NetApp (NTAP) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS
NetApp (NASDAQ:NTAP) posted its quarterly earnings results on Wednesday. The data storage provider reported $1.22 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.04), Briefing.com reports. NetApp had a net margin of 16.85% and a return on equity of 60.32%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the firm posted $1.05 EPS. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. NetApp updated its Q1 2020 guidance to $0.78-0.86 EPS and its Q1 guidance to $0.78-0.86 EPS.
NASDAQ:NTAP opened at $67.10 on Thursday. The company has a market cap of $17.29 billion, a price-to-earnings ratio of 22.44, a P/E/G ratio of 1.01 and a beta of 1.40. NetApp has a twelve month low of $54.50 and a twelve month high of $88.08. The company has a current ratio of 1.56, a quick ratio of 1.53 and a debt-to-equity ratio of 0.93.
A number of hedge funds and other institutional investors have recently made changes to their positions in NTAP. Oregon Public Employees Retirement Fund lifted its stake in NetApp by 3,540.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,050,717 shares of the data storage provider’s stock valued at $101,000 after acquiring an additional 5,884,508 shares during the period. Norges Bank acquired a new stake in NetApp during the 4th quarter valued at approximately $207,190,000. Wellington Management Group LLP lifted its stake in NetApp by 45.4% during the 1st quarter. Wellington Management Group LLP now owns 4,922,470 shares of the data storage provider’s stock valued at $341,324,000 after acquiring an additional 1,536,515 shares during the period. Amundi Pioneer Asset Management Inc. lifted its stake in shares of NetApp by 226.4% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 1,715,806 shares of the data storage provider’s stock valued at $118,975,000 after purchasing an additional 1,190,167 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of NetApp by 45.4% in the 4th quarter. Bank of New York Mellon Corp now owns 3,582,797 shares of the data storage provider’s stock valued at $213,787,000 after purchasing an additional 1,119,253 shares during the period. Institutional investors and hedge funds own 91.87% of the company’s stock.
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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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