Primecap Management Co. CA Purchases New Position in NetApp, Inc. $NTAP

Primecap Management Co. CA acquired a new stake in NetApp, Inc. (NASDAQ:NTAP) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,016,690 shares of the data storage provider’s stock, valued at approximately $1,395,423,000. NetApp makes up about 0.8% of Primecap Management Co. CA’s portfolio, making the stock its 29th largest position. Primecap Management Co. CA owned 4.59% of NetApp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Park Square Financial Group LLC boosted its position in shares of NetApp by 68.7% in the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 103 shares during the period. Gen Wealth Partners Inc acquired a new position in NetApp during the fourth quarter worth approximately $30,000. DV Equities LLC purchased a new stake in NetApp in the fourth quarter valued at approximately $30,000. Roble Belko & Company Inc purchased a new stake in NetApp in the first quarter valued at approximately $31,000. Finally, Torren Management LLC acquired a new stake in shares of NetApp in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $193.82, for a total transaction of $193,820.00. Following the transaction, the executive vice president directly owned 30,297 shares of the company’s stock, valued at $5,872,164.54. This represents a 3.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Lorenzo Daniel De sold 225 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the transaction, the chief accounting officer owned 1,090 shares of the company’s stock, valued at $186,488.10. This represents a 17.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 55,297 shares of company stock worth $8,758,016. 0.36% of the stock is owned by corporate insiders.

NetApp Stock Performance

NASDAQ:NTAP opened at $187.43 on Wednesday. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. The firm has a market cap of $36.78 billion, a price-to-earnings ratio of 29.47, a price-to-earnings-growth ratio of 3.34 and a beta of 1.45. The firm’s fifty day moving average price is $173.96 and its 200 day moving average price is $136.41. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $209.06.

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). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the previous year, the firm earned $1.93 EPS. The firm’s revenue was up 12.5% on a year-over-year basis. 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 expect that NetApp, Inc. will post 7.32 EPS for the current year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were given a $0.52 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.08 annualized dividend and a yield of 1.1%. NetApp’s dividend payout ratio is presently 32.70%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NTAP. JPMorgan Chase & Co. raised their target price on shares of NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Argus increased their price target on shares of NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. UBS Group reissued a “neutral” rating and set a $160.00 price objective on shares of NetApp in a research report on Friday, May 29th. The Goldman Sachs Group restated a “buy” rating and issued a $200.00 price objective on shares of NetApp in a research note on Tuesday, June 2nd. Finally, Bank of America upped their target price on shares of NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, NetApp presently has a consensus rating of “Hold” and a consensus price target of $179.77.

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.