NetApp Inc. (NASDAQ:NTAP) Expected to Announce Earnings of $0.72 Per Share

Equities analysts expect NetApp Inc. (NASDAQ:NTAP) to report earnings per share (EPS) of $0.72 for the current quarter, according to Zacks. Eight analysts have provided estimates for NetApp’s earnings, with estimates ranging from $0.70 to $0.74. NetApp posted earnings of $1.09 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 33.9%. The business is expected to report its next earnings report on Wednesday, November 11th.

According to Zacks, analysts expect that NetApp will report full-year earnings of $3.38 per share for the current financial year, with EPS estimates ranging from $3.20 to $3.78. For the next fiscal year, analysts expect that the business will report earnings of $3.92 per share, with EPS estimates ranging from $3.56 to $4.38. Zacks’ EPS calculations are an average based on a survey of research firms that follow NetApp.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 26th. The data storage provider reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.32. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.15 billion. NetApp had a return on equity of 240.01% and a net margin of 14.47%. The company’s revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.65 EPS.

A number of analysts have recently weighed in on the company. ValuEngine downgraded NetApp from a “hold” rating to a “sell” rating in a research report on Monday, August 3rd. Loop Capital upped their target price on NetApp from $43.00 to $47.00 and gave the company a “hold” rating in a research report on Thursday, August 27th. Bank of America upgraded NetApp from a “neutral” rating to a “buy” rating and upped their target price for the company from $50.00 to $55.00 in a research report on Friday, June 26th. Susquehanna Bancshares restated a “buy” rating and set a $60.00 price objective on shares of NetApp in a research report on Friday, July 10th. Finally, Deutsche Bank upped their price objective on NetApp from $43.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday, August 27th. Five analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $52.16.

In other NetApp news, Director Thomas Michael Nevens sold 22,831 shares of the company’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $44.62, for a total value of $1,018,719.22. Following the completion of the transaction, the director now owns 22,831 shares of the company’s stock, valued at approximately $1,018,719.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.36% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. Two Sigma Advisers LP increased its stake in shares of NetApp by 20.6% in the second quarter. Two Sigma Advisers LP now owns 1,016,302 shares of the data storage provider’s stock valued at $45,093,000 after buying an additional 173,400 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of NetApp by 13.8% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 346,262 shares of the data storage provider’s stock valued at $15,363,000 after buying an additional 41,999 shares during the period. Principal Financial Group Inc. increased its stake in shares of NetApp by 6.9% in the second quarter. Principal Financial Group Inc. now owns 397,048 shares of the data storage provider’s stock valued at $17,617,000 after buying an additional 25,601 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of NetApp in the second quarter valued at about $2,692,000. Finally, Handelsbanken Fonder AB acquired a new stake in shares of NetApp in the second quarter valued at about $2,296,000. 92.70% of the stock is owned by institutional investors.

Shares of NASDAQ:NTAP traded up $0.47 during trading on Friday, reaching $41.96. 1,605,126 shares of the company traded hands, compared to its average volume of 2,718,217. The company’s 50 day moving average is $43.63 and its two-hundred day moving average is $42.96. The firm has a market capitalization of $9.32 billion, a PE ratio of 12.09, a PEG ratio of 1.44 and a beta of 1.33. The company has a quick ratio of 1.57, a current ratio of 1.62 and a debt-to-equity ratio of 9.26. NetApp has a 52 week low of $34.66 and a 52 week high of $65.38.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be issued a $0.48 dividend. The ex-dividend date is Thursday, October 8th. This represents a $1.92 dividend on an annualized basis and a yield of 4.58%. NetApp’s payout ratio is presently 54.39%.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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