NetApp Inc. (NTAP) Issues Quarterly Earnings Results
NetApp Inc. (NASDAQ:NTAP) announced its quarterly earnings data on Wednesday. The data storage provider reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.06. The firm earned $1.34 billion during the quarter, compared to analysts’ expectations of $1.36 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.61 EPS.
NetApp (NASDAQ:NTAP) traded down 0.40% during trading on Wednesday, reaching $34.73. 4,668,991 shares of the company were exchanged. The firm has a market cap of $9.68 billion, a price-to-earnings ratio of 31.26 and a beta of 1.49. The firm has a 50-day moving average of $33.92 and a 200-day moving average of $29.32. NetApp has a 52-week low of $20.66 and a 52-week high of $36.10.
NTAP has been the topic of a number of research reports. Piper Jaffray Cos. boosted their price objective on NetApp from $26.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday, August 18th. RBC Capital Markets boosted their price objective on NetApp to $32.00 in a research report on Thursday, August 18th. Summit Redstone boosted their price objective on NetApp from $20.00 to $30.00 and gave the stock a “sell” rating in a research report on Thursday, August 18th. Zacks Investment Research upgraded NetApp from a “sell” rating to a “hold” rating and set a $40.00 price objective on the stock in a research report on Friday, August 19th. Finally, Drexel Hamilton reiterated a “hold” rating on shares of NetApp in a research report on Wednesday, August 17th. Eleven research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $30.16.
In related news, CEO George Kurian sold 48,176 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $34.87, for a total transaction of $1,679,897.12. Following the completion of the transaction, the chief executive officer now owns 92,746 shares in the company, valued at $3,234,053.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert T. Wall sold 22,944 shares of the business’s stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $35.45, for a total transaction of $813,364.80. Following the transaction, the director now owns 36,048 shares of the company’s stock, valued at approximately $1,277,901.60. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of NTAP. Thrivent Financial for Lutherans boosted its position in shares of NetApp by 3.2% in the second quarter. Thrivent Financial for Lutherans now owns 8,840 shares of the data storage provider’s stock worth $217,000 after buying an additional 270 shares in the last quarter. First Allied Advisory Services Inc. boosted its position in NetApp by 6.7% in the second quarter. First Allied Advisory Services Inc. now owns 10,481 shares of the data storage provider’s stock valued at $249,000 after buying an additional 655 shares during the period. Mackenzie Financial Corp bought a new position in NetApp during the second quarter valued at $270,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in NetApp during the third quarter valued at $307,000. Finally, Gideon Capital Advisors Inc. boosted its position in NetApp by 29.9% in the second quarter. Gideon Capital Advisors Inc. now owns 15,146 shares of the data storage provider’s stock valued at $372,000 after buying an additional 3,486 shares during the period. Hedge funds and other institutional investors own 89.59% of the company’s stock.
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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