NetApp (NTAP) to Release Earnings on Wednesday

NetApp (NASDAQ:NTAP – Get Rating) is scheduled to release its earnings data after the market closes on Wednesday, May 31st. Analysts expect NetApp to post earnings of $1.35 per share for the quarter. Persons interested in registering for the company’s earnings conference call can do so using this link.

NetApp (NASDAQ:NTAP – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The data storage provider reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.06. NetApp had a net margin of 19.93% and a return on equity of 103.19%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the firm posted $1.20 EPS. The firm’s quarterly revenue was down 5.5% on a year-over-year basis. On average, analysts expect NetApp to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.

NetApp Stock Performance

Shares of NetApp stock opened at $66.46 on Wednesday. The company has a 50 day moving average of $63.76 and a 200-day moving average of $65.08. NetApp has a 1-year low of $58.08 and a 1-year high of $79.09. The company has a current ratio of 1.34, a quick ratio of 1.29 and a debt-to-equity ratio of 2.17. The company has a market cap of $14.22 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.70 and a beta of 1.20.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Citigroup dropped their price objective on shares of NetApp from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, February 23rd. StockNews.com assumed coverage on shares of NetApp in a research note on Thursday, May 18th. They issued a “hold” rating for the company. UBS Group dropped their price objective on shares of NetApp from $78.00 to $74.00 and set a “neutral” rating for the company in a research note on Thursday, February 23rd. Barclays dropped their price objective on shares of NetApp from $71.00 to $67.00 and set an “equal weight” rating for the company in a research note on Thursday, February 23rd. Finally, Raymond James decreased their price target on shares of NetApp from $75.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, April 11th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $74.24.

Insider Activity at NetApp

In related news, CEO George Kurian sold 2,250 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $63.49, for a total transaction of $142,852.50. Following the transaction, the chief executive officer now directly owns 140,420 shares of the company’s stock, valued at $8,915,265.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO George Kurian sold 2,250 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $63.49, for a total transaction of $142,852.50. Following the transaction, the chief executive officer now directly owns 140,420 shares of the company’s stock, valued at $8,915,265.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $60.09, for a total transaction of $1,081,620.00. Following the sale, the president now owns 44,829 shares of the company’s stock, valued at approximately $2,693,774.61. The disclosure for this sale can be found here. Insiders have sold 29,250 shares of company stock valued at $1,806,885 over the last ninety days. Corporate insiders own 0.26% of the company’s stock.

Institutional Trading of NetApp

Large investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. increased its holdings in NetApp by 324.2% during the first quarter. Federated Hermes Inc. now owns 15,237 shares of the data storage provider’s stock worth $1,265,000 after buying an additional 11,645 shares during the last quarter. USS Investment Management Ltd increased its stake in shares of NetApp by 21.6% in the first quarter. USS Investment Management Ltd now owns 82,946 shares of the data storage provider’s stock worth $6,883,000 after purchasing an additional 14,712 shares in the last quarter. Bridgewater Associates LP purchased a new position in shares of NetApp in the first quarter worth about $12,016,000. Stevens Capital Management LP purchased a new position in shares of NetApp in the first quarter worth about $374,000. Finally, Covestor Ltd increased its stake in shares of NetApp by 94.4% in the first quarter. Covestor Ltd now owns 1,936 shares of the data storage provider’s stock worth $161,000 after purchasing an additional 940 shares in the last quarter. Hedge funds and other institutional investors own 87.92% of the company’s stock.

NetApp Company Profile

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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 Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.