Analysts Anticipate NetApp Inc. (NTAP) Will Post Quarterly Sales of $1.51 Billion

Analysts predict that NetApp Inc. (NASDAQ:NTAP) will announce sales of $1.51 billion for the current quarter, Zacks reports. Nine analysts have issued estimates for NetApp’s earnings. The lowest sales estimate is $1.50 billion and the highest is $1.55 billion. NetApp posted sales of $1.42 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 6.3%. The company is scheduled to announce its next earnings report after the market closes on Wednesday, November 14th.

According to Zacks, analysts expect that NetApp will report full-year sales of $6.29 billion for the current fiscal year, with estimates ranging from $6.20 billion to $6.38 billion. For the next financial year, analysts forecast that the business will report sales of $6.61 billion, with estimates ranging from $6.53 billion to $6.71 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for NetApp.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.24. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 EPS.

A number of analysts recently issued reports on the stock. BidaskClub raised shares of NetApp from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 31st. Zacks Investment Research raised shares of NetApp from a “hold” rating to a “strong-buy” rating and set a $93.00 price objective for the company in a research report on Tuesday, August 21st. BMO Capital Markets increased their price objective on shares of NetApp from $75.00 to $90.00 and gave the company an “in-line” rating in a research report on Thursday, August 16th. Lake Street Capital lowered their price objective on shares of NetApp from $88.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday, August 16th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $92.00 price objective on shares of NetApp in a research report on Thursday, August 16th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $81.17.

In related news, VP Joel D. Reich sold 7,157 shares of the firm’s stock in a transaction on Friday, August 31st. The stock was sold at an average price of $86.83, for a total transaction of $621,442.31. Following the transaction, the vice president now directly owns 603 shares in the company, valued at $52,358.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Kurian sold 46,638 shares of the firm’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $84.76, for a total value of $3,953,036.88. Following the transaction, the chief executive officer now owns 55,950 shares in the company, valued at $4,742,322. The disclosure for this sale can be found here. Insiders have sold 127,451 shares of company stock valued at $10,579,434 in the last three months. Corporate insiders own 0.19% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its stake in NetApp by 270.0% in the second quarter. Renaissance Technologies LLC now owns 2,332,932 shares of the data storage provider’s stock valued at $183,205,000 after buying an additional 1,702,432 shares during the last quarter. Palo Capital Inc. bought a new stake in shares of NetApp during the second quarter valued at about $4,465,000. Berkshire Capital Holdings Inc. bought a new stake in shares of NetApp during the second quarter valued at about $7,588,000. Ontario Teachers Pension Plan Board raised its stake in shares of NetApp by 10.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 30,826 shares of the data storage provider’s stock valued at $2,421,000 after purchasing an additional 3,041 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of NetApp by 11.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 878,166 shares of the data storage provider’s stock valued at $68,962,000 after purchasing an additional 92,890 shares in the last quarter. Institutional investors own 95.52% of the company’s stock.

NTAP traded down $1.18 on Wednesday, reaching $81.66. 2,957,926 shares of the company’s stock were exchanged, compared to its average volume of 2,835,581. The company has a market cap of $21.47 billion, a PE ratio of 24.29, a price-to-earnings-growth ratio of 1.50 and a beta of 1.38. NetApp has a twelve month low of $45.24 and a twelve month high of $88.08. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.03 and a current ratio of 2.06.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend was Thursday, October 4th. NetApp’s payout ratio is currently 53.51%.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share date 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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