Brokerages expect NetApp Inc. (NASDAQ:NTAP) to post earnings of $0.68 per share for the current quarter, Zacks reports. Nine analysts have provided estimates for NetApp’s earnings. The highest EPS estimate is $0.70 and the lowest is $0.64. NetApp reported earnings per share of $0.36 in the same quarter last year, which indicates a positive year over year growth rate of 88.9%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, May 24th.
On average, analysts expect that NetApp will report full year earnings of $2.12 per share for the current financial year, with EPS estimates ranging from $2.08 to $2.15. For the next fiscal year, analysts forecast that the business will post earnings of $2.42 per share, with EPS estimates ranging from $2.17 to $2.61. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that follow NetApp.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, February 15th. The data storage provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.08. The business earned $1.40 billion during the quarter, compared to the consensus estimate of $1.39 billion. NetApp had a return on equity of 15.66% and a net margin of 5.89%. During the same period in the prior year, the business posted $0.70 EPS.
NTAP has been the topic of several research analyst reports. Goldman Sachs Group Inc upgraded shares of NetApp from a “neutral” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Monday, January 30th. Wells Fargo & Co reiterated a “market perform” rating and set a $40.00 price objective on shares of NetApp in a research report on Thursday, March 16th. Morgan Stanley reiterated an “underweight” rating and set a $26.00 price objective (up from $24.00) on shares of NetApp in a research report on Thursday, December 29th. Piper Jaffray Companies upgraded shares of NetApp from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $37.00 to $46.00 in a research report on Tuesday, February 14th. Finally, Zacks Investment Research upgraded shares of NetApp from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research report on Tuesday, February 14th. Seven equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $40.16.
Shares of NetApp (NASDAQ:NTAP) traded down 2.03% during trading on Friday, hitting $39.49. The stock had a trading volume of 1,849,783 shares. The firm has a market cap of $10.70 billion, a P/E ratio of 36.06 and a beta of 1.50. NetApp has a one year low of $22.50 and a one year high of $43.14. The firm’s 50-day moving average is $41.30 and its 200-day moving average is $37.49.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 26th. Shareholders of record on Friday, April 7th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a $0.76 annualized dividend and a yield of 1.89%. NetApp’s dividend payout ratio is 69.09%.
In other news, Director Alan L. Earhart sold 27,422 shares of the company’s stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $42.46, for a total transaction of $1,164,338.12. Following the transaction, the director now directly owns 21,611 shares in the company, valued at $917,603.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, January 30th. The stock was sold at an average price of $38.50, for a total transaction of $154,000.00. Following the transaction, the chief executive officer now owns 32,396 shares in the company, valued at $1,247,246. The disclosure for this sale can be found here. Insiders have sold 35,422 shares of company stock worth $1,484,458 over the last ninety days. Insiders own 0.49% of the company’s stock.
Several institutional investors have recently made changes to their positions in NTAP. Seven Eight Capital LP bought a new position in shares of NetApp during the fourth quarter worth about $118,000. Carroll Financial Associates Inc. bought a new position in shares of NetApp during the first quarter worth about $123,000. Victory Capital Management Inc. raised its position in shares of NetApp by 44.2% in the third quarter. Victory Capital Management Inc. now owns 5,321 shares of the data storage provider’s stock worth $191,000 after buying an additional 1,631 shares during the last quarter. Orinda Asset Management LLC bought a new position in shares of NetApp during the third quarter worth about $202,000. Finally, Integral Derivatives LLC bought a new position in shares of NetApp during the fourth quarter worth about $215,000. Institutional investors own 92.52% 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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