NetApp (NTAP) Scheduled to Post Earnings on Tuesday

NetApp (NASDAQ:NTAP) will post its quarterly earnings results after the market closes on Tuesday, November 28th. Analysts expect NetApp to post earnings of $1.40 per share for the quarter. NetApp has set its Q2 guidance at $1.35-1.45 EPS and its FY24 guidance at $5.65-5.85 EPS.Individual interested in registering for the company’s earnings conference call can do so using this link.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 23rd. The data storage provider reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.08. NetApp had a return on equity of 85.69% and a net margin of 19.49%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. The business’s revenue for the quarter was down 10.1% compared to the same quarter last year. On average, analysts expect NetApp to post $4 EPS for the current fiscal year and $5 EPS for the next fiscal year.

NetApp Stock Performance

NASDAQ NTAP opened at $77.94 on Tuesday. NetApp has a fifty-two week low of $58.08 and a fifty-two week high of $80.53. The stock has a market cap of $16.27 billion, a price-to-earnings ratio of 14.09, a price-to-earnings-growth ratio of 2.15 and a beta of 1.20. The business has a fifty day moving average of $75.65 and a 200-day moving average of $74.58. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 2.74.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Friday, October 6th were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $2.00 annualized dividend and a yield of 2.57%. NetApp’s payout ratio is currently 36.17%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Raymond James upped their target price on NetApp from $77.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 24th. Deutsche Bank Aktiengesellschaft upped their target price on NetApp from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, August 21st. Northland Securities dropped their target price on NetApp from $89.00 to $88.00 and set an “outperform” rating for the company in a research note on Thursday, August 24th. Citigroup upped their target price on NetApp from $80.00 to $83.00 and gave the company a “neutral” rating in a research note on Thursday, August 24th. Finally, UBS Group upped their target price on NetApp from $77.00 to $84.00 and gave the company a “neutral” rating in a research note on Thursday, August 24th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, NetApp has an average rating of “Hold” and a consensus target price of $77.84.

Insider Transactions at NetApp

In related news, CAO Robert Parks sold 9,113 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $75.90, for a total value of $691,676.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Elizabeth M. O’callahan sold 871 shares of the business’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $79.58, for a total value of $69,314.18. Following the transaction, the executive vice president now owns 12,770 shares in the company, valued at $1,016,236.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Robert Parks sold 9,113 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $75.90, for a total value of $691,676.70. The disclosure for this sale can be found here. Insiders sold 76,489 shares of company stock valued at $5,909,145 over the last quarter. Company insiders own 0.37% of the company’s stock.

Institutional Trading of NetApp

Several institutional investors and hedge funds have recently bought and sold shares of NTAP. Sunbelt Securities Inc. acquired a new stake in NetApp during the first quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC raised its position in shares of NetApp by 108.2% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 1,849 shares of the data storage provider’s stock worth $118,000 after purchasing an additional 961 shares during the period. Covestor Ltd raised its position in shares of NetApp by 94.4% during the 1st quarter. Covestor Ltd now owns 1,936 shares of the data storage provider’s stock worth $161,000 after purchasing an additional 940 shares during the period. Wahed Invest LLC acquired a new stake in shares of NetApp during the 1st quarter worth approximately $177,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of NetApp during the 1st quarter worth approximately $204,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

About NetApp

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.