NetApp (NASDAQ:NTAP) Issues Q1 Earnings Guidance

NetApp (NASDAQ:NTAPGet Rating) updated its first quarter earnings guidance on Wednesday. The company provided EPS guidance of $1.05-1.15 for the period, compared to the consensus EPS estimate of $1.09. The company issued revenue guidance of $1.475-1.625 billion, compared to the consensus revenue estimate of $1.55 billion.NetApp also updated its FY 2023 guidance to $5.40-$5.60 EPS.

Several analysts have recently issued reports on the company. Susquehanna Bancshares upped their price target on NetApp from $105.00 to $110.00 and gave the stock a positive rating in a research note on Thursday, February 24th. Morgan Stanley downgraded NetApp from an overweight rating to an equal weight rating and decreased their price target for the stock from $102.00 to $91.00 in a research note on Tuesday, April 12th. StockNews.com downgraded NetApp from a buy rating to a hold rating in a research note on Friday, May 27th. UBS Group started coverage on NetApp in a research note on Tuesday, April 5th. They set a neutral rating and a $91.00 price target for the company. Finally, Wedbush reissued a neutral rating and set a $85.00 price objective on shares of NetApp in a research report on Wednesday, March 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, NetApp has an average rating of Buy and a consensus price target of $98.63.

Shares of NetApp stock traded up $0.56 during trading on Wednesday, reaching $72.51. The company’s stock had a trading volume of 2,722,710 shares, compared to its average volume of 1,969,212. The stock has a 50-day moving average price of $75.73 and a two-hundred day moving average price of $83.80. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 2.70. NetApp has a one year low of $64.58 and a one year high of $96.82. The stock has a market capitalization of $16.14 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 1.86 and a beta of 1.24.

NetApp (NASDAQ:NTAPGet Rating) last announced its quarterly earnings data on Wednesday, June 1st. The data storage provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.14. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.68 billion. NetApp had a return on equity of 126.47% and a net margin of 16.34%. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.96 EPS. As a group, sell-side analysts anticipate that NetApp will post 4.25 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.76%. NetApp’s dividend payout ratio is currently 45.25%.

In related news, President Cesar Cernuda sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 15th. The stock was 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 Securities & Exchange Commission, which is available through this link. Also, CEO George Kurian sold 4,250 shares of the business’s stock in a transaction that occurred on Monday, March 21st. The shares were sold at an average price of $89.86, for a total value of $381,905.00. The disclosure for this sale can be found here. Insiders have sold a total of 26,750 shares of company stock valued at $2,124,859 over the last 90 days. Corporate insiders own 0.28% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of NetApp by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 25,823,258 shares of the data storage provider’s stock worth $2,143,331,000 after purchasing an additional 294,399 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of NetApp by 70.3% during the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock worth $691,339,000 after purchasing an additional 3,439,053 shares in the last quarter. Invesco Ltd. raised its stake in shares of NetApp by 6.0% during the 1st quarter. Invesco Ltd. now owns 2,068,077 shares of the data storage provider’s stock worth $171,649,000 after purchasing an additional 117,651 shares in the last quarter. Allianz Asset Management GmbH raised its stake in shares of NetApp by 1.6% during the 4th quarter. Allianz Asset Management GmbH now owns 1,966,533 shares of the data storage provider’s stock worth $180,901,000 after purchasing an additional 30,396 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of NetApp by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,703,167 shares of the data storage provider’s stock worth $141,363,000 after purchasing an additional 39,417 shares in the last quarter. Hedge funds and other institutional investors own 91.91% of the company’s stock.

NetApp Company Profile (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.

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Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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