Citigroup Inc. Buys 634,085 Shares of NetApp, Inc. $NTAP

Citigroup Inc. boosted its stake in NetApp, Inc. (NASDAQ:NTAP) by 216.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 927,525 shares of the data storage provider’s stock after purchasing an additional 634,085 shares during the period. Citigroup Inc. owned approximately 0.46% of NetApp worth $109,875,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Abich Financial Wealth Management LLC bought a new stake in shares of NetApp in the third quarter worth $27,000. Rossby Financial LCC grew its stake in shares of NetApp by 105.5% during the 3rd quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 115 shares during the period. CVA Family Office LLC increased its holdings in NetApp by 300.0% during the second quarter. CVA Family Office LLC now owns 292 shares of the data storage provider’s stock valued at $31,000 after buying an additional 219 shares during the last quarter. SouthState Corp increased its stake in shares of NetApp by 434.5% in the 2nd quarter. SouthState Corp now owns 294 shares of the data storage provider’s stock worth $31,000 after purchasing an additional 239 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC bought a new position in shares of NetApp in the second quarter worth about $34,000. 92.17% of the stock is owned by institutional investors.

NetApp Stock Performance

NASDAQ:NTAP opened at $102.48 on Monday. The firm has a market capitalization of $20.30 billion, a PE ratio of 17.82, a PEG ratio of 2.25 and a beta of 1.39. The stock’s fifty day moving average is $104.34 and its 200 day moving average is $111.54. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $127.78. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.30 and a current ratio of 1.34.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Tuesday, November 25th. The data storage provider reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.17. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.69 billion. NetApp had a net margin of 17.73% and a return on equity of 121.28%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.87 earnings per share. NetApp has set its FY 2026 guidance at 7.750-8.050 EPS and its Q3 2026 guidance at 2.010-2.110 EPS. On average, sell-side analysts anticipate that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Friday, January 2nd were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 2.0%. NetApp’s payout ratio is 36.17%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NTAP shares. Citigroup lowered their target price on shares of NetApp from $125.00 to $110.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 17th. The Goldman Sachs Group initiated coverage on NetApp in a research note on Tuesday, January 13th. They issued a “buy” rating and a $128.00 price objective for the company. Oppenheimer reiterated a “market perform” rating on shares of NetApp in a research report on Wednesday, November 26th. Northland Securities set a $137.00 price target on NetApp and gave the stock an “outperform” rating in a report on Wednesday, November 26th. Finally, UBS Group upped their price target on NetApp from $114.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $122.86.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $103.45, for a total transaction of $103,450.00. Following the transaction, the executive vice president owned 20,075 shares of the company’s stock, valued at approximately $2,076,758.75. This represents a 4.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.28% of the company’s stock.

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.