NetApp, Inc. (NASDAQ:NTAP) announced its earnings results on Wednesday. The data storage provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.69 by $0.12, Bloomberg Earnings reports. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the business posted $0.60 EPS. The company’s revenue was up 6.1% on a year-over-year basis. NetApp updated its Q3 guidance to $0.86-0.94 EPS.

Shares of NetApp (NASDAQ NTAP) traded down $0.38 during trading on Wednesday, reaching $45.62. 2,253,800 shares of the company’s stock were exchanged, compared to its average volume of 2,918,051. The company has a market cap of $12,408.85, a price-to-earnings ratio of 19.33, a PEG ratio of 1.61 and a beta of 1.16. NetApp has a 1-year low of $34.38 and a 1-year high of $47.20. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.47.

In other news, SVP Matthew K. Fawcett sold 29,845 shares of NetApp stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $46.60, for a total transaction of $1,390,777.00. Following the sale, the senior vice president now owns 31,962 shares of the company’s stock, valued at approximately $1,489,429.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Kurian sold 4,570 shares of NetApp stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total transaction of $173,568.60. Following the sale, the chief executive officer now directly owns 23,028 shares in the company, valued at approximately $874,603.44. The disclosure for this sale can be found here. In the last three months, insiders sold 74,343 shares of company stock worth $3,302,273. Insiders own 0.47% of the company’s stock.

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Several brokerages have recently commented on NTAP. Credit Suisse Group lifted their target price on NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Longbow Research upgraded NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, August 15th. Barclays PLC boosted their price objective on NetApp from $35.00 to $38.00 and gave the company an “underweight” rating in a research report on Thursday, August 17th. BidaskClub lowered NetApp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Finally, Drexel Hamilton reaffirmed a “buy” rating and set a $62.00 target price (up previously from $60.00) on shares of NetApp in a research note on Friday, August 18th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. NetApp currently has a consensus rating of “Hold” and a consensus price target of $46.38.

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.

Earnings History for NetApp (NASDAQ:NTAP)

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