Brokerages Expect NetApp Inc. (NTAP) Will Announce Earnings of $0.99 Per Share

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Equities research analysts predict that NetApp Inc. (NASDAQ:NTAP) will report earnings per share of $0.99 for the current quarter, according to Zacks Investment Research. Ten analysts have issued estimates for NetApp’s earnings, with estimates ranging from $0.95 to $1.09. NetApp posted earnings per share of $0.81 during the same quarter last year, which would suggest a positive year over year growth rate of 22.2%. The business is scheduled to announce its next quarterly earnings report on Wednesday, November 21st.

On average, analysts expect that NetApp will report full year earnings of $4.42 per share for the current financial year, with EPS estimates ranging from $4.10 to $4.80. For the next year, analysts forecast that the business will post earnings of $4.93 per share, with EPS estimates ranging from $4.55 to $5.19. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that cover NetApp.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.24. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. NetApp had a return on equity of 41.75% and a net margin of 3.68%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.62 earnings per share.

Several research analysts have commented on NTAP shares. Citigroup boosted their target price on NetApp from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Monday, August 13th. DA Davidson upped their price objective on NetApp from $90.00 to $93.00 and gave the company a “buy” rating in a research note on Tuesday, August 14th. Royal Bank of Canada upped their price objective on NetApp to $80.00 and gave the company a “sector perform” rating in a research note on Friday, June 15th. BMO Capital Markets upped their price objective on NetApp from $75.00 to $90.00 and gave the company an “in-line” rating in a research note on Thursday, August 16th. Finally, BidaskClub downgraded NetApp from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $78.23.

NASDAQ NTAP traded down $0.34 during trading on Friday, hitting $83.07. 125,252 shares of the company’s stock were exchanged, compared to its average volume of 2,596,383. The company has a current ratio of 2.06, a quick ratio of 2.03 and a debt-to-equity ratio of 0.80. The company has a market cap of $21.60 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 1.51 and a beta of 1.27. NetApp has a fifty-two week low of $38.12 and a fifty-two week high of $88.08.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Investors of record on Friday, October 5th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Thursday, October 4th. NetApp’s payout ratio is presently 53.51%.

In related news, Director Gerald Held sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $77.76, for a total value of $349,920.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kathryn Hill sold 26,997 shares of the company’s stock in a transaction that occurred on Wednesday, June 13th. The shares were sold at an average price of $76.02, for a total value of $2,052,311.94. Following the completion of the sale, the director now owns 26,997 shares in the company, valued at $2,052,311.94. The disclosure for this sale can be found here. Insiders sold 200,762 shares of company stock worth $16,026,695 over the last quarter. 0.19% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in NTAP. BlackRock Inc. boosted its holdings in shares of NetApp by 0.9% during the 1st quarter. BlackRock Inc. now owns 20,465,300 shares of the data storage provider’s stock worth $1,262,508,000 after buying an additional 182,734 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of NetApp by 488.7% during the 1st quarter. JPMorgan Chase & Co. now owns 3,537,659 shares of the data storage provider’s stock worth $218,239,000 after buying an additional 2,936,713 shares in the last quarter. Summit Trail Advisors LLC boosted its holdings in shares of NetApp by 6,367.4% during the 1st quarter. Summit Trail Advisors LLC now owns 2,773,654 shares of the data storage provider’s stock worth $2,774,000 after buying an additional 2,730,767 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of NetApp by 46.7% during the 2nd quarter. Bank of America Corp DE now owns 2,647,027 shares of the data storage provider’s stock worth $207,871,000 after buying an additional 842,904 shares in the last quarter. Finally, Schroder Investment Management Group boosted its holdings in shares of NetApp by 57.3% during the 2nd quarter. Schroder Investment Management Group now owns 2,493,836 shares of the data storage provider’s stock worth $192,798,000 after buying an additional 908,642 shares in the last quarter. Institutional investors and hedge funds own 93.53% of the company’s stock.

About NetApp

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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