Sovereign s Capital Management LLC Has $883,000 Stock Holdings in NetApp, Inc. $NTAP

Sovereign s Capital Management LLC lessened its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 76.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,245 shares of the data storage provider’s stock after selling 26,134 shares during the period. Sovereign s Capital Management LLC’s holdings in NetApp were worth $883,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NTAP. Geneos Wealth Management Inc. grew its holdings in NetApp by 38.3% during the first quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock valued at $67,000 after purchasing an additional 210 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in NetApp during the second quarter valued at approximately $315,000. Cerity Partners LLC grew its holdings in NetApp by 9.9% during the second quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock valued at $4,986,000 after purchasing an additional 4,232 shares during the last quarter. Bank of Nova Scotia grew its holdings in NetApp by 7.3% during the second quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock valued at $2,589,000 after purchasing an additional 1,662 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in NetApp by 12.7% during the second quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock valued at $2,148,000 after purchasing an additional 2,277 shares during the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on NTAP. UBS Group reiterated a “neutral” rating and set a $160.00 price target on shares of NetApp in a report on Friday, May 29th. Morgan Stanley increased their price target on NetApp from $88.00 to $137.00 and gave the company an “underweight” rating in a report on Friday, May 29th. Susquehanna increased their price target on NetApp from $110.00 to $185.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Northland Securities increased their price target on NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Finally, Wells Fargo & Company raised their price objective on shares of 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 given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $169.33.

Insider Buying and Selling at NetApp

In other news, CAO Lorenzo Daniel De sold 225 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $171.09, for a total value of $38,495.25. Following the sale, the chief accounting officer owned 1,090 shares in the company, valued at approximately $186,488.10. This trade represents a 17.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s 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 completion of the sale, the executive vice president owned 32,297 shares in the company, valued at approximately $5,279,913.56. The trade was a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 3,500 shares of company stock worth $448,955. 0.28% of the stock is currently owned by corporate insiders.

NetApp Trading Down 0.3%

Shares of NetApp stock opened at $161.26 on Wednesday. The company’s fifty day simple moving average is $128.24 and its 200-day simple moving average is $113.01. The company has a market cap of $31.59 billion, a price-to-earnings ratio of 25.36, a PEG ratio of 2.96 and a beta of 1.44. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $192.83.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data 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 company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The company’s revenue was up 12.5% on a year-over-year basis. During the same quarter 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. As a group, sell-side analysts expect that NetApp, Inc. will post 7.16 EPS for the current year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be paid a $0.52 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. NetApp’s dividend payout ratio (DPR) is presently 32.70%.

NetApp Company 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.