$1.65 Billion in Sales Expected for NetApp Inc. (NTAP) This Quarter

Wall Street brokerages predict that NetApp Inc. (NASDAQ:NTAP) will post $1.65 billion in sales for the current quarter, according to Zacks Investment Research. Nine analysts have provided estimates for NetApp’s earnings. The highest sales estimate is $1.66 billion and the lowest is $1.63 billion. NetApp reported sales of $1.64 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 0.6%. The firm is expected to issue its next earnings results on Wednesday, May 22nd.

On average, analysts expect that NetApp will report full year sales of $6.20 billion for the current financial year, with estimates ranging from $6.18 billion to $6.21 billion. For the next financial year, analysts expect that the company will post sales of $6.44 billion, with estimates ranging from $6.27 billion to $6.59 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover NetApp.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, February 13th. The data storage provider reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.05. NetApp had a return on equity of 60.32% and a net margin of 16.85%. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the previous year, the firm earned $0.99 EPS. NetApp’s revenue was up 1.6% on a year-over-year basis.

Several equities research analysts have recently commented on NTAP shares. Zacks Investment Research reaffirmed a “buy” rating and set a $65.00 price target on shares of NetApp in a research report on Monday, December 31st. Morgan Stanley lowered shares of NetApp from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $72.00 to $58.00 in a research report on Tuesday, January 15th. BidaskClub raised shares of NetApp from a “hold” rating to a “buy” rating in a research report on Wednesday, January 30th. OTR Global lowered shares of NetApp to a “positive” rating in a research report on Friday, February 8th. Finally, Bank of America reaffirmed a “buy” rating and set a $90.00 price target on shares of NetApp in a research report on Monday, February 11th. Four analysts have rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. NetApp currently has an average rating of “Hold” and an average price target of $77.88.

In related news, VP Joel D. Reich sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $64.04, for a total transaction of $1,280,800.00. Following the completion of the transaction, the vice president now directly owns 744 shares in the company, valued at approximately $47,645.76. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Henri P. Richard sold 5,050 shares of the business’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $66.01, for a total value of $333,350.50. Following the transaction, the executive vice president now owns 56,707 shares of the company’s stock, valued at $3,743,229.07. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Bremer Trust National Association bought a new position in shares of NetApp during the 4th quarter valued at approximately $33,000. Financial Gravity Wealth Inc. bought a new position in shares of NetApp during the 1st quarter valued at approximately $39,000. Lindbrook Capital LLC bought a new position in shares of NetApp during the 4th quarter valued at approximately $32,000. North Star Investment Management Corp. grew its stake in shares of NetApp by 660.0% during the 1st quarter. North Star Investment Management Corp. now owns 760 shares of the data storage provider’s stock valued at $53,000 after acquiring an additional 660 shares during the period. Finally, Global Retirement Partners LLC grew its stake in shares of NetApp by 8,090.0% during the 4th quarter. Global Retirement Partners LLC now owns 819 shares of the data storage provider’s stock valued at $49,000 after acquiring an additional 809 shares during the period. Institutional investors own 95.76% of the company’s stock.

Shares of NASDAQ NTAP traded down $3.14 during midday trading on Wednesday, hitting $73.50. 4,131,783 shares of the company’s stock traded hands, compared to its average volume of 2,722,522. NetApp has a 1 year low of $54.50 and a 1 year high of $88.08. The firm has a market capitalization of $19.14 billion, a P/E ratio of 24.58, a PEG ratio of 1.36 and a beta of 1.40. The company has a quick ratio of 1.53, a current ratio of 1.56 and a debt-to-equity ratio of 0.93.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Investors of record on Friday, April 5th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.18%. NetApp’s dividend payout ratio (DPR) is presently 53.51%.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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