Zacks: Brokerages Expect NetApp, Inc. (NASDAQ:NTAP) Will Post Quarterly Sales of $1.50 Billion

Equities analysts expect NetApp, Inc. (NASDAQ:NTAP) to report sales of $1.50 billion for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for NetApp’s earnings. The highest sales estimate is $1.52 billion and the lowest is $1.49 billion. NetApp posted sales of $1.40 billion in the same quarter last year, which suggests a positive year over year growth rate of 7.1%. The business is expected to issue its next quarterly earnings report on Wednesday, May 26th.

According to Zacks, analysts expect that NetApp will report full-year sales of $5.69 billion for the current fiscal year, with estimates ranging from $5.68 billion to $5.71 billion. For the next year, analysts expect that the firm will post sales of $6.00 billion, with estimates ranging from $5.82 billion to $6.21 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow NetApp.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, February 24th. The data storage provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.09. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.43 billion. NetApp had a return on equity of 263.77% and a net margin of 12.44%. During the same quarter in the prior year, the firm earned $1.16 EPS.

Several research firms recently weighed in on NTAP. Stifel Nicolaus increased their target price on shares of NetApp from $60.00 to $65.00 and gave the company a “hold” rating in a research note on Thursday, February 25th. They noted that the move was a valuation call. Cowen lifted their target price on shares of NetApp from $60.00 to $68.00 and gave the company a “market perform” rating in a research note on Thursday, February 25th. William Blair reissued a “market perform” rating on shares of NetApp in a report on Thursday, February 25th. Deutsche Bank Aktiengesellschaft raised their price target on shares of NetApp from $54.00 to $64.00 and gave the company a “hold” rating in a report on Monday, February 22nd. Finally, Morgan Stanley lifted their target price on shares of NetApp from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $64.60.

NetApp stock traded up $0.01 during mid-day trading on Friday, hitting $73.68. 67,846 shares of the company’s stock were exchanged, compared to its average volume of 2,016,666. The stock has a market cap of $16.40 billion, a P/E ratio of 23.99, a P/E/G ratio of 1.78 and a beta of 1.35. The stock has a 50 day moving average of $68.68 and a two-hundred day moving average of $59.41. NetApp has a 1-year low of $38.89 and a 1-year high of $75.58. The company has a current ratio of 1.65, a quick ratio of 1.61 and a debt-to-equity ratio of 7.11.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 28th. Stockholders of record on Friday, April 9th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Thursday, April 8th. NetApp’s payout ratio is 54.39%.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Eudaimonia Partners LLC lifted its position in shares of NetApp by 13.4% in the 3rd quarter. Eudaimonia Partners LLC now owns 1,433 shares of the data storage provider’s stock worth $63,000 after purchasing an additional 169 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of NetApp by 1.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,977 shares of the data storage provider’s stock worth $1,257,000 after buying an additional 220 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in NetApp by 0.3% during the fourth quarter. Treasurer of the State of North Carolina now owns 84,871 shares of the data storage provider’s stock valued at $5,622,000 after purchasing an additional 290 shares in the last quarter. Wetherby Asset Management Inc. lifted its holdings in NetApp by 7.0% during the fourth quarter. Wetherby Asset Management Inc. now owns 5,070 shares of the data storage provider’s stock valued at $336,000 after purchasing an additional 330 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in NetApp by 6.8% during the fourth quarter. Janney Montgomery Scott LLC now owns 6,262 shares of the data storage provider’s stock valued at $415,000 after purchasing an additional 397 shares in the last quarter. 90.95% of the stock is owned by institutional investors and hedge funds.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Global File Cache, NetApp SaaS Backup, NetApp Cloud Manager, NetApp Fabric Orchestrator, and NetApp Cloud Insights.

Further Reading: Earnings Per Share

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