NetApp (NASDAQ:NTAP) Updates Q2 2022 Earnings Guidance

NetApp (NASDAQ:NTAP) updated its second quarter 2022 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.140-$1.240 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.130. The company issued revenue guidance of $1.49 billion-$1.59 billion, compared to the consensus revenue estimate of $1.52 billion.NetApp also updated its FY 2022 guidance to $4.850-$5.050 EPS.

Several brokerages recently weighed in on NTAP. William Blair restated an outperform rating on shares of NetApp in a research note on Thursday, August 26th. Bank of America upped their price target on NetApp from $90.00 to $95.00 and gave the company a buy rating in a research report on Thursday, August 26th. Citigroup upped their price target on NetApp from $50.00 to $55.00 and gave the company a sell rating in a research report on Thursday, August 26th. Wedbush upped their price objective on NetApp from $76.00 to $85.00 and gave the company a neutral rating in a report on Thursday, August 26th. Finally, Stifel Nicolaus upped their price objective on NetApp from $80.00 to $90.00 and gave the company a hold rating in a report on Thursday, August 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Buy and an average target price of $83.57.

Shares of NTAP traded down $0.22 during mid-day trading on Wednesday, hitting $91.97. 13,164 shares of the company’s stock were exchanged, compared to its average volume of 1,728,979. NetApp has a fifty-two week low of $40.46 and a fifty-two week high of $93.39. The firm has a market capitalization of $20.57 billion, a P/E ratio of 24.58, a P/E/G ratio of 2.48 and a beta of 1.32. The business’s 50 day moving average is $83.06 and its two-hundred day moving average is $78.30. The company has a current ratio of 1.81, a quick ratio of 1.78 and a debt-to-equity ratio of 3.66.

NetApp (NASDAQ:NTAP) last announced its earnings results on Tuesday, August 24th. The data storage provider reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.20. NetApp had a net margin of 14.49% and a return on equity of 151.60%. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the firm earned $0.73 earnings per share. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. On average, equities research analysts forecast that NetApp will post 4.23 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 27th. Investors of record on Friday, October 8th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, October 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.17%. NetApp’s payout ratio is currently 60.61%.

In related news, CEO George Kurian sold 4,250 shares of the firm’s stock in a transaction dated Monday, August 30th. The shares were sold at an average price of $87.08, for a total value of $370,090.00. Following the completion of the sale, the chief executive officer now owns 164,576 shares in the company, valued at $14,331,278.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.28% of the stock is owned by company insiders.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

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Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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