NetApp, Inc. (NTAP) Issues Q3 Earnings Guidance
NetApp, Inc. (NASDAQ:NTAP) updated its third quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.86-0.94 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.85. The company issued revenue guidance of $1.425-1.575, compared to the consensus revenue estimate of $1.44 billion.
Several brokerages have weighed in on NTAP. BidaskClub downgraded NetApp from a buy rating to a hold rating in a research note on Saturday, August 12th. DA Davidson set a $53.00 price objective on NetApp and gave the stock a buy rating in a research note on Tuesday. Piper Jaffray Companies set a $52.00 price objective on NetApp and gave the stock a buy rating in a research note on Tuesday. Wells Fargo & Company reissued a market perform rating and issued a $50.00 price objective on shares of NetApp in a research note on Tuesday. Finally, Credit Suisse Group boosted their price objective on NetApp from $37.00 to $40.00 and gave the stock a neutral rating in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $46.38.
NetApp, Inc. (NTAP) traded down $0.38 during midday trading on Wednesday, reaching $45.62. The company had a trading volume of 2,253,800 shares, compared to its average volume of 2,918,051. The company has a market cap of $12,408.85, a price-to-earnings ratio of 19.33, a PEG ratio of 1.61 and a beta of 1.16. NetApp, Inc. has a 1-year low of $34.38 and a 1-year high of $47.20. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.47.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.12. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. NetApp’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.60 EPS. research analysts anticipate that NetApp, Inc. will post 2.49 earnings per share for the current year.
In other news, SVP Matthew K. Fawcett sold 29,845 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $46.60, for a total value of $1,390,777.00. Following the transaction, the senior vice president now owns 31,962 shares of the company’s stock, valued at approximately $1,489,429.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO George Kurian sold 4,570 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total value of $173,568.60. Following the completion of the transaction, 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 sold a total of 74,343 shares of company stock worth $3,302,273 over the last quarter. Corporate insiders own 0.47% of the company’s stock.
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NetApp Company Profile
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.
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