NetApp, Inc. (NTAP) Issues Q3 Earnings Guidance
NetApp, Inc. (NASDAQ:NTAP) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $0.86-0.94 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.85. The company issued revenue guidance of $1.425-1.575, compared to the consensus revenue estimate of $1.44 billion.
Shares of NetApp, Inc. (NASDAQ:NTAP) traded down $0.38 during mid-day trading on Wednesday, hitting $45.62. The company had a trading volume of 2,253,800 shares, compared to its average volume of 2,918,051. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.47 and a quick ratio of 1.44. NetApp, Inc. has a 1-year low of $34.38 and a 1-year high of $47.20. The company has a market cap of $12,408.85, a P/E ratio of 19.33, a price-to-earnings-growth ratio of 1.61 and a beta of 1.16.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.12. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the business earned $0.60 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. sell-side analysts predict that NetApp, Inc. will post 2.49 earnings per share for the current fiscal year.
Several brokerages have commented on NTAP. Morgan Stanley reaffirmed an underweight rating on shares of NetApp in a research report on Saturday, September 23rd. ValuEngine downgraded NetApp from a buy rating to a hold rating in a research report on Friday, September 1st. Zacks Investment Research downgraded NetApp from a buy rating to a hold rating in a research report on Thursday, October 5th. Maxim Group reaffirmed a buy rating and issued a $56.00 price target on shares of NetApp in a research report on Friday, October 27th. Finally, Argus upgraded NetApp from a hold rating to a buy rating in a research report on Monday, August 21st. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $46.38.
In other news, SVP Matthew K. Fawcett sold 29,845 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $46.60, for a total transaction of $1,390,777.00. Following the transaction, the senior vice president now owns 31,962 shares of the company’s stock, valued at $1,489,429.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Henri P. Richard sold 1,976 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $44.62, for a total value of $88,169.12. Following the transaction, the executive vice president now directly owns 13,860 shares in the company, valued at approximately $618,433.20. The disclosure for this sale can be found here. In the last three months, insiders sold 74,343 shares of company stock worth $3,302,273. Insiders own 0.47% of the company’s stock.
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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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