NetApp (NTAP) Updates Q3 Earnings Guidance

NetApp (NASDAQ:NTAP) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.12-1.18 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.12. The company issued revenue guidance of $1.55-1.65 billion, compared to the consensus revenue estimate of $1.60 billion.NetApp also updated its Q3 2019 guidance to $1.12-1.18 EPS.

NTAP traded down $0.86 on Wednesday, hitting $78.03. 3,281,917 shares of the stock were exchanged, compared to its average volume of 2,875,329. NetApp has a 12 month low of $45.24 and a 12 month high of $88.08. The company has a quick ratio of 2.03, a current ratio of 2.06 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $20.45 billion, a price-to-earnings ratio of 26.10, a P/E/G ratio of 1.42 and a beta of 1.38.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.07. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The business had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. NetApp’s revenue was up 7.2% compared to the same quarter last year. Sell-side analysts anticipate that NetApp will post 3.92 EPS for the current fiscal year.

NTAP has been the subject of a number of research reports. Bank of America increased their target price on shares of NetApp from $88.00 to $90.00 and gave the stock a buy rating in a report on Monday, August 13th. BidaskClub cut shares of NetApp from a strong-buy rating to a buy rating in a report on Wednesday, July 25th. Lake Street Capital dropped their target price on shares of NetApp from $88.00 to $72.00 and set a buy rating for the company in a report on Thursday, August 16th. JPMorgan Chase & Co. reissued a buy rating and issued a $92.00 target price on shares of NetApp in a report on Thursday, August 16th. Finally, Maxim Group increased their target price on shares of NetApp from $81.00 to $91.00 and gave the stock a buy rating in a report on Thursday, August 16th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $81.17.

In other news, VP Joel D. Reich sold 7,157 shares of the company’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $86.83, for a total value of $621,442.31. Following the completion of the transaction, the vice president now owns 603 shares of the company’s stock, valued at $52,358.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Kurian sold 36,646 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $81.69, for a total value of $2,993,611.74. Following the completion of the transaction, the chief executive officer now directly owns 64,147 shares of the company’s stock, valued at approximately $5,240,168.43. The disclosure for this sale can be found here. Insiders sold 127,451 shares of company stock valued at $10,579,434 in the last ninety days. 0.19% of the stock is currently owned by insiders.

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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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Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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