NetApp, Inc. $NTAP Shares Purchased by Procyon Advisors LLC

Procyon Advisors LLC grew its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 42.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,227 shares of the data storage provider’s stock after acquiring an additional 8,375 shares during the quarter. Procyon Advisors LLC’s holdings in NetApp were worth $2,890,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of NTAP. Park Square Financial Group LLC increased its position in NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 103 shares during the last quarter. Gen Wealth Partners Inc acquired a new stake in shares of NetApp during the 4th quarter worth $30,000. DV Equities LLC purchased a new position in shares of NetApp in the 4th quarter worth $30,000. Roble Belko & Company Inc acquired a new position in NetApp in the first quarter valued at $31,000. Finally, JFS Wealth Advisors LLC grew its position in NetApp by 176.3% during the fourth quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider’s stock valued at $34,000 after acquiring an additional 201 shares during the period. 92.17% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 completion of the sale, the president owned 46,806 shares of the company’s stock, valued at $7,246,504.92. This trade represents a 51.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lorenzo Daniel De sold 275 shares of NetApp stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $120.00, for a total transaction of $33,000.00. Following the sale, the chief accounting officer owned 1,090 shares in the company, valued at $130,800. This represents a 20.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 51,964 shares of company stock worth $8,010,722 in the last 90 days. 0.28% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Morgan Stanley raised their price objective on NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a report on Friday, May 29th. Barclays boosted their target price on NetApp from $120.00 to $199.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Citigroup increased their target price on shares of NetApp from $114.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Wells Fargo & Company raised their price target on shares of NetApp from $115.00 to $180.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Finally, Wall Street Zen cut shares of NetApp from a “strong-buy” rating to a “buy” rating in a research report on Monday. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $169.33.

NetApp Stock Down 2.9%

Shares of NASDAQ NTAP opened at $163.93 on Tuesday. The stock has a fifty day moving average price of $149.21 and a 200 day moving average price of $119.06. 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 12-month low of $93.69 and a 12-month high of $192.83. The company has a market cap of $32.12 billion, a P/E ratio of 25.78, a P/E/G ratio of 3.09 and a beta of 1.46.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the firm earned $1.93 EPS. The company’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. Research analysts anticipate that NetApp, Inc. will post 7.16 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, July 10th. NetApp’s dividend payout ratio is currently 32.70%.

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.