Resona Asset Management Co. Ltd. Grows Stake in NetApp, Inc. $NTAP

Resona Asset Management Co. Ltd. grew its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 5.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 65,633 shares of the data storage provider’s stock after acquiring an additional 3,146 shares during the period. Resona Asset Management Co. Ltd.’s holdings in NetApp were worth $6,706,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of NTAP. Munich Reinsurance Co Stock Corp in Munich boosted its stake in NetApp by 61.1% in the 1st quarter. Munich Reinsurance Co Stock Corp in Munich now owns 61,103 shares of the data storage provider’s stock worth $6,256,000 after purchasing an additional 23,182 shares in the last quarter. Personal CFO Solutions LLC increased its stake in NetApp by 298.3% during the 1st quarter. Personal CFO Solutions LLC now owns 8,966 shares of the data storage provider’s stock valued at $918,000 after purchasing an additional 6,715 shares in the last quarter. Frank Rimerman Advisors LLC raised its holdings in NetApp by 2.4% in the first quarter. Frank Rimerman Advisors LLC now owns 5,578 shares of the data storage provider’s stock worth $571,000 after buying an additional 131 shares during the last quarter. Swedbank AB raised its holdings in NetApp by 15.8% in the first quarter. Swedbank AB now owns 112,387 shares of the data storage provider’s stock worth $11,507,000 after buying an additional 15,301 shares during the last quarter. Finally, DGS Capital Management LLC lifted its stake in shares of NetApp by 3.9% in the first quarter. DGS Capital Management LLC now owns 5,994 shares of the data storage provider’s stock worth $614,000 after buying an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

NTAP stock traded down $2.86 during trading on Friday, reaching $168.87. The stock had a trading volume of 3,302,832 shares, compared to its average volume of 2,894,544. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $192.83. The stock’s 50 day moving average is $148.15 and its two-hundred day moving average is $118.63. 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 market cap of $33.09 billion, a PE ratio of 26.55, a PEG ratio of 3.09 and a beta of 1.46.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the previous year, the company earned $1.93 EPS. NetApp’s revenue for the quarter 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 analysts anticipate that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, July 10th. NetApp’s payout ratio is 32.70%.

Analysts Set New Price Targets

A number of research firms have recently commented on NTAP. Wall Street Zen upgraded shares of NetApp from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 5th. Bank of America boosted their price objective on shares of NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. JPMorgan Chase & Co. upped their price objective on NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. The Goldman Sachs Group reissued a “buy” rating and issued a $200.00 target price on shares of NetApp in a report on Tuesday, June 2nd. Finally, Wells Fargo & Company boosted their price target on NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $169.33.

Insider Buying and Selling at NetApp

In other NetApp news, President Cesar Cernuda sold 49,464 shares of the stock in a transaction that occurred on 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 transaction, the president directly owned 46,806 shares in the company, valued at approximately $7,246,504.92. This trade represents a 51.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $163.48, for a total transaction of $163,480.00. Following the transaction, the executive vice president owned 32,297 shares in the company, valued at $5,279,913.56. This represents a 3.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 51,964 shares of company stock valued at $8,010,722. Insiders own 0.28% of the company’s stock.

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.