NetApp, Inc. (NASDAQ:NTAP) Shares Acquired by abrdn plc

abrdn plc grew its stake in NetApp, Inc. (NASDAQ:NTAP) by 116.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 115,880 shares of the data storage provider’s stock after buying an additional 62,295 shares during the quarter. abrdn plc’s holdings in NetApp were worth $10,216,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NTAP. ORG Partners LLC lifted its holdings in shares of NetApp by 14,650.0% in the 4th quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock valued at $26,000 after buying an additional 293 shares during the period. Larson Financial Group LLC purchased a new position in shares of NetApp in the 3rd quarter valued at about $27,000. First Pacific Financial purchased a new position in shares of NetApp in the 3rd quarter valued at about $29,000. UMB Bank n.a. increased its stake in shares of NetApp by 82.9% in the 4th quarter. UMB Bank n.a. now owns 331 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Finally, Planned Solutions Inc. purchased a new stake in NetApp during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on NTAP. StockNews.com lowered NetApp from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Raymond James restated a “market perform” rating on shares of NetApp in a research report on Tuesday, January 16th. Citigroup upped their price target on NetApp from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, March 5th. Wedbush upped their price target on NetApp from $85.00 to $100.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Finally, Argus upgraded NetApp from a “hold” rating to a “buy” rating and set a $130.00 price target for the company in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $100.60.

Insider Activity

In related news, EVP Elizabeth M. O’callahan sold 871 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total value of $89,730.42. Following the transaction, the executive vice president now owns 9,601 shares of the company’s stock, valued at $989,095.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Elizabeth M. O’callahan sold 871 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total value of $89,730.42. Following the transaction, the executive vice president now owns 9,601 shares of the company’s stock, valued at $989,095.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total value of $862,240.00. Following the completion of the transaction, the chief executive officer now directly owns 261,202 shares in the company, valued at approximately $26,496,330.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,371 shares of company stock worth $4,139,505. Corporate insiders own 0.37% of the company’s stock.

NetApp Stock Up 0.9 %

Shares of NASDAQ NTAP opened at $100.94 on Friday. The stock has a market cap of $20.83 billion, a P/E ratio of 22.94, a PEG ratio of 2.21 and a beta of 1.28. The company has a current ratio of 1.15, a quick ratio of 1.11 and a debt-to-equity ratio of 2.00. NetApp, Inc. has a 12-month low of $60.92 and a 12-month high of $112.48. The business’s fifty day simple moving average is $99.90 and its 200-day simple moving average is $89.10.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Thursday, February 29th. The data storage provider reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.25. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.59 billion. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $1.02 earnings per share. As a group, equities analysts predict that NetApp, Inc. will post 5.16 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Thursday, April 4th. NetApp’s payout ratio is currently 45.45%.

NetApp Profile

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.