NetApp, Inc. (NTAP) Expected to Announce Quarterly Sales of $1.38 Billion
Analysts predict that NetApp, Inc. (NASDAQ:NTAP) will post sales of $1.38 billion for the current quarter, according to Zacks. Seven analysts have issued 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 during the same quarter last year, which suggests a positive year-over-year growth rate of 3%. The firm is expected to report its next earnings report on Wednesday, November 15th.
On average, analysts expect that NetApp will report full-year sales of $1.38 billion for the current fiscal year, with estimates ranging from $5.54 billion to $5.70 billion. For the next year, analysts anticipate that the company will post sales of $5.72 billion per share, with estimates ranging from $5.55 billion to $5.88 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow NetApp.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.07. The company 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 firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business posted $0.46 earnings per share.
A number of equities analysts have commented on NTAP shares. BidaskClub lowered NetApp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Maxim Group reissued a “buy” rating and issued a $56.00 price objective on shares of NetApp in a research note on Friday. Credit Suisse Group boosted their price objective on NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 9th. Citigroup Inc. boosted their price objective on NetApp from $41.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, August 17th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating and issued a $50.00 price objective (up previously from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $45.12.
In related news, Director Richard P. Wallace sold 34,000 shares of the stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the completion of the transaction, the director now directly owns 24,132 shares in the company, valued at $1,050,465.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total value of $83,011.76. Following the transaction, the executive vice president now owns 17,812 shares of the company’s stock, valued at $748,282.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,522 shares of company stock valued at $1,823,327. 0.47% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of the stock. CAPROCK Group Inc. grew its holdings in shares of NetApp by 0.8% during the second quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock worth $211,000 after buying an additional 44 shares in the last quarter. Contravisory Investment Management Inc. grew its holdings in shares of NetApp by 0.6% during the second quarter. Contravisory Investment Management Inc. now owns 7,059 shares of the data storage provider’s stock worth $283,000 after buying an additional 45 shares in the last quarter. Neuberger Berman Group LLC grew its holdings in shares of NetApp by 0.7% during the second quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock worth $328,000 after buying an additional 58 shares in the last quarter. Breton Hill Capital Ltd. grew its holdings in shares of NetApp by 0.3% during the second quarter. Breton Hill Capital Ltd. now owns 17,290 shares of the data storage provider’s stock worth $692,000 after buying an additional 59 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in shares of NetApp by 0.6% during the second quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock worth $673,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 92.81% of the company’s stock.
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Shares of NetApp (NTAP) opened at 43.52 on Tuesday. The firm has a 50-day moving average price of $43.19 and a 200-day moving average price of $41.11. The company has a market capitalization of $11.74 billion, a PE ratio of 21.01 and a beta of 1.26. NetApp has a 1-year low of $30.36 and a 1-year high of $45.24.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Friday, October 6th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.84%. NetApp’s payout ratio is presently 38.65%.
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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