NetApp Inc. (NTAP) Expected to Post Earnings of $0.90 Per Share

Equities analysts expect NetApp Inc. (NASDAQ:NTAP) to post earnings per share (EPS) of $0.90 for the current quarter, according to Zacks. Eight analysts have provided estimates for NetApp’s earnings, with estimates ranging from $0.86 to $0.92. NetApp reported earnings per share of $0.82 in the same quarter last year, which suggests a positive year over year growth rate of 9.8%. The company is scheduled to issue its next earnings report on Wednesday, February 21st.

According to Zacks, analysts expect that NetApp will report full year earnings of $3.33 per share for the current year, with EPS estimates ranging from $3.25 to $3.44. For the next fiscal year, analysts anticipate that the firm will post earnings of $3.62 per share, with EPS estimates ranging from $3.37 to $3.99. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for 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, topping the Zacks’ consensus estimate of $0.69 by $0.12. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. NetApp had a net margin of 11.49% and a return on equity of 26.77%. NetApp’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS.

A number of equities analysts have recently issued reports on the stock. Royal Bank of Canada reiterated a “hold” rating and issued a $60.00 price target on shares of NetApp in a report on Monday, December 11th. BMO Capital Markets upgraded shares of NetApp from a “market perform” rating to an “outperform” rating in a report on Sunday, November 26th. ValuEngine downgraded shares of NetApp from a “buy” rating to a “hold” rating in a report on Friday, December 1st. UBS Group reiterated a “buy” rating and issued a $62.00 price target (up previously from $52.00) on shares of NetApp in a report on Wednesday, November 22nd. Finally, Argus increased their price target on shares of NetApp from $46.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 17th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $50.15.

In related news, Director Thomas Michael Nevens sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $55.67, for a total value of $1,113,400.00. Following the sale, the director now directly owns 17,000 shares of the company’s stock, valued at $946,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO George Kurian sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $52.50, for a total transaction of $3,937,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 197,604 shares of company stock worth $10,389,277 over the last ninety days. 0.47% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NTAP. Boston Partners acquired a new stake in shares of NetApp in the third quarter worth approximately $315,629,000. Renaissance Technologies LLC boosted its position in shares of NetApp by 781.1% in the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock worth $133,750,000 after acquiring an additional 2,960,542 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of NetApp by 6,495.7% in the second quarter. Janus Henderson Group PLC now owns 2,312,525 shares of the data storage provider’s stock worth $92,617,000 after acquiring an additional 2,277,464 shares during the last quarter. BlackRock Inc. boosted its position in shares of NetApp by 7.5% in the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock worth $867,006,000 after acquiring an additional 1,517,967 shares during the last quarter. Finally, FMR LLC boosted its position in shares of NetApp by 89.2% in the second quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock worth $121,924,000 after acquiring an additional 1,435,588 shares during the last quarter. 94.71% of the stock is currently owned by institutional investors and hedge funds.

Shares of NetApp (NASDAQ NTAP) traded up $0.96 on Wednesday, hitting $62.77. 2,510,505 shares of the stock were exchanged, compared to its average volume of 2,630,000. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.67 and a quick ratio of 1.64. The stock has a market cap of $16,750.00, a P/E ratio of 26.94, a PEG ratio of 1.97 and a beta of 1.29. NetApp has a 1-year low of $35.41 and a 1-year high of $62.80.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.27%. NetApp’s dividend payout ratio is currently 34.33%.

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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.

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