Wall Street analysts expect NetApp Inc. (NASDAQ:NTAP) to post $1.39 billion in sales for the current fiscal quarter, according to Zacks. Eight analysts have made estimates for NetApp’s earnings, with the highest sales estimate coming in at $1.41 billion and the lowest estimate coming in at $1.39 billion. NetApp posted sales of $1.47 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 5.4%. The company is scheduled to report its next earnings report on Wednesday, August 21st.

On average, analysts expect that NetApp will report full year sales of $6.31 billion for the current year, with estimates ranging from $6.20 billion to $6.42 billion. For the next year, analysts forecast that the firm will post sales of $6.58 billion, with estimates ranging from $6.42 billion to $6.74 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow NetApp.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.03). NetApp had a net margin of 19.02% and a return on equity of 71.66%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the business posted $1.05 EPS. NetApp’s revenue was down 3.2% compared to the same quarter last year.

A number of research analysts have recently weighed in on the company. Credit Suisse Group upgraded Vipshop from an “underperform” rating to a “neutral” rating in a research report on Thursday, May 23rd. Piper Jaffray Companies raised their price target on Adverum Biotechnologies from $8.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, May 17th. ValuEngine cut Intersect ENT from a “buy” rating to a “hold” rating in a research report on Monday, June 3rd. Evercore ISI assumed coverage on Sensata Technologies in a research report on Wednesday, June 5th. They issued an “in-line” rating and a $50.00 price target for the company. Finally, BidaskClub cut Xperi from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 19th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $73.05.

Shares of NTAP stock traded down $0.72 during mid-day trading on Wednesday, reaching $58.70. The stock had a trading volume of 1,604,976 shares, compared to its average volume of 2,641,777. NetApp has a 12-month low of $54.50 and a 12-month high of $88.08. The firm has a market capitalization of $14.33 billion, a P/E ratio of 14.60, a P/E/G ratio of 0.93 and a beta of 1.46. The firm’s 50-day moving average is $61.07. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.42 and a current ratio of 1.45.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be issued a $0.48 dividend. This is a boost from NetApp’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, July 3rd. This represents a $1.92 annualized dividend and a yield of 3.27%. NetApp’s payout ratio is 47.76%.

In other news, SVP Matthew K. Fawcett sold 11,195 shares of NetApp stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $58.76, for a total value of $657,818.20. Following the transaction, the senior vice president now directly owns 76,722 shares of the company’s stock, valued at approximately $4,508,184.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ronald J. Pasek sold 58,052 shares of NetApp stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $58.49, for a total value of $3,395,461.48. Following the completion of the transaction, the chief financial officer now directly owns 122,806 shares in the company, valued at $7,182,922.94. The disclosure for this sale can be found here. Insiders sold a total of 161,092 shares of company stock valued at $9,676,120 in the last 90 days. 0.19% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Shelton Capital Management acquired a new position in shares of NetApp in the 1st quarter valued at about $25,000. Hexavest Inc. acquired a new position in shares of NetApp in the 2nd quarter valued at about $26,000. Group One Trading L.P. lifted its stake in shares of NetApp by 196.9% in the 1st quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 900 shares in the last quarter. Destination Wealth Management lifted its stake in shares of NetApp by 53.3% in the 1st quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 160 shares in the last quarter. Finally, Kistler Tiffany Companies LLC lifted its stake in shares of NetApp by 315.4% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 388 shares in the last quarter. 99.13% of the stock is currently owned by institutional investors and hedge funds.

NetApp Company Profile

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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