Oppenheimer Asset Management Inc. Invests $2.21 Million in NetApp, Inc. $NTAP

Oppenheimer Asset Management Inc. acquired a new stake in shares of NetApp, Inc. (NASDAQ:NTAP) during the second quarter, HoldingsChannel.com reports. The fund acquired 14,280 shares of the data storage provider’s stock, valued at approximately $2,210,000.

A number of other institutional investors have also made changes to their positions in NTAP. State Street Corp raised its position in shares of NetApp by 1.1% in the fourth quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock valued at $1,091,499,000 after purchasing an additional 115,451 shares during the period. Wellington Management Group LLP boosted its holdings in shares of NetApp by 17.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock worth $582,296,000 after buying an additional 718,409 shares during the period. Norges Bank acquired a new position in NetApp in the 4th quarter valued at $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in NetApp by 17.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,127,533 shares of the data storage provider’s stock valued at $442,018,000 after buying an additional 611,003 shares during the last quarter. Finally, First Trust Advisors LP grew its stake 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 valued at $374,549,000 after buying an additional 2,046,912 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

Insider Buying and Selling at NetApp

In other news, CAO Lorenzo Daniel De sold 225 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the completion of the transaction, the chief accounting officer directly owned 1,090 shares of the company’s stock, valued at approximately $186,488.10. This represents a 17.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the transaction, 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 position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 52,689 shares of company stock valued at $8,224,732. 0.36% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of research analyst reports. UBS Group reissued a “neutral” rating and set a $160.00 target price on shares of NetApp in a research report on Friday, May 29th. Wedbush raised their price target on NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Northland Securities lifted their price objective on NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Bank of America boosted their price objective on NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Barclays boosted their price objective on NetApp from $120.00 to $199.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $172.33.

NetApp Stock Performance

Shares of NTAP stock opened at $207.08 on Monday. The firm has a fifty day moving average of $169.53 and a 200-day moving average of $131.65. The stock has a market cap of $40.64 billion, a price-to-earnings ratio of 32.56, a P/E/G ratio of 3.72 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 company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44.

NetApp (NASDAQ:NTAP) last issued its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.24). The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. NetApp’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.93 earnings per share. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. On average, equities research analysts forecast that NetApp, Inc. will post 7.3 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, July 10th. NetApp’s payout ratio 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.