NetApp (NTAP) Updates Q4 Earnings Guidance
NetApp (NASDAQ:NTAP) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.95-1.03 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.00. The company issued revenue guidance of $1.525-1.675 billion, compared to the consensus revenue estimate of $1.57 billion.
Several research firms have recently weighed in on NTAP. Zacks Investment Research upgraded NetApp from a hold rating to a buy rating and set a $65.00 price objective on the stock in a research note on Tuesday. Citigroup upped their price objective on NetApp from $53.00 to $62.00 and gave the company a neutral rating in a research note on Tuesday. Maxim Group upped their price objective on NetApp to $69.00 and gave the company a buy rating in a research note on Tuesday. Bank of America upgraded NetApp from a neutral rating to a buy rating in a research note on Tuesday. Finally, Loop Capital upgraded NetApp from a hold rating to a buy rating and set a $50.00 price objective on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and sixteen have given a buy rating to the stock. NetApp currently has a consensus rating of Hold and an average price target of $53.85.
NetApp (NASDAQ:NTAP) traded up $1.90 during trading hours on Wednesday, reaching $60.64. The company’s stock had a trading volume of 5,596,051 shares, compared to its average volume of 2,919,960. NetApp has a 12-month low of $37.43 and a 12-month high of $64.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67. The firm has a market cap of $16,170.00, a P/E ratio of 26.01, a price-to-earnings-growth ratio of 1.84 and a beta of 1.33.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Friday, April 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.32%. NetApp’s dividend payout ratio is 34.33%.
In other NetApp news, 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Joel D. Reich sold 3,371 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $53.17, for a total value of $179,236.07. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 176,629 shares of company stock worth $9,568,956. Company insiders own 0.47% of the company’s stock.
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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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