Zacks: Brokerages Anticipate NetApp, Inc. (NASDAQ:NTAP) Will Post Earnings of $1.10 Per Share

Equities analysts expect NetApp, Inc. (NASDAQ:NTAPGet Rating) to post $1.10 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for NetApp’s earnings, with the lowest EPS estimate coming in at $1.06 and the highest estimate coming in at $1.20. NetApp reported earnings per share of $1.15 during the same quarter last year, which suggests a negative year-over-year growth rate of 4.3%. The company is scheduled to report its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that NetApp will report full year earnings of $5.39 per share for the current year, with EPS estimates ranging from $5.11 to $5.62. For the next year, analysts anticipate that the company will post earnings of $6.19 per share, with EPS estimates ranging from $5.72 to $6.53. Zacks’ EPS calculations are an average based on a survey of research firms that cover NetApp.

NetApp (NASDAQ:NTAPGet Rating) last announced its earnings results 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. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm earned $0.96 earnings per share. The business’s quarterly revenue was up 8.0% compared to the same quarter last year.

NTAP has been the subject of a number of recent analyst reports. Susquehanna Bancshares reduced their target price on NetApp from $110.00 to $100.00 and set a “positive” rating for the company in a report on Thursday, June 2nd. JPMorgan Chase & Co. dropped their target price on shares of NetApp from $110.00 to $100.00 in a report on Wednesday, May 25th. Susquehanna lowered their price target on NetApp from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, June 2nd. UBS Group began coverage on NetApp in a report on Tuesday, April 5th. They issued a “neutral” rating and a $91.00 target price on the stock. Finally, Bank of America lowered shares of NetApp from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $100.00 to $96.00 in a research report on Thursday, March 24th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $94.42.

Shares of NTAP stock opened at $70.87 on Tuesday. The stock has a 50 day simple moving average of $74.86 and a 200-day simple moving average of $83.40. NetApp has a 12-month low of $64.58 and a 12-month high of $96.82. The company has a market cap of $15.77 billion, a price-to-earnings ratio of 17.29, a price-to-earnings-growth ratio of 1.80 and a beta of 1.24. The company has a current ratio of 1.50, a quick ratio of 1.45 and a debt-to-equity ratio of 2.85.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date is Thursday, July 7th. NetApp’s payout ratio is 48.78%.

In other news, CEO George Kurian sold 4,250 shares of NetApp stock in a transaction dated Monday, March 21st. The stock was sold at an average price of $89.86, for a total value of $381,905.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Michael J. Berry bought 5,000 shares of the firm’s stock in a transaction dated Friday, June 3rd. The shares were purchased at an average price of $72.04 per share, with a total value of $360,200.00. Following the acquisition, the chief financial officer now directly owns 95,875 shares in the company, valued at approximately $6,906,835. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 26,750 shares of company stock worth $2,124,859. Insiders own 0.28% of the company’s stock.

Several large investors have recently bought and sold shares of NTAP. Vanguard Group Inc. increased 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 purchasing an additional 294,399 shares in the last quarter. State Street Corp raised its holdings in shares of NetApp by 4.2% during the 4th quarter. State Street Corp now owns 10,051,825 shares of the data storage provider’s stock valued at $924,667,000 after buying an additional 407,285 shares during the period. Wellington Management Group LLP raised its holdings 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 valued at $691,339,000 after buying an additional 3,439,053 shares during the period. Geode Capital Management LLC lifted its position in NetApp by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,656,425 shares of the data storage provider’s stock worth $427,514,000 after acquiring an additional 62,115 shares in the last quarter. Finally, Boston Partners boosted its holdings in NetApp by 14.5% in the 1st quarter. Boston Partners now owns 4,027,043 shares of the data storage provider’s stock worth $333,978,000 after acquiring an additional 510,307 shares during the period. Institutional investors and hedge funds 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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