NetApp (NASDAQ:NTAP) Releases FY 2020 After-Hours Earnings Guidance

NetApp (NASDAQ:NTAP) updated its FY 2020
After-Hours earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 4.20-4.20 for the period, compared to the Thomson Reuters consensus estimate of $4.30. The company issued revenue guidance of $5.531-5.531 billion, compared to the consensus revenue estimate of $5.64 billion.NetApp also updated its Q4 guidance to $1.28-1.36 EPS.

Several research analysts recently commented on the stock. Argus lifted their target price on shares of NetApp from $66.00 to $75.00 and gave the stock a buy rating in a report on Friday, November 15th. Lake Street Capital upped their price target on shares of NetApp from $49.00 to $58.00 and gave the company a hold rating in a report on Thursday, November 14th. Zacks Investment Research downgraded NetApp from a strong-buy rating to a hold rating and set a $73.00 price target on the stock. in a research report on Tuesday, November 19th. Bank of America dropped their price objective on NetApp from $70.00 to $65.00 and set a neutral rating on the stock in a research note on Thursday. Finally, Cowen dropped their price objective on NetApp from $60.00 to $58.00 and set a market perform rating on the stock in a research note on Thursday. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $64.00.

Shares of NTAP traded down $0.94 during trading hours on Friday, reaching $54.24. 3,217,318 shares of the company traded hands, compared to its average volume of 2,375,587. The company has a debt-to-equity ratio of 2.14, a quick ratio of 1.27 and a current ratio of 1.31. The stock’s fifty day moving average is $60.10 and its 200 day moving average is $56.27. NetApp has a 1-year low of $44.55 and a 1-year high of $78.35. The stock has a market cap of $13.25 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.31 and a beta of 1.58.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, February 12th. The data storage provider reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.02). NetApp had a return on equity of 95.04% and a net margin of 17.20%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period last year, the business earned $1.20 earnings per share. The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. On average, equities research analysts predict that NetApp will post 3.72 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Friday, April 3rd will be given a $0.48 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.54%. NetApp’s dividend payout ratio is currently 47.76%.

In other NetApp news, EVP Henri P. Richard sold 2,500 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $64.20, for a total value of $160,500.00. Following the sale, the executive vice president now owns 143,855 shares of the company’s stock, valued at approximately $9,235,491. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Scott R. Allen sold 2,781 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $62.23, for a total transaction of $173,061.63. The disclosure for this sale can be found here. Insiders sold a total of 5,284 shares of company stock valued at $333,743 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

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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