NetApp Inc. (NASDAQ:NTAP) – Analysts at KeyCorp boosted their Q2 2019 earnings per share estimates for shares of NetApp in a research report issued to clients and investors on Thursday, August 16th. KeyCorp analyst A. Kurtz now expects that the data storage provider will earn $0.87 per share for the quarter, up from their prior estimate of $0.81. KeyCorp also issued estimates for NetApp’s Q3 2019 earnings at $1.01 EPS and Q4 2019 earnings at $1.17 EPS.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.24. NetApp had a return on equity of 33.87% and a net margin of 1.29%. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the firm earned $0.62 earnings per share. The business’s revenue was up 11.6% compared to the same quarter last year.
Several other research firms have also weighed in on NTAP. Oppenheimer restated a “hold” rating on shares of NetApp in a research report on Wednesday, August 15th. Maxim Group lifted their price target on NetApp from $81.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. restated a “buy” rating and set a $92.00 price target on shares of NetApp in a research report on Thursday. Lake Street Capital dropped their price target on NetApp from $88.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, BMO Capital Markets lifted their price target on NetApp from $75.00 to $90.00 and gave the company an “in-line” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-one have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $76.37.
NASDAQ NTAP opened at $81.16 on Monday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.86 and a current ratio of 1.89. NetApp has a twelve month low of $37.55 and a twelve month high of $83.60. The company has a market cap of $21.43 billion, a P/E ratio of 27.14, a PEG ratio of 1.68 and a beta of 1.19.
A number of institutional investors have recently added to or reduced their stakes in NTAP. Daiwa Securities Group Inc. raised its stake in shares of NetApp by 32.2% in the first quarter. Daiwa Securities Group Inc. now owns 17,142 shares of the data storage provider’s stock worth $1,058,000 after purchasing an additional 4,175 shares during the last quarter. Dupont Capital Management Corp raised its stake in shares of NetApp by 1,642.9% in the first quarter. Dupont Capital Management Corp now owns 24,662 shares of the data storage provider’s stock worth $1,521,000 after purchasing an additional 23,247 shares during the last quarter. Fulton Bank N.A. raised its stake in shares of NetApp by 45.8% in the first quarter. Fulton Bank N.A. now owns 7,208 shares of the data storage provider’s stock worth $445,000 after purchasing an additional 2,264 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in shares of NetApp by 32.7% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 12,615 shares of the data storage provider’s stock worth $778,000 after purchasing an additional 3,110 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. purchased a new position in shares of NetApp in the first quarter worth $322,000. 92.80% of the stock is currently owned by institutional investors and hedge funds.
In other NetApp news, VP Joel D. Reich sold 23,108 shares of the business’s stock in a transaction on Tuesday, May 29th. The stock was sold at an average price of $67.72, for a total value of $1,564,873.76. Following the sale, the vice president now directly owns 52,997 shares of the company’s stock, valued at $3,588,956.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 6,000 shares of the business’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $78.23, for a total value of $469,380.00. The disclosure for this sale can be found here. Insiders sold 239,983 shares of company stock worth $18,022,186 over the last three months. Corporate insiders own 0.19% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Shareholders of record on Friday, October 5th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, October 4th. NetApp’s dividend payout ratio (DPR) is 53.51%.
NetApp, Inc provides software, systems, and services to manage and share date 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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