NetApp, Inc. (NTAP) Expected to Announce Earnings of $0.86 Per Share

Wall Street brokerages expect NetApp, Inc. (NASDAQ:NTAP) to post earnings of $0.86 per share for the current quarter, according to Zacks Investment Research. Zero analysts have issued estimates for NetApp’s earnings, with the highest EPS estimate coming in at $0.92 and the lowest estimate coming in at $0.80. NetApp reported earnings of $0.82 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.9%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, February 21st.

On average, analysts expect that NetApp will report full year earnings of $3.17 per share for the current year, with EPS estimates ranging from $3.01 to $3.44. For the next year, analysts expect that the business will report earnings of $3.41 per share, with EPS estimates ranging from $3.17 to $3.99. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that that provide coverage for NetApp.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.12. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the firm posted $0.60 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year.

A number of equities analysts have recently commented on NTAP shares. Longbow Research raised shares of NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, August 15th. Piper Jaffray Companies set a $50.00 price target on shares of NetApp and gave the stock a “buy” rating in a research note on Monday, August 14th. Maxim Group raised shares of NetApp from a “hold” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $56.00 in a research note on Monday, August 14th. Lake Street Capital lifted their price target on shares of NetApp from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, August 17th. Finally, Drexel Hamilton reaffirmed a “buy” rating and set a $62.00 price target (up previously from $60.00) on shares of NetApp in a research note on Friday, August 18th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have assigned a buy rating to the stock. NetApp has a consensus rating of “Hold” and an average price target of $48.68.

In other news, CEO George Kurian sold 4,570 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total value of $173,568.60. Following the completion of the sale, the chief executive officer now directly owns 23,028 shares of the company’s stock, valued at approximately $874,603.44. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard P. Wallace sold 34,000 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The stock was 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 of the company’s stock, valued at $1,050,465.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,343 shares of company stock valued at $3,302,273. Company insiders own 0.47% of the company’s stock.

Several large investors have recently modified their holdings of NTAP. Exane Derivatives lifted its stake in shares of NetApp by 59,850.0% in the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock worth $105,000 after acquiring an additional 2,394 shares during the period. First Personal Financial Services lifted its stake in shares of NetApp by 27,540.0% in the 3rd quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock worth $121,000 after acquiring an additional 2,754 shares during the period. Krilogy Financial LLC acquired a new stake in shares of NetApp in the 2nd quarter worth approximately $122,000. Quantbot Technologies LP bought a new stake in shares of NetApp in the 3rd quarter worth approximately $131,000. Finally, FTB Advisors Inc. raised its holdings in shares of NetApp by 50.2% in the 3rd quarter. FTB Advisors Inc. now owns 4,544 shares of the data storage provider’s stock worth $199,000 after purchasing an additional 1,519 shares in the last quarter. 93.91% of the stock is owned by institutional investors.

NetApp (NASDAQ:NTAP) opened at $52.95 on Friday. NetApp has a one year low of $34.72 and a one year high of $54.72. The company has a quick ratio of 1.44, a current ratio of 1.67 and a debt-to-equity ratio of 0.55. The company has a market cap of $14,283.69, a price-to-earnings ratio of 19.91, a PEG ratio of 1.85 and a beta of 1.16.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Friday, January 5th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Thursday, January 4th. 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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