NetApp (NASDAQ:NTAP – Get Rating) issued an update on its first quarter 2023 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.05-$1.15 for the period, compared to the consensus earnings per share estimate of $1.09. The company issued revenue guidance of $1.48 billion-$1.63 billion, compared to the consensus revenue estimate of $1.56 billion.NetApp also updated its FY 2023 guidance to $5.40-$5.60 EPS.
NASDAQ NTAP traded up $0.56 during trading hours on Wednesday, hitting $72.51. 2,714,804 shares of the company were exchanged, compared to its average volume of 1,968,731. The stock has a 50-day moving average price of $76.02 and a 200 day moving average price of $83.88. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 2.70. NetApp has a 52 week low of $64.58 and a 52 week high of $96.82. The stock has a market cap of $16.14 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 1.86 and a beta of 1.24.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.76%. NetApp’s dividend payout ratio (DPR) is presently 45.25%.
In related news, President Cesar Cernuda sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, March 15th. The shares were sold at an average price of $80.79, for a total value of $1,131,060.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO George Kurian sold 4,250 shares of the firm’s stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $75.50, for a total transaction of $320,875.00. Following the completion of the transaction, the chief executive officer now directly owns 130,576 shares in the company, valued at $9,858,488. The disclosure for this sale can be found here. Insiders sold a total of 26,750 shares of company stock worth $2,124,859 over the last ninety days. 0.28% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in NetApp by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 25,823,258 shares of the data storage provider’s stock valued at $2,143,331,000 after acquiring an additional 294,399 shares during the last quarter. Wellington Management Group LLP raised its holdings in NetApp by 70.3% in the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock valued at $691,339,000 after acquiring an additional 3,439,053 shares during the last quarter. Invesco Ltd. raised its holdings in NetApp by 6.0% in the 1st quarter. Invesco Ltd. now owns 2,068,077 shares of the data storage provider’s stock valued at $171,649,000 after acquiring an additional 117,651 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in NetApp by 1.6% in the 4th quarter. Allianz Asset Management GmbH now owns 1,966,533 shares of the data storage provider’s stock valued at $180,901,000 after acquiring an additional 30,396 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in NetApp by 2.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,703,167 shares of the data storage provider’s stock valued at $141,363,000 after acquiring an additional 39,417 shares during the last quarter. Institutional investors own 91.91% of the company’s stock.
About NetApp (Get Rating)
NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.
- Get a free copy of the StockNews.com research report on NetApp (NTAP)
- The Analysts Like The Fit Of Victoria’s Secret & Co
- Ambarella Is A Buy For Patient Investors
- Don’t Bet On A Big Rebound For Salesforce.com Stock
- 3 Specialty Retailers with Special Upside
- Is Roku (NASDAQ: ROKU) Bottoming Out?
Want More Great Investing Ideas?
- Bear Market Game Plan!
- The 10 Best Stocks to Own in 2022
- 7 Stocks to Buy and Hold Forever
- 3 Stocks to DOUBLE This Year
Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.