Analysts Anticipate NetApp, Inc. (NTAP) Will Post Quarterly Sales of $1.38 Billion
Equities analysts predict that NetApp, Inc. (NASDAQ:NTAP) will announce $1.38 billion in sales for the current fiscal quarter, according to Zacks. Nine analysts have made estimates for NetApp’s earnings, with estimates ranging from $1.36 billion to $1.40 billion. NetApp posted sales of $1.34 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 3%. The firm is expected to report its next quarterly earnings report on Wednesday, November 15th.
On average, analysts expect that NetApp will report full year sales of $1.38 billion for the current financial year, with estimates ranging from $5.54 billion to $5.74 billion. For the next year, analysts expect that the business will report sales of $5.76 billion per share, with estimates ranging from $5.55 billion to $5.97 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow NetApp.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year.
A number of equities research analysts have commented on the stock. BidaskClub raised shares of NetApp from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Credit Suisse Group upped their target price on shares of NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. Citigroup Inc. upped their target price on shares of NetApp from $41.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, August 17th. Barclays PLC upped their target price on shares of NetApp from $35.00 to $38.00 and gave the company an “underweight” rating in a report on Thursday, August 17th. Finally, Morgan Stanley restated an “underperform” rating and issued a $38.00 target price (up previously from $35.00) on shares of NetApp in a report on Thursday, August 17th. Three investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and fourteen have issued a buy rating to the stock. NetApp currently has a consensus rating of “Hold” and a consensus target price of $43.89.
In other NetApp news, EVP Henri P. Richard sold 3,952 shares of the firm’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $42.20, for a total transaction of $166,774.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 4,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $43.67, for a total transaction of $174,680.00. Following the transaction, the chief executive officer now owns 27,598 shares of the company’s stock, valued at $1,205,204.66. The disclosure for this sale can be found here. Insiders have sold a total of 85,202 shares of company stock valued at $3,427,038 over the last 90 days. 0.47% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the business. BTIM Corp. increased its holdings in NetApp by 4.5% during the 2nd quarter. BTIM Corp. now owns 118,219 shares of the data storage provider’s stock valued at $4,735,000 after acquiring an additional 5,099 shares in the last quarter. Hancock Holding Co. purchased a new position in NetApp during the 1st quarter valued at about $1,446,000. Janus Capital Management LLC increased its holdings in NetApp by 55.1% during the 1st quarter. Janus Capital Management LLC now owns 725,050 shares of the data storage provider’s stock valued at $30,343,000 after acquiring an additional 257,433 shares in the last quarter. Cantor Fitzgerald Investment Adviser L.P. purchased a new position in NetApp during the 2nd quarter valued at about $280,000. Finally, Point72 Asia Hong Kong Ltd increased its holdings in NetApp by 8,443.8% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 5,468 shares of the data storage provider’s stock valued at $229,000 after acquiring an additional 5,404 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.
Shares of NetApp (NASDAQ NTAP) opened at 42.55 on Friday. The stock’s 50 day moving average is $40.34 and its 200 day moving average is $40.60. The firm has a market capitalization of $11.48 billion, a P/E ratio of 20.55 and a beta of 1.22. NetApp has a 1-year low of $30.36 and a 1-year high of $45.24.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.80 annualized dividend and a yield of 1.88%. NetApp’s dividend payout ratio (DPR) is currently 38.65%.
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NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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