$1.38 Billion in Sales Expected for NetApp, Inc. (NTAP) This Quarter
Brokerages expect NetApp, Inc. (NASDAQ:NTAP) to report $1.38 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have made estimates for NetApp’s earnings. The highest sales estimate is $1.40 billion and the lowest is $1.36 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 scheduled to issue its next quarterly earnings report on Wednesday, November 15th.
According to Zacks, analysts expect that NetApp will report full-year sales of $1.38 billion for the current year, with estimates ranging from $5.54 billion to $5.74 billion. For the next fiscal year, analysts anticipate that the company will report sales of $5.76 billion per share, with estimates ranging from $5.55 billion to $5.97 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow NetApp.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.07. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 EPS.
NTAP has been the topic of several analyst reports. Longbow Research raised shares of NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, August 15th. Piper Jaffray Companies set a $50.00 target price on shares of NetApp and gave the stock a “buy” rating in a report on Monday, August 14th. Maxim Group raised shares of NetApp from a “hold” rating to a “buy” rating and upped their target price for the stock from $46.00 to $56.00 in a report on Monday, August 14th. BidaskClub raised shares of NetApp from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, Goldman Sachs Group, Inc. (The) raised shares of NetApp from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $47.00 in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $45.12.
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Shares of NetApp (NASDAQ:NTAP) opened at 43.51 on Thursday. NetApp has a 12 month low of $30.36 and a 12 month high of $45.24. The firm’s 50-day moving average price is $41.24 and its 200 day moving average price is $40.81. The company has a market cap of $11.74 billion, a PE ratio of 21.01 and a beta of 1.26.
The business 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 1.84%. NetApp’s dividend payout ratio (DPR) is currently 38.65%.
In other news, CEO George Kurian sold 4,570 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total transaction of $173,568.60. Following the completion of the transaction, the chief executive officer now directly owns 23,028 shares of the company’s stock, valued at approximately $874,603.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Henri P. Richard sold 3,952 shares of the firm’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $42.20, for a total transaction of $166,774.40. The disclosure for this sale can be found here. Insiders have sold a total of 52,450 shares of company stock worth $2,250,560 over the last 90 days. Corporate insiders own 0.47% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. American Beacon Advisors Inc. bought a new position in shares of NetApp during the 1st quarter worth approximately $110,000. Krilogy Financial LLC bought a new position in shares of NetApp during the 2nd quarter worth approximately $122,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of NetApp during the 1st quarter worth approximately $209,000. Blair William & Co. IL bought a new position in shares of NetApp during the 1st quarter worth approximately $216,000. Finally, Eagle Global Advisors LLC bought a new position in shares of NetApp during the 2nd quarter worth approximately $210,000. 92.08% of the stock is owned by institutional investors.
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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