

California State Teachers Retirement System grew its stake in NetApp, Inc. (NASDAQ:NTAP) by 15,681.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 48,620,175 shares of the data storage provider’s stock after buying an additional 48,312,092 shares during the quarter. California State Teachers Retirement System owned 24.78% of NetApp worth $7,524,458,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NTAP. BlackRock Inc. acquired a new position in shares of NetApp in the 2nd quarter valued at $2,925,168,000. State Street Corp grew its position in shares of NetApp by 1.1% during the 4th quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock valued at $1,091,499,000 after acquiring an additional 115,451 shares during the period. Primecap Management Co. CA purchased a new position in shares of NetApp in the 2nd quarter valued at about $1,395,423,000. Wellington Management Group LLP raised its holdings in NetApp by 17.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock worth $582,296,000 after purchasing an additional 718,409 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in NetApp by 9.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,444,057 shares of the data storage provider’s stock valued at $687,762,000 after purchasing an additional 383,701 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group reissued a “buy” rating and issued a $210.00 price target on shares of NetApp in a research note on Thursday, September 3rd. Susquehanna boosted their target price on shares of NetApp from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Thursday, September 3rd. UBS Group raised their price target on shares of NetApp from $160.00 to $171.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. Northland Securities boosted their price objective on NetApp from $171.00 to $187.00 and gave the stock an “outperform” rating in a research note on Thursday, September 3rd. Finally, Barclays raised their target price on NetApp from $199.00 to $219.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. Six equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $192.07.

Insider Transactions at NetApp

In related news, EVP Elizabeth O’Callahan sold 1,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $193.82, for a total transaction of $193,820.00. Following the sale, the executive vice president owned 30,297 shares of the company’s stock, valued at $5,872,164.54. This trade represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were 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 owned 46,806 shares of the company’s stock, valued at approximately $7,246,504.92. This trade represents a 51.38% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 54,072 shares of company stock valued at $8,556,040. 0.36% of the stock is currently owned by company insiders.

NetApp Stock Up 1.9%

NTAP stock opened at $189.13 on Wednesday. The company has a market cap of $37.15 billion, a price-to-earnings ratio of 26.68, a PEG ratio of 2.26 and a beta of 1.44. The firm has a 50-day moving average of $180.03 and a two-hundred day moving average of $142.34. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $209.06. The company has a current ratio of 1.24, a quick ratio of 1.16 and a debt-to-equity ratio of 1.30.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.46. NetApp had a return on equity of 119.13% and a net margin of 19.18%.The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period last year, the company earned $1.15 EPS. The company’s revenue for the quarter was up 29.9% on a year-over-year basis. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. As a group, analysts forecast that NetApp, Inc. will post 7.34 earnings per share for the current fiscal year.

NetApp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Friday, October 9th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, October 9th. NetApp’s dividend payout ratio is currently 29.34%.

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.