Brokers Offer Predictions for NetApp Inc.’s Q3 2020 Earnings (NASDAQ:NTAP)

NetApp Inc. (NASDAQ:NTAP) – Stock analysts at KeyCorp lifted their Q3 2020 earnings estimates for shares of NetApp in a research note issued to investors on Wednesday, November 13th. KeyCorp analyst A. Kurtz now anticipates that the data storage provider will post earnings of $1.01 per share for the quarter, up from their previous estimate of $0.97. KeyCorp also issued estimates for NetApp’s Q4 2020 earnings at $1.29 EPS, Q1 2021 earnings at $0.70 EPS, Q2 2021 earnings at $0.97 EPS, Q3 2021 earnings at $1.21 EPS, Q4 2021 earnings at $1.37 EPS and FY2022 earnings at $4.64 EPS.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, November 13th. The data storage provider reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.15. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.38 billion. NetApp had a return on equity of 95.04% and a net margin of 17.20%. The firm’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.06 earnings per share.

NTAP has been the topic of a number of other research reports. ValuEngine upgraded NetApp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Susquehanna Bancshares upgraded NetApp from a “neutral” rating to a “positive” rating and increased their target price for the stock from $54.00 to $75.00 in a research note on Monday, September 9th. Wells Fargo & Co reiterated a “market perform” rating and set a $60.00 target price (up previously from $50.00) on shares of NetApp in a research note on Thursday. Longbow Research lowered NetApp from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Finally, Barclays reiterated an “equal weight” rating and set a $48.00 target price (up previously from $47.00) on shares of NetApp in a research note on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $62.28.

Shares of NASDAQ NTAP opened at $62.87 on Monday. The firm has a market cap of $14.75 billion, a P/E ratio of 15.64, a price-to-earnings-growth ratio of 1.48 and a beta of 1.56. The company has a current ratio of 1.31, a quick ratio of 1.39 and a debt-to-equity ratio of 2.14. NetApp has a 1-year low of $44.55 and a 1-year high of $78.35. The business’s 50 day moving average is $55.07 and its 200-day moving average is $57.43.

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 23rd. Investors of record on Friday, January 3rd will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend is Thursday, January 2nd. NetApp’s dividend payout ratio is currently 47.76%.

In other NetApp news, VP Joel D. Reich sold 3,963 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $47.29, for a total value of $187,410.27. Following the sale, the vice president now owns 12,249 shares of the company’s stock, valued at approximately $579,255.21. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gerald Held sold 7,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $47.23, for a total value of $330,610.00. Following the completion of the sale, the director now directly owns 14,391 shares in the company, valued at approximately $679,686.93. The disclosure for this sale can be found here. Insiders have sold 20,963 shares of company stock worth $987,420 in the last three months. 0.33% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the business. Hexavest Inc. acquired a new stake in shares of NetApp in the 2nd quarter valued at $26,000. Kistler Tiffany Companies LLC boosted its holdings in shares of NetApp by 315.4% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 388 shares in the last quarter. CWM LLC boosted its holdings in shares of NetApp by 113.0% in the 2nd quarter. CWM LLC now owns 639 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 339 shares in the last quarter. Rational Advisors LLC boosted its holdings in shares of NetApp by 1,256.9% in the 2nd quarter. Rational Advisors LLC now owns 692 shares of the data storage provider’s stock valued at $43,000 after purchasing an additional 641 shares in the last quarter. Finally, North Star Investment Management Corp. acquired a new stake in shares of NetApp in the 3rd quarter valued at $40,000. 96.70% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

Featured Story: What Factors Can Affect Return on Equity?

Earnings History and Estimates for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.