NetApp (NASDAQ:NTAP) Releases FY 2023 Earnings Guidance

NetApp (NASDAQ:NTAPGet Rating) updated its FY 2023 earnings guidance on Wednesday. The company provided EPS guidance of $5.40-$5.60 for the period, compared to the consensus EPS estimate of $5.42. The company issued revenue guidance of $6.70 billion-$6.82 billion, compared to the consensus revenue estimate of $6.77 billion.NetApp also updated its Q1 2023 guidance to $1.05-$1.15 EPS.

NASDAQ:NTAP opened at $71.46 on Wednesday. The company has a quick ratio of 1.45, a current ratio of 1.50 and a debt-to-equity ratio of 2.85. The business’s 50-day moving average price is $74.53 and its 200 day moving average price is $83.32. NetApp has a 52-week low of $64.58 and a 52-week high of $96.82. The firm has a market cap of $15.90 billion, a P/E ratio of 17.43, a PEG ratio of 1.79 and a beta of 1.24.

NetApp (NASDAQ:NTAPGet Rating) last released its earnings results on Wednesday, June 1st. The data storage provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The business’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 EPS. Sell-side analysts expect that NetApp will post 4.5 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Thursday, July 7th. NetApp’s payout ratio is 48.78%.

A number of brokerages have issued reports on NTAP. William Blair reissued an outperform rating on shares of NetApp in a research note on Wednesday, March 23rd. StockNews.com cut shares of NetApp from a buy rating to a hold rating in a report on Friday, May 27th. Susquehanna lowered their price objective on NetApp from $110.00 to $100.00 and set a buy rating on the stock in a report on Thursday, June 2nd. Raymond James decreased their target price on NetApp from $104.00 to $94.00 in a research report on Thursday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on NetApp from $85.00 to $90.00 and gave the stock a hold rating in a research report on Wednesday, March 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, NetApp has an average rating of Buy and a consensus target price of $94.42.

In other news, CEO George Kurian sold 4,250 shares of the stock in a transaction on Monday, March 21st. The stock was sold at an average price of $89.86, for a total transaction of $381,905.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Cesar Cernuda sold 14,000 shares of the stock in a transaction 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 disclosure for this sale can be found here. Insiders have sold 26,750 shares of company stock valued at $2,124,859 over the last quarter. Corporate insiders own 0.28% of the company’s stock.

A number of institutional investors have recently bought and sold shares of NTAP. Penserra Capital Management LLC boosted its holdings in NetApp by 24.4% in the fourth quarter. Penserra Capital Management LLC now owns 1,000 shares of the data storage provider’s stock valued at $91,000 after acquiring an additional 196 shares during the last quarter. Covestor Ltd increased its position in shares of NetApp by 94.4% during the first quarter. Covestor Ltd now owns 1,936 shares of the data storage provider’s stock worth $161,000 after acquiring an additional 940 shares in the last quarter. Forum Financial Management LP acquired a new position in NetApp during the fourth quarter worth $217,000. Beacon Pointe Advisors LLC boosted its holdings in NetApp by 8.0% during the first quarter. Beacon Pointe Advisors LLC now owns 3,009 shares of the data storage provider’s stock worth $250,000 after purchasing an additional 222 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. lifted its stake in NetApp by 19.5% in the first quarter. Industrial Alliance Investment Management Inc. now owns 3,356 shares of the data storage provider’s stock valued at $279,000 after acquiring an additional 548 shares during the last quarter. Institutional investors and hedge funds 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.

See Also

Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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