NetApp Inc. (NTAP) Releases Q3 Earnings Guidance
NetApp Inc. (NASDAQ:NTAP) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.72-0.77 for the period, compared to the Thomson Reuters consensus estimate of $0.65. The company issued revenue guidance of $1.325-1.475 billion, compared to the consensus revenue estimate of $1.36 billion.
Shares of NetApp Inc. (NASDAQ:NTAP) opened at 34.73 on Thursday. The firm has a market capitalization of $9.68 billion, a PE ratio of 31.26 and a beta of 1.49. The company has a 50-day moving average of $33.92 and a 200-day moving average of $29.32. NetApp Inc. has a 52 week low of $20.66 and a 52 week high of $36.10.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, November 16th. The data storage provider reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.06. NetApp had a net margin of 5.87% and a return on equity of 15.82%. The company earned $1.34 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the previous year, the company posted $0.61 earnings per share. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. On average, equities analysts forecast that NetApp Inc. will post $2.37 earnings per share for the current fiscal year.
NTAP has been the subject of several analyst reports. Maxim Group boosted their price target on shares of NetApp from $39.00 to $40.00 and gave the company a buy rating in a report on Monday, August 15th. OTR Global raised shares of NetApp from a negative rating to a mixed rating in a report on Thursday, August 11th. Zacks Investment Research cut shares of NetApp from a hold rating to a sell rating in a research note on Tuesday, July 26th. Susquehanna lifted their price objective on shares of NetApp from $36.00 to $42.00 and gave the company a positive rating in a research note on Wednesday, September 21st. Finally, Deutsche Bank AG cut shares of NetApp from a hold rating to a sell rating and cut their price objective for the company from $35.66 to $25.00 in a research note on Monday, September 26th. They noted that the move was a valuation call. Eleven equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $30.16.
In other NetApp news, CEO George Kurian sold 48,176 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $34.87, for a total value of $1,679,897.12. Following the transaction, the chief executive officer now owns 92,746 shares of the company’s stock, valued at $3,234,053.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffry R. Allen sold 15,000 shares of the stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $34.82, for a total value of $522,300.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $522,300. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. bought a new position in NetApp during the third quarter valued at $307,000. Thrivent Financial for Lutherans raised its position in NetApp by 3.2% in the second quarter. Thrivent Financial for Lutherans now owns 8,840 shares of the data storage provider’s stock valued at $217,000 after buying an additional 270 shares during the last quarter. First Allied Advisory Services Inc. raised 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 last quarter. Mackenzie Financial Corp bought a new position in NetApp during the second quarter valued at $270,000. Finally, Ameritas Investment Partners Inc. raised its position in NetApp by 8.8% in the third quarter. Ameritas Investment Partners Inc. now owns 11,735 shares of the data storage provider’s stock valued at $420,000 after buying an additional 948 shares during the last quarter. 89.59% of the stock is currently owned by hedge funds and other institutional investors.
NetApp Company Profile
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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