NetApp, Inc. $NTAP Stock Sold by Beutel Goodman & Co Ltd.

Beutel Goodman & Co Ltd. trimmed its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 38.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,193,000 shares of the data storage provider’s stock after selling 732,379 shares during the period. NetApp makes up about 2.0% of Beutel Goodman & Co Ltd.’s holdings, making the stock its 19th biggest holding. Beutel Goodman & Co Ltd.’s holdings in NetApp were worth $250,625,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in NTAP. Farther Finance Advisors LLC raised its holdings in shares of NetApp by 214.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 7,727 shares of the data storage provider’s stock worth $1,623,000 after purchasing an additional 5,271 shares during the period. Bank of America Corp DE acquired a new position in shares of NetApp during the second quarter worth $235,682,000. Oppenheimer Asset Management Inc. purchased a new position in NetApp in the 2nd quarter valued at about $2,210,000. Plato Investment Management Ltd purchased a new position in NetApp in the second quarter valued at about $1,571,000. Finally, Insight Wealth Strategies LLC purchased a new stake in NetApp during the 2nd quarter worth approximately $5,845,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of research analyst reports. Morgan Stanley lifted their price target on shares of NetApp from $173.00 to $191.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 3rd. Weiss Ratings upgraded shares of NetApp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Loop Capital set a $300.00 price objective on shares of NetApp in a research note on Wednesday, October 7th. Guggenheim started coverage on shares of NetApp in a report on Monday, October 26th. They set a “neutral” rating for the company. Finally, Citigroup dropped their target price on shares of NetApp from $209.00 to $190.00 and set a “neutral” rating for the company in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, NetApp has a consensus rating of “Moderate Buy” and a consensus target price of $205.24.

Insider Activity

In other NetApp news, Director Carrie Palin sold 5,000 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $216.43, for a total value of $1,082,150.00. Following the sale, the director directly owned 6,660 shares of the company’s stock, valued at $1,441,423.80. This trade represents a 42.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Cesar Cernuda sold 2,608 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $204.48, for a total value of $533,283.84. Following the completion of the sale, the president owned 46,530 shares in the company, valued at $9,514,454.40. The trade was a 5.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 172,524 shares of company stock worth $34,824,306 over the last 90 days. Insiders own 0.36% of the company’s stock.

NetApp Stock Performance

Shares of NTAP stock opened at $176.07 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 1.30. The business has a 50 day moving average of $203.98 and a two-hundred day moving average of $152.32. NetApp, Inc. has a 52 week low of $93.69 and a 52 week high of $240.87. The company has a market cap of $34.58 billion, a P/E ratio of 25.26, a PEG ratio of 2.02 and a beta of 1.52.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.46. The business had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.84 billion. NetApp had a return on equity of 119.13% and a net margin of 19.18%. The business’s quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.15 EPS. 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 anticipate that NetApp, Inc. will post 8.32 EPS for the current year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Investors of record on Friday, October 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, October 9th. NetApp’s dividend payout ratio is presently 29.34%.

NetApp Profile

NetApp, Inc develops data storage and data management technologies for businesses and other organizations. Its offerings support workloads across on-premises infrastructure, public cloud environments and hybrid settings, with services for storing, managing, protecting and moving data.

The company’s portfolio includes its ONTAP data management software, all-flash and hybrid-flash storage systems, object storage, and cloud storage and data services. NetApp also provides tools to help customers manage data across different environments and offers infrastructure through its Keystone storage-as-a-service model.

Founded in 1992 as Network Appliance, the company adopted the NetApp name in 2008.