$1.38 Billion in Sales Expected for NetApp, Inc. (NTAP) This Quarter

Brokerages expect that NetApp, Inc. (NASDAQ:NTAP) will post $1.38 billion in sales for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for NetApp’s earnings. The highest sales estimate is $1.40 billion and the lowest is $1.36 billion. NetApp posted sales of $1.34 billion during the same quarter last year, which suggests a positive year over year growth rate of 3%. The company is expected to issue its next earnings results on Wednesday, November 15th.

According to Zacks, analysts expect that NetApp will report full-year sales of $1.38 billion for the current fiscal year, with estimates ranging from $5.54 billion to $5.74 billion. For the next year, analysts anticipate that the firm will report sales of $5.75 billion per share, with estimates ranging from $5.55 billion to $5.97 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover NetApp.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. NetApp’s revenue was up 2.4% on a year-over-year basis.

Several analysts recently issued reports on the company. Susquehanna Bancshares Inc reissued a “positive” rating and set a $50.00 target price (up previously from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. Stifel Nicolaus reissued a “hold” rating and set a $37.00 target price on shares of NetApp in a research note on Wednesday, August 16th. Barclays PLC lifted their target price on NetApp from $35.00 to $38.00 and gave the company an “underweight” rating in a research note on Thursday, August 17th. Lake Street Capital lifted their target price on NetApp from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, August 17th. Finally, Drexel Hamilton reissued a “buy” rating and set a $62.00 target price (up previously from $60.00) on shares of NetApp in a research note on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $45.12.

In related news, Director Richard P. Wallace sold 34,000 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the completion of the sale, the director now directly owns 24,132 shares in the company, valued at $1,050,465.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Henri P. Richard sold 1,976 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $43.41, for a total transaction of $85,778.16. Following the sale, the executive vice president now owns 19,788 shares of the company’s stock, valued at $858,997.08. The disclosure for this sale can be found here. Insiders have sold 48,498 shares of company stock valued at $2,083,785 over the last 90 days. 0.47% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. American Beacon Advisors Inc. bought a new stake in NetApp during the first quarter worth approximately $110,000. Krilogy Financial LLC purchased a new stake in shares of NetApp in the 2nd quarter valued at approximately $122,000. Cambridge Investment Research Advisors Inc. lifted its position in shares of NetApp by 3.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock valued at $208,000 after acquiring an additional 185 shares in the last quarter. Eagle Global Advisors LLC purchased a new stake in shares of NetApp in the 2nd quarter valued at approximately $210,000. Finally, CAPROCK Group Inc. lifted its position in shares of NetApp by 0.8% in the 2nd quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock valued at $211,000 after acquiring an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

TRADEMARK VIOLATION WARNING: This article was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this article on another domain, it was illegally copied and reposted in violation of US and international copyright & trademark legislation. The original version of this article can be viewed at https://ledgergazette.com/2017/10/17/1-38-billion-in-sales-expected-for-netapp-inc-ntap-this-quarter-2.html.

Shares of NetApp (NASDAQ:NTAP) traded up 0.82% during mid-day trading on Thursday, reaching $44.08. The company’s stock had a trading volume of 1,769,154 shares. NetApp has a 12-month low of $30.36 and a 12-month high of $45.24. The stock has a market capitalization of $11.89 billion, a P/E ratio of 21.28 and a beta of 1.26. The company’s 50-day moving average price is $41.60 and its 200-day moving average price is $40.84.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, October 5th. NetApp’s payout ratio is 38.65%.

About NetApp

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.

Get a free copy of the Zacks research report on NetApp

According to Zacks, analysts expect that NetApp will report full-year sales of $1.38 billion for the current fiscal year, with estimates ranging from $5.54 billion to $5.74 billion. For the next year, analysts anticipate that the firm will report sales of $5.75 billion per share, with estimates ranging from $5.55 billion to $5.97 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover NetApp.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. NetApp’s revenue was up 2.4% on a year-over-year basis.

Several analysts recently issued reports on the company. Susquehanna Bancshares Inc reissued a “positive” rating and set a $50.00 target price (up previously from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. Stifel Nicolaus reissued a “hold” rating and set a $37.00 target price on shares of NetApp in a research note on Wednesday, August 16th. Barclays PLC lifted their target price on NetApp from $35.00 to $38.00 and gave the company an “underweight” rating in a research note on Thursday, August 17th. Lake Street Capital lifted their target price on NetApp from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, August 17th. Finally, Drexel Hamilton reissued a “buy” rating and set a $62.00 target price (up previously from $60.00) on shares of NetApp in a research note on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $45.12.

In related news, Director Richard P. Wallace sold 34,000 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the completion of the sale, the director now directly owns 24,132 shares in the company, valued at $1,050,465.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Henri P. Richard sold 1,976 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $43.41, for a total transaction of $85,778.16. Following the sale, the executive vice president now owns 19,788 shares of the company’s stock, valued at $858,997.08. The disclosure for this sale can be found here. Insiders have sold 48,498 shares of company stock valued at $2,083,785 over the last 90 days. 0.47% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. American Beacon Advisors Inc. bought a new stake in NetApp during the first quarter worth approximately $110,000. Krilogy Financial LLC purchased a new stake in shares of NetApp in the 2nd quarter valued at approximately $122,000. Cambridge Investment Research Advisors Inc. lifted its position in shares of NetApp by 3.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock valued at $208,000 after acquiring an additional 185 shares in the last quarter. Eagle Global Advisors LLC purchased a new stake in shares of NetApp in the 2nd quarter valued at approximately $210,000. Finally, CAPROCK Group Inc. lifted its position in shares of NetApp by 0.8% in the 2nd quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock valued at $211,000 after acquiring an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

TRADEMARK VIOLATION WARNING: This article was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this article on another domain, it was illegally copied and reposted in violation of US and international copyright & trademark legislation. The original version of this article can be viewed at https://ledgergazette.com/2017/10/17/1-38-billion-in-sales-expected-for-netapp-inc-ntap-this-quarter-2.html.

Shares of NetApp (NASDAQ:NTAP) traded up 0.82% during mid-day trading on Thursday, reaching $44.08. The company’s stock had a trading volume of 1,769,154 shares. NetApp has a 12-month low of $30.36 and a 12-month high of $45.24. The stock has a market capitalization of $11.89 billion, a P/E ratio of 21.28 and a beta of 1.26. The company’s 50-day moving average price is $41.60 and its 200-day moving average price is $40.84.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, October 5th. NetApp’s payout ratio is 38.65%.

About NetApp

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.

Get a free copy of the Zacks research report on NetApp (NTAP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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