Wall Street analysts expect that NetApp Inc. (NASDAQ:NTAP) will report $1.51 billion in sales for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for NetApp’s earnings. The lowest sales estimate is $1.50 billion and the highest is $1.55 billion. NetApp posted sales of $1.42 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 6.3%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, November 21st.
According to Zacks, analysts expect that NetApp will report full year sales of $6.28 billion for the current year, with estimates ranging from $6.20 billion to $6.38 billion. For the next fiscal year, analysts expect that the company will report sales of $6.60 billion, with estimates ranging from $6.53 billion to $6.63 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for NetApp.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.24. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the firm earned $0.62 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis.
A number of equities analysts have weighed in on the stock. Goldman Sachs Group raised shares of NetApp from a “neutral” rating to a “conviction-buy” rating and set a $91.00 target price for the company in a research note on Wednesday. BidaskClub downgraded shares of NetApp from a “buy” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research downgraded shares of NetApp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley raised their target price on shares of NetApp from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, August 16th. Finally, Deutsche Bank raised their target price on shares of NetApp from $43.00 to $60.00 and gave the company a “sell” rating in a research note on Thursday, August 16th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $81.38.
In related news, VP Joel D. Reich sold 7,157 shares of the firm’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $86.83, for a total value of $621,442.31. Following the sale, the vice president now owns 603 shares in the company, valued at $52,358.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Henri P. Richard sold 2,525 shares of the firm’s stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $76.99, for a total transaction of $194,399.75. Following the completion of the sale, the executive vice president now owns 65,907 shares in the company, valued at approximately $5,074,179.93. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,016 shares of company stock worth $9,681,524. Corporate insiders own 0.19% of the company’s stock.
A number of hedge funds have recently modified their holdings of NTAP. Profund Advisors LLC boosted its holdings in NetApp by 14.1% in the first quarter. Profund Advisors LLC now owns 9,660 shares of the data storage provider’s stock worth $596,000 after purchasing an additional 1,193 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in NetApp by 15.7% in the first quarter. Commonwealth Equity Services LLC now owns 5,618 shares of the data storage provider’s stock worth $346,000 after purchasing an additional 762 shares during the last quarter. Natixis purchased a new stake in NetApp in the first quarter worth approximately $2,826,000. LPL Financial LLC boosted its holdings in NetApp by 27.9% in the first quarter. LPL Financial LLC now owns 18,100 shares of the data storage provider’s stock worth $1,117,000 after purchasing an additional 3,947 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in NetApp by 104.7% in the first quarter. Cubist Systematic Strategies LLC now owns 22,059 shares of the data storage provider’s stock worth $1,361,000 after purchasing an additional 11,284 shares during the last quarter. Institutional investors own 94.61% of the company’s stock.
Shares of NASDAQ NTAP traded down $0.47 on Friday, reaching $77.57. 2,295,680 shares of the company’s stock traded hands, compared to its average volume of 2,335,174. NetApp has a 12 month low of $43.24 and a 12 month high of $88.08. The company has a market capitalization of $20.23 billion, a price-to-earnings ratio of 25.94, a P/E/G ratio of 1.41 and a beta of 1.28. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.03 and a current ratio of 2.06.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend is Thursday, October 4th. NetApp’s payout ratio 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.