Bank of New York Mellon Corp Reduces Stock Position in NetApp, Inc. $NTAP

Bank of New York Mellon Corp cut its stake in NetApp, Inc. (NASDAQ:NTAP) by 8.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,631,592 shares of the data storage provider’s stock after selling 149,758 shares during the quarter. Bank of New York Mellon Corp owned 0.82% of NetApp worth $193,278,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in NetApp in the 2nd quarter worth approximately $281,093,000. Boston Partners boosted its stake in shares of NetApp by 108.9% in the 2nd quarter. Boston Partners now owns 2,947,200 shares of the data storage provider’s stock worth $313,997,000 after buying an additional 1,536,339 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of NetApp by 16.8% in the second quarter. Geode Capital Management LLC now owns 7,112,316 shares of the data storage provider’s stock worth $756,665,000 after acquiring an additional 1,024,626 shares during the period. Pacer Advisors Inc. grew its holdings in shares of NetApp by 103.6% in the third quarter. Pacer Advisors Inc. now owns 1,783,103 shares of the data storage provider’s stock worth $211,226,000 after acquiring an additional 907,233 shares during the period. Finally, Bank of America Corp DE increased its position in NetApp by 83.0% during the second quarter. Bank of America Corp DE now owns 1,544,513 shares of the data storage provider’s stock valued at $164,568,000 after acquiring an additional 700,467 shares during the last quarter. Institutional investors own 92.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on NetApp from $100.00 to $115.00 and gave the company a “positive” rating in a research note on Wednesday, November 26th. Citigroup dropped their price objective on shares of NetApp from $130.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Oppenheimer reaffirmed a “market perform” rating on shares of NetApp in a report on Wednesday, November 26th. William Blair reiterated a “market perform” rating on shares of NetApp in a research note on Thursday, October 16th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of NetApp in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $124.33.

NetApp Stock Down 2.0%

Shares of NTAP stock opened at $96.35 on Friday. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.34 and a quick ratio of 1.30. NetApp, Inc. has a one year low of $71.84 and a one year high of $127.78. The company’s fifty day moving average price is $108.23 and its 200-day moving average price is $111.80. The company has a market capitalization of $19.08 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 2.17 and a beta of 1.38.

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

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 21st. Investors of record on Friday, January 2nd were issued a $0.52 dividend. 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 2.2%. NetApp’s payout ratio is currently 36.17%.

Insider Activity at NetApp

In other news, CAO Lorenzo Daniel De sold 327 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $107.48, for a total value of $35,145.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $105.49, for a total transaction of $105,490.00. Following the transaction, the executive vice president directly owned 21,075 shares of the company’s stock, valued at $2,223,201.75. The trade was a 4.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,654 shares of company stock valued at $175,782 over the last 90 days. 0.28% of the stock is currently owned by corporate insiders.

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.