Wall Street analysts predict that NetApp Inc. (NASDAQ:NTAP) will announce sales of $1.59 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for NetApp’s earnings, with the lowest sales estimate coming in at $1.55 billion and the highest estimate coming in at $1.62 billion. NetApp posted sales of $1.48 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 7.4%. The firm is scheduled to report its next earnings results on Wednesday, May 23rd.
On average, analysts expect that NetApp will report full year sales of $1.59 billion for the current fiscal year, with estimates ranging from $5.80 billion to $5.89 billion. For the next financial year, analysts expect that the firm will report sales of $6.11 billion per share, with estimates ranging from $5.94 billion to $6.34 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover NetApp.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, February 14th. The data storage provider reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.08. NetApp had a positive return on equity of 29.38% and a negative net margin of 0.09%. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the prior year, the business posted $0.82 earnings per share.
Several research firms have recently issued reports on NTAP. DA Davidson cut NetApp from a “buy” rating to a “neutral” rating and increased their price target for the stock from $56.00 to $64.00 in a research note on Tuesday, January 23rd. Morgan Stanley raised NetApp from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $41.00 to $64.00 in a research note on Tuesday, January 23rd. UBS raised their target price on NetApp from $62.00 to $71.00 and gave the company a “buy” rating in a research note on Friday, January 26th. ValuEngine raised NetApp from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, Zacks Investment Research cut NetApp from a “buy” rating to a “hold” rating in a research note on Thursday, February 1st. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $56.23.
NTAP stock opened at $63.31 on Wednesday. NetApp has a 52 week low of $37.43 and a 52 week high of $65.58. The stock has a market capitalization of $16,836.26, a price-to-earnings ratio of -791.38, a PEG ratio of 2.00 and a beta of 1.29. The company has a quick ratio of 1.88, a current ratio of 1.91 and a debt-to-equity ratio of 0.71.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Friday, April 6th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Thursday, April 5th. NetApp’s dividend payout ratio (DPR) is presently -1,000.00%.
In related news, VP Joel D. Reich sold 11,641 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $60.02, for a total value of $698,692.82. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the director now directly owns 17,000 shares in the company, valued at $946,390. The disclosure for this sale can be found here. Insiders have sold a total of 63,027 shares of company stock valued at $3,653,425 over the last ninety days. Company insiders own 0.47% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. IFP Advisors Inc grew its holdings in NetApp by 45.3% in the 4th quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock valued at $142,000 after buying an additional 801 shares during the last quarter. Quantbot Technologies LP acquired a new stake in NetApp in the 3rd quarter valued at approximately $131,000. Tower Research Capital LLC TRC grew its holdings in NetApp by 227.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock valued at $182,000 after buying an additional 2,282 shares during the last quarter. Summit Securities Group LLC acquired a new stake in NetApp in the 4th quarter valued at approximately $210,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its holdings in NetApp by 559.8% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,025 shares of the data storage provider’s stock valued at $223,000 after buying an additional 3,415 shares during the last quarter. 94.99% of the stock is currently owned by institutional investors and hedge funds.
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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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