NetApp, Inc. (NTAP) Trading Up 15.9% Following Strong Earnings
NetApp, Inc. (NASDAQ:NTAP)’s share price was up 15.9% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $53.89 and last traded at $53.11. Approximately 12,866,927 shares changed hands during mid-day trading, an increase of 333% from the average daily volume of 2,969,471 shares. The stock had previously closed at $45.82.
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 during the quarter, compared to the consensus estimate of $1.38 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm earned $0.60 earnings per share.
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 $0.20 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.51%. NetApp’s dividend payout ratio (DPR) is 38.46%.
A number of brokerages have issued reports on NTAP. ValuEngine raised shares of NetApp from a “hold” rating to a “buy” rating in a report on Thursday. BMO Capital Markets reissued a “hold” rating and issued a $43.00 target price on shares of NetApp in a report on Wednesday. UBS AG reissued a “buy” rating and issued a $52.00 target price (up previously from $45.00) on shares of NetApp in a report on Thursday. Robert W. Baird reissued a “hold” rating on shares of NetApp in a report on Thursday. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of NetApp in a report on Thursday. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and fourteen have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $47.89.
In other news, CEO George Kurian sold 4,570 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total transaction of $173,568.60. Following the transaction, the chief executive officer now owns 23,028 shares in the company, valued at approximately $874,603.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Matthew K. Fawcett sold 29,845 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $46.60, for a total transaction of $1,390,777.00. Following the transaction, the senior vice president now owns 31,962 shares in the company, valued at approximately $1,489,429.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,343 shares of company stock worth $3,302,273. Insiders own 0.47% of the company’s stock.
Large investors have recently bought and sold shares of the company. Toronto Dominion Bank increased its holdings in shares of NetApp by 25.4% during the 2nd quarter. Toronto Dominion Bank now owns 91,841 shares of the data storage provider’s stock worth $3,678,000 after purchasing an additional 18,613 shares during the period. Personal Capital Advisors Corp bought a new stake in NetApp in the third quarter valued at about $269,000. BTIM Corp. increased its stake in NetApp by 4.5% in the second quarter. BTIM Corp. now owns 118,219 shares of the data storage provider’s stock valued at $4,735,000 after acquiring an additional 5,099 shares during the period. Aberdeen Asset Management PLC UK increased its stake in NetApp by 13.4% in the second quarter. Aberdeen Asset Management PLC UK now owns 547,294 shares of the data storage provider’s stock valued at $21,918,000 after acquiring an additional 64,722 shares during the period. Finally, Cantor Fitzgerald Investment Adviser L.P. bought a new stake in NetApp in the second quarter valued at about $280,000. Institutional investors own 93.91% of the company’s stock.
The company has a market capitalization of $14,330.00, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 1.60 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.
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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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