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

Evolve Private Wealth LLC acquired a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the second quarter, Holdings Channel reports. The fund acquired 19,480 shares of the data storage provider’s stock, valued at approximately $3,015,000.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of NetApp in the second quarter valued at about $2,925,168,000. Norges Bank purchased a new position in NetApp during the fourth quarter worth about $458,060,000. First Trust Advisors LP grew its position in NetApp by 127.0% in the 1st quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock worth $374,549,000 after purchasing an additional 2,046,912 shares in the last quarter. Deutsche Bank AG purchased a new stake in NetApp in the 2nd quarter valued at about $195,203,000. Finally, Bank of New York Mellon Corp purchased a new stake in NetApp in the 2nd quarter valued at about $181,772,000. Institutional investors own 92.17% of the company’s stock.

Insider Activity

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $193.82, for a total value of $193,820.00. Following the sale, the executive vice president directly owned 30,297 shares in the company, valued at approximately $5,872,164.54. The trade was a 3.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Cesar Cernuda sold 49,464 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the sale, 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 SEC filing for this sale provides additional information. Insiders have sold 55,297 shares of company stock valued at $8,758,016 in the last 90 days. Insiders own 0.36% of the company’s stock.

NetApp Stock Performance

Shares of NTAP stock opened at $192.27 on Friday. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. The firm has a market cap of $37.73 billion, a price-to-earnings ratio of 30.23, a P/E/G ratio of 3.45 and a beta of 1.45. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $209.06. The firm’s 50-day simple moving average is $172.93 and its two-hundred day simple moving average is $134.89.

NetApp (NASDAQ:NTAP) last released its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share 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 for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the company earned $1.93 earnings per share. The firm’s revenue 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 forecast that NetApp, Inc. will post 7.32 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently declared 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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, July 10th. NetApp’s dividend payout ratio is currently 32.70%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on NTAP shares. Wells Fargo & Company boosted their target price on NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Citigroup increased their price target on NetApp from $150.00 to $209.00 and gave the company a “neutral” rating in a research report on Tuesday. The Goldman Sachs Group reiterated a “buy” rating and set a $200.00 price target on shares of NetApp in a report on Tuesday, June 2nd. Wedbush boosted their price objective on NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Argus upped their price objective on NetApp from $130.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $177.25.

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.