NetApp Inc. (NTAP) Updates Q1 Earnings Guidance
NetApp Inc. (NASDAQ:NTAP) updated its first quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.53-0.58 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.62, AnalystRatings.NET reports. The company issued revenue guidance of $1.42-1.52 billion, compared to the consensus revenue estimate of $1.52 billion.
Several analysts have recently commented on the stock. Analysts at Cantor Fitzgerald cut their price target on shares of NetApp from $53.50 to $46.00 in a research note on Tuesday. They now have a buy rating on the stock. On a related note, analysts at BMO Capital Markets reiterated a market perform rating on shares of NetApp in a research note on Monday. They now have a $39.00 price target on the stock, down previously from $45.00. Finally, analysts at ING cut their price target on shares of NetApp from $48.00 to $39.00 in a research note on Monday. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $40.82.
Shares of NetApp Inc. (NASDAQ:NTAP) traded up 1.59% during mid-day trading on Wednesday, hitting $34.49. The stock had a trading volume of 4,570,899 shares. NetApp Inc. has a 52-week low of $33.34 and a 52-week high of $45.96. The stock’s 50-day moving average is $35.62 and its 200-day moving average is $39.19. The company has a market cap of $11.426 billion and a P/E ratio of 19.72. NetApp also was the recipient of some unusual options trading on Tuesday. Stock traders bought 10,462 call options on the company. This represents an increase of 459% compared to the typical daily volume of 1,872 call options.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.05. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the previous year, the company posted $0.69 earnings per share. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. On average, analysts predict that NetApp Inc. will post $2.74 earnings per share for the current fiscal year.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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