Mitsubishi UFJ Asset Management Co. Ltd. Acquires New Shares in NetApp, Inc. $NTAP

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 506,055 shares of the data storage provider’s stock, valued at approximately $78,317,000.

Other institutional investors have also modified their holdings of the company. West Financial Advisors LLC bought a new position in NetApp in the second quarter valued at approximately $37,000. Park Square Financial Group LLC boosted its stake in shares of NetApp by 68.7% during the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after buying an additional 103 shares during the last quarter. Gen Wealth Partners Inc bought a new position in NetApp in the fourth quarter valued at approximately $30,000. DV Equities LLC bought a new stake in shares of NetApp during the 4th quarter worth approximately $30,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in shares of NetApp in the 3rd quarter valued at approximately $35,000. Institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

NASDAQ NTAP opened at $204.71 on Wednesday. The stock has a market cap of $40.17 billion, a PE ratio of 32.19, a P/E/G ratio of 3.72 and a beta of 1.45. 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 firm has a 50-day moving average of $171.00 and a 200-day moving average of $133.13. NetApp, Inc. has a 52-week low of $93.69 and a 52-week high of $209.06.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results 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). The company had revenue of $1.95 billion during 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%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company 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. On average, sell-side analysts anticipate that NetApp, Inc. will post 7.3 EPS for the current year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. NetApp’s dividend payout ratio is presently 32.70%.

Insider Activity

In other NetApp news, CAO Lorenzo Daniel De sold 225 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer directly owned 1,090 shares of the company’s stock, valued at $186,488.10. This represents a 17.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Cesar Cernuda sold 49,464 shares of the stock in a transaction 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 in the company, valued at $7,246,504.92. The trade was a 51.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 52,689 shares of company stock valued at $8,224,732. 0.36% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NTAP has been the topic of several analyst reports. Wells Fargo & Company upped their price target on shares of NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Bank of America lifted their price objective on shares of NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. upped their target price on shares of NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Northland Securities raised their target price on shares of NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Finally, Citigroup lifted their price target on NetApp from $150.00 to $209.00 and gave the stock a “neutral” rating in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, NetApp currently has a consensus rating of “Hold” and an average target price of $177.25.

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.