Truist Financial Corp Decreases Holdings in NetApp, Inc. $NTAP

Truist Financial Corp trimmed its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 10.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,718 shares of the data storage provider’s stock after selling 1,782 shares during the period. Truist Financial Corp’s holdings in NetApp were worth $1,568,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in NetApp by 39.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider’s stock worth $3,250,000 after purchasing an additional 10,494 shares during the period. Achmea Investment Management B.V. boosted its position in NetApp by 55.8% in the 1st quarter. Achmea Investment Management B.V. now owns 221,907 shares of the data storage provider’s stock valued at $19,492,000 after buying an additional 79,457 shares during the last quarter. Burns Matteson Capital Management LLC purchased a new position in NetApp in the 1st quarter valued at about $321,000. UNICOM Systems Inc. purchased a new position in NetApp in the 1st quarter valued at about $13,483,000. Finally, Hennessy Advisors Inc. purchased a new position in NetApp in the 1st quarter valued at about $2,050,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total transaction of $123,670.00. Following the sale, the executive vice president owned 23,628 shares of the company’s stock, valued at approximately $2,922,074.76. The trade was a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO George Kurian sold 8,750 shares of NetApp stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total value of $1,075,462.50. Following the sale, the chief executive officer directly owned 274,938 shares in the company, valued at approximately $33,792,629.58. This trade represents a 3.08% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,529 shares of company stock valued at $3,243,874. Insiders own 0.28% of the company’s stock.

NetApp Stock Performance

Shares of NASDAQ NTAP opened at $113.94 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.31 and a debt-to-equity ratio of 2.55. The firm’s 50-day moving average price is $115.80 and its two-hundred day moving average price is $103.63. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The stock has a market capitalization of $22.74 billion, a P/E ratio of 20.13, a P/E/G ratio of 2.48 and a beta of 1.45.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 27th. The data storage provider reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.35). The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. NetApp had a net margin of 17.77% and a return on equity of 123.24%. The business’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the firm posted $1.56 EPS. NetApp has set its FY 2026 guidance at 7.600-7.900 EPS. Q2 2026 guidance at 1.840-1.940 EPS. As a group, sell-side analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp’s payout ratio is 36.75%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on NTAP shares. Argus reissued a “buy” rating and issued a $130.00 price objective on shares of NetApp in a research report on Friday, August 29th. Bank of America upped their price objective on shares of NetApp from $121.00 to $125.00 and gave the company a “neutral” rating in a research report on Monday, August 25th. Citigroup upped their price objective on shares of NetApp from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Monday, August 11th. Wedbush reissued a “neutral” rating and issued a $110.00 price objective on shares of NetApp in a research report on Friday. Finally, Barclays increased their price target on shares of NetApp from $117.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Seven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $121.40.

NetApp Company 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.