NetApp, Inc. (NTAP) Expected to Announce Quarterly Sales of $1.49 Billion
Wall Street analysts expect NetApp, Inc. (NASDAQ:NTAP) to post sales of $1.49 billion for the current fiscal quarter, according to Zacks. Seven analysts have issued estimates for NetApp’s earnings, with the lowest sales estimate coming in at $1.46 billion and the highest estimate coming in at $1.50 billion. NetApp posted sales of $1.40 billion during the same quarter last year, which suggests a positive year over year growth rate of 6.4%. The business is scheduled to issue its next earnings report on Wednesday, February 21st.
On average, analysts expect that NetApp will report full-year sales of $1.49 billion for the current financial year, with estimates ranging from $5.68 billion to $5.84 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $5.99 billion per share, with estimates ranging from $5.88 billion to $6.12 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow NetApp.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.12. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.60 earnings per share.
A number of equities research analysts recently commented on NTAP shares. Credit Suisse Group boosted 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. BidaskClub downgraded NetApp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Robert W. Baird set a $44.00 target price on NetApp and gave the stock a “hold” rating in a research report on Monday, August 14th. Maxim Group upgraded NetApp from a “hold” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $56.00 in a research report on Monday, August 14th. Finally, Piper Jaffray Companies set a $50.00 target price on NetApp and gave the stock a “buy” rating in a research report on Monday, August 14th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. NetApp presently has a consensus rating of “Hold” and a consensus target price of $48.68.
NetApp (NASDAQ NTAP) traded up $1.78 during trading hours on Tuesday, hitting $54.73. The company had a trading volume of 4,374,100 shares, compared to its average volume of 2,987,846. The company has a quick ratio of 1.64, a current ratio of 1.67 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $14,760.00, a P/E ratio of 19.91, a P/E/G ratio of 1.85 and a beta of 1.16. NetApp has a 12 month low of $34.72 and a 12 month high of $54.81.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.46%. The ex-dividend date is Thursday, January 4th. NetApp’s dividend payout ratio is currently 34.33%.
In other NetApp news, CEO George Kurian sold 4,570 shares of the stock in a transaction dated Wednesday, August 30th. The stock was 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 of the company’s stock, valued at approximately $874,603.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $1,480,020.00. Following the sale, the director now directly owns 24,132 shares in the company, valued at $1,050,465.96. The disclosure for this sale can be found here. Insiders have sold a total of 189,630 shares of company stock worth $9,379,249 over the last ninety days. 0.47% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of NetApp by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock valued at $1,089,939,000 after acquiring an additional 481,365 shares during the period. BlackRock Inc. grew its position in shares of NetApp by 7.5% during the 2nd quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock valued at $867,006,000 after acquiring an additional 1,517,967 shares during the period. Boston Partners acquired a new stake in shares of NetApp during the 3rd quarter valued at about $315,629,000. Bank of New York Mellon Corp grew its position in shares of NetApp by 25.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,061,906 shares of the data storage provider’s stock valued at $177,748,000 after acquiring an additional 817,147 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of NetApp by 781.1% during the 2nd quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock valued at $133,750,000 after acquiring an additional 2,960,542 shares during the period. Hedge funds and other institutional investors own 97.27% of the company’s stock.
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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