NetApp (NTAP) Updates Q1 Earnings Guidance

NetApp (NASDAQ:NTAP) issued an update on its first quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.78-0.86 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.05. The company issued revenue guidance of $1.315-1.465 billion, compared to the consensus revenue estimate of $1.48 billion.NetApp also updated its Q1 2020 guidance to $0.78-0.86 EPS.

NASDAQ NTAP traded down $2.89 during trading hours on Wednesday, hitting $67.10. The company’s stock had a trading volume of 5,256,416 shares, compared to its average volume of 2,673,387. NetApp has a twelve month low of $54.50 and a twelve month high of $88.08. The firm has a market capitalization of $17.06 billion, a P/E ratio of 22.44, a P/E/G ratio of 0.99 and a beta of 1.40. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.56 and a quick ratio of 1.53.

Several equities analysts recently weighed in on NTAP shares. Bank of America restated a buy rating and issued a $90.00 price objective on shares of NetApp in a report on Monday, February 11th. BidaskClub upgraded shares of NetApp from a hold rating to a buy rating in a report on Wednesday, January 30th. Loop Capital cut their price objective on shares of NetApp to $85.00 and set a buy rating on the stock in a report on Thursday, February 14th. Cross Research upgraded shares of NetApp from a hold rating to a buy rating in a report on Thursday, February 14th. Finally, Lake Street Capital cut their price objective on shares of NetApp to $69.00 and set a buy rating on the stock in a report on Thursday, February 14th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $77.04.

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About NetApp

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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Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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