NetApp, Inc. (NTAP) Releases Quarterly Earnings Results, Beats Estimates By $0.12 EPS


NetApp, Inc. (NASDAQ:NTAP) announced its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.12, Bloomberg Earnings reports. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. NetApp had a net margin of 11.49% and a return on equity of 26.77%. NetApp’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.60 earnings per share. NetApp updated its Q3 guidance to $0.86-0.94 EPS.

NetApp (NASDAQ:NTAP) traded up $0.36 during trading on Friday, reaching $56.41. 1,530,000 shares of the company traded hands, compared to its average volume of 2,890,000. NetApp has a 12-month low of $34.72 and a 12-month high of $56.55. The stock has a market cap of $15,220.00, a P/E ratio of 21.21, a price-to-earnings-growth ratio of 1.83 and a beta of 1.16. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.67 and a quick ratio of 1.64.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Investors of record on Friday, January 5th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.42%. The ex-dividend date is Thursday, January 4th. NetApp’s dividend payout ratio (DPR) is 34.33%.

A number of equities analysts have weighed in on the stock. BidaskClub lowered shares of NetApp from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Robert W. Baird reiterated a “hold” rating on shares of NetApp in a report on Thursday, November 16th. UBS AG reiterated a “buy” rating and issued a $62.00 price target (up previously from $52.00) on shares of NetApp in a report on Wednesday. Credit Suisse Group lifted their price target on shares of NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. Finally, Argus lifted their price target on shares of NetApp from $46.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and fifteen have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $49.04.

In related news, Director Richard P. Wallace sold 34,000 shares of NetApp stock in a transaction on Friday, September 29th. The shares were sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the sale, the director now owns 24,132 shares of the company’s stock, valued at approximately $1,050,465.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Kurian sold 4,570 shares of NetApp stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $37.98, for a total transaction of $173,568.60. Following the sale, the chief executive officer now directly owns 23,028 shares in the company, valued at approximately $874,603.44. The disclosure for this sale can be found here. Insiders have sold a total of 189,630 shares of company stock worth $9,379,249 in the last ninety days. 0.47% of the stock is currently owned by insiders.

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About NetApp

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

Earnings History for NetApp (NASDAQ:NTAP)

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