Brokerages Anticipate NetApp, Inc. (NTAP) Will Announce Quarterly Sales of $1.32 Billion
Equities analysts expect NetApp, Inc. (NASDAQ:NTAP) to post sales of $1.32 billion for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have issued estimates for NetApp’s earnings. The lowest sales estimate is $1.30 billion and the highest is $1.34 billion. NetApp posted sales of $1.29 billion during the same quarter last year, which suggests a positive year over year growth rate of 2.3%. The firm is expected to report its next earnings results after the market closes on Wednesday, August 16th.
According to Zacks, analysts expect that NetApp will report full-year sales of $1.32 billion for the current year, with estimates ranging from $5.49 billion to $5.69 billion. For the next fiscal year, analysts forecast that the firm will post sales of $5.69 billion per share, with estimates ranging from $5.42 billion to $5.87 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow NetApp.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.04. NetApp had a net margin of 9.22% and a return on equity of 21.66%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the company posted $0.55 earnings per share. The firm’s quarterly revenue was up 7.3% on a year-over-year basis.
Several analysts have weighed in on NTAP shares. Stifel Nicolaus reissued a “hold” rating and set a $37.00 target price on shares of NetApp in a research report on Friday, May 26th. Drexel Hamilton reissued a “buy” rating and set a $62.00 target price on shares of NetApp in a research report on Wednesday, May 24th. Zacks Investment Research raised shares of NetApp from a “sell” rating to a “hold” rating in a research report on Monday, May 8th. Credit Suisse Group raised shares of NetApp from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $35.00 to $37.00 in a research report on Thursday, May 25th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $45.00 target price on shares of NetApp in a research report on Friday, June 9th. Four analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $41.52.
In other news, CEO George Kurian sold 4,000 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $43.67, for a total value of $174,680.00. Following the completion of the sale, the chief executive officer now directly owns 27,598 shares in the company, valued at $1,205,204.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffry R. Allen sold 20,000 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $40.46, for a total transaction of $809,200.00. Following the completion of the sale, the director now owns 8,500 shares of the company’s stock, valued at $343,910. The disclosure for this sale can be found here. Insiders sold 117,518 shares of company stock valued at $4,726,762 over the last quarter. Company insiders own 0.49% of the company’s stock.
Large investors have recently modified their holdings of the stock. Federated Investors Inc. PA boosted its stake in shares of NetApp by 4.8% in the second quarter. Federated Investors Inc. PA now owns 398,166 shares of the data storage provider’s stock worth $15,946,000 after buying an additional 18,060 shares during the period. Cadence Capital Management LLC boosted its stake in shares of NetApp by 3.5% in the second quarter. Cadence Capital Management LLC now owns 10,209 shares of the data storage provider’s stock worth $409,000 after buying an additional 342 shares during the period. Annex Advisory Services LLC boosted its stake in shares of NetApp by 12.8% in the second quarter. Annex Advisory Services LLC now owns 19,946 shares of the data storage provider’s stock worth $799,000 after buying an additional 2,256 shares during the period. Pegasus Partners Ltd. boosted its stake in shares of NetApp by 3.2% in the second quarter. Pegasus Partners Ltd. now owns 21,793 shares of the data storage provider’s stock worth $873,000 after buying an additional 668 shares during the period. Finally, KBC Group NV boosted its stake in shares of NetApp by 169.5% in the second quarter. KBC Group NV now owns 314,599 shares of the data storage provider’s stock worth $12,600,000 after buying an additional 197,859 shares during the period. Institutional investors and hedge funds own 91.07% of the company’s stock.
Shares of NetApp (NASDAQ NTAP) traded down 0.40% during midday trading on Friday, reaching $42.74. 1,937,416 shares of the company traded hands. The company has a market capitalization of $11.61 billion, a PE ratio of 23.61 and a beta of 1.21. NetApp has a 1-year low of $26.47 and a 1-year high of $45.24. The company has a 50 day moving average price of $41.03 and a 200 day moving average price of $40.32.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, July 5th. This is a boost from NetApp’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a yield of 1.87%. NetApp’s dividend payout ratio is currently 44.20%.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for NetApp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.