PNC Financial Services Group Inc. Lowers Stake in NetApp, Inc. $NTAP

PNC Financial Services Group Inc. cut its stake in NetApp, Inc. (NASDAQ:NTAP) by 16.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,495 shares of the data storage provider’s stock after selling 5,922 shares during the period. PNC Financial Services Group Inc.’s holdings in NetApp were worth $3,020,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of NetApp by 1.1% in the 4th quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock worth $1,091,499,000 after purchasing an additional 115,451 shares in the last quarter. Wellington Management Group LLP boosted its stake in NetApp by 17.1% in the third 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 in the last quarter. Norges Bank purchased a new stake in NetApp in the fourth quarter worth approximately $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in NetApp by 17.4% during the fourth 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 acquiring an additional 611,003 shares during the last quarter. Finally, Boston Partners grew its position in NetApp by 12.6% during the third quarter. Boston Partners now owns 3,317,605 shares of the data storage provider’s stock valued at $393,027,000 after acquiring an additional 370,405 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

Shares of NTAP stock opened at $174.53 on Wednesday. The company has a market capitalization of $34.25 billion, a P/E ratio of 27.44, a PEG ratio of 3.10 and a beta of 1.46. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week high of $192.83. 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 stock has a 50 day moving average price of $160.01 and a two-hundred day moving average price of $123.61.

NetApp (NASDAQ:NTAP) last issued its earnings results 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 firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior 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. Analysts expect that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. NetApp’s dividend payout ratio is presently 32.70%.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $170.92, for a total value of $170,920.00. Following the completion of the sale, the executive vice president owned 31,297 shares in the company, valued at approximately $5,349,283.24. This trade represents a 3.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 49,464 shares of NetApp 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 completion of the sale, the president owned 46,806 shares in the company, valued at approximately $7,246,504.92. This represents a 51.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 52,964 shares of company stock worth $8,181,642. 0.28% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of recent research reports. The Goldman Sachs Group restated a “buy” rating and issued a $200.00 price objective on shares of NetApp in a report on Tuesday, June 2nd. Wall Street Zen lowered shares of NetApp from a “strong-buy” rating to a “buy” rating in a report on Wednesday. UBS Group reissued a “neutral” rating and issued a $160.00 price target on shares of NetApp in a research note on Friday, May 29th. Argus upped their price target on shares of NetApp from $130.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Finally, Bank of America raised their price objective on NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $169.33.

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.