Osaic Holdings Inc. has significantly increased its investment in NetApp, Inc. (NASDAQ: NTAP), raising its stake by an impressive 555.1% during the second quarter of 2023. According to Holdings Channel, Osaic now owns 80,879 shares of the data storage provider, having acquired an additional 68,533 shares during this period. The total value of Osaic’s holdings in NetApp is approximately $8.6 million.
Several other investment firms also adjusted their positions in NetApp recently. Epoch Investment Partners Inc. increased its stake by 3.8%, now owning 1,810,772 shares valued at $192.9 million after purchasing 66,045 shares in the last quarter. Meanwhile, Patton Fund Management Inc. entered the market with a new stake worth $265,000, while Aurora Investment Counsel bought in with a stake valued at about $2.3 million.
Remarkably, SG Americas Securities LLC expanded its position by a staggering 1,081.8%, now owning 292,756 shares valued at $31.2 million after acquiring 267,985 shares in the last quarter. Additionally, the Swiss National Bank boosted its holdings in NetApp by 9.0%, bringing its total to 624,800 shares worth $66.6 million.
As of now, institutional investors hold 92.17% of NetApp’s stock, indicating a strong confidence in the company’s future.
Insider Trading Activity and Financial Performance
In other developments, insider trading has seen some activity. Lorenzo Daniel De, the Chief Accounting Officer, sold 779 shares on September 25, 2023, at an average price of $121.87, totaling approximately $94,936.73. Another executive, Elizabeth M. O’Callahan, sold 1,000 shares on October 10, 2023, at an average price of $119.00, amounting to $119,000. Following these transactions, O’Callahan retains 22,628 shares valued at around $2.7 million, representing a 4.23% decrease in her holdings.
Over the last three months, insiders have collectively sold 2,433 shares valued at approximately $284,229, while insider ownership currently stands at 0.28%.
NetApp’s stock recently experienced a trading increase of 1.3%. The company reported its earnings results on November 25, 2023, indicating a strong quarter. NetApp achieved earnings per share (EPS) of $2.05, surpassing analysts’ expectations of $1.88 by $0.17. The company recorded revenues of $1.71 billion, exceeding the anticipated $1.69 billion, and demonstrating a year-over-year revenue growth of 2.8%.
Looking ahead, NetApp has provided guidance for fiscal year 2026, projecting EPS between $7.75 and $8.05, with a more specific forecast of $2.01 to $2.11 for the third quarter of 2026. Analysts expect the company to post an average EPS of $5.89 for the current year.
Dividends and Analyst Ratings
In addition to its strong financial performance, NetApp has declared a quarterly dividend of $0.52, scheduled for payment on January 21, 2026, to investors of record as of January 2, 2026. This dividend represents an annualized payout of $2.08 and a yield of 1.9%, with a dividend payout ratio of 36.17%.
Analysts have expressed varying views on NetApp’s stock performance. Wedbush maintained a “neutral” rating with a price target of $110.00, while Barclays raised its target from $125.00 to $134.00, assigning an “overweight” rating. Bank of America also increased its price objective from $125.00 to $129.00 and issued a “neutral” rating. Overall, the stock holds an average rating of “Moderate Buy” with an average target price of $124.07.
For investors interested in tracking NetApp and related news, further information can be found through financial news platforms and market analysis reports.
NetApp, Inc., headquartered in Sunnyvale, California, specializes in data management and storage solutions, focusing on hybrid cloud services for businesses, ensuring effective data storage, management, and protection across various environments.
