NetApp (NTAP) Announces Earnings Results

NetApp (NASDAQ:NTAP) released its quarterly earnings results on Wednesday. The data storage provider reported $0.99 EPS for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.08, Bloomberg Earnings reports. NetApp had a net margin of 11.49% and a return on equity of 26.77%. During the same period in the previous year, the firm posted $0.82 earnings per share. NetApp updated its Q4 guidance to $0.95-1.03 EPS.

Shares of NetApp (NASDAQ:NTAP) opened at $60.64 on Thursday. The firm has a market cap of $15,671.35, a price-to-earnings ratio of 26.03, a price-to-earnings-growth ratio of 1.82 and a beta of 1.33. The company has a current ratio of 1.67, a quick ratio of 1.64 and a debt-to-equity ratio of 0.55. NetApp has a 12-month low of $37.43 and a 12-month high of $64.06.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Friday, April 6th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.32%. NetApp’s payout ratio is currently 34.33%.

In other NetApp news, CEO George Kurian sold 75,000 shares of the company’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $52.50, for a total value of $3,937,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George T. Shaheen sold 36,916 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $53.10, for a total transaction of $1,960,239.60. The disclosure for this sale can be found here. Insiders have sold a total of 176,629 shares of company stock valued at $9,568,956 in the last three months. 0.47% of the stock is currently owned by corporate insiders.

A number of equities analysts have commented on NTAP shares. UBS Group boosted their price target on shares of NetApp from $62.00 to $71.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Deutsche Bank upped their price objective on shares of NetApp from $27.00 to $37.00 and gave the company a “sell” rating in a research note on Thursday, November 16th. Morgan Stanley raised shares of NetApp from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $41.00 to $64.00 in a research note on Tuesday, January 23rd. Royal Bank of Canada upped their price objective on shares of NetApp from $45.00 to $50.00 and gave the company a “sector perform” rating in a research note on Monday, November 13th. Finally, BMO Capital Markets raised shares of NetApp from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $43.00 to $62.00 in a research note on Thursday, November 16th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and sixteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $54.52.

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About NetApp

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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