$1.69 Billion in Sales Expected for NetApp, Inc. (NASDAQ:NTAP) This Quarter

Wall Street brokerages expect that NetApp, Inc. (NASDAQ:NTAPGet Rating) will report $1.69 billion in sales for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for NetApp’s earnings. The lowest sales estimate is $1.68 billion and the highest is $1.71 billion. NetApp reported sales of $1.56 billion during the same quarter last year, which indicates a positive year over year growth rate of 8.3%. The business is expected to announce its next earnings report after the market closes on Monday, January 1st.

On average, analysts expect that NetApp will report full year sales of $6.33 billion for the current fiscal year, with estimates ranging from $6.32 billion to $6.35 billion. For the next financial year, analysts forecast that the business will report sales of $6.78 billion, with estimates ranging from $6.60 billion to $6.91 billion. Zacks’ sales averages are an average based on a survey of research analysts that follow NetApp.

NetApp (NASDAQ:NTAPGet Rating) last announced its quarterly earnings results on Wednesday, February 23rd. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.13. NetApp had a return on equity of 126.47% and a net margin of 16.34%. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the firm posted $0.94 EPS. The company’s quarterly revenue was up 9.8% on a year-over-year basis.

Several equities research analysts have issued reports on NTAP shares. Barclays raised NetApp from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $85.00 to $102.00 in a report on Thursday, March 10th. Deutsche Bank Aktiengesellschaft increased their price objective on NetApp from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, March 23rd. StockNews.com cut NetApp from a “buy” rating to a “hold” rating in a research report on Wednesday. Susquehanna Bancshares increased their price objective on NetApp from $105.00 to $110.00 and gave the stock a “positive” rating in a research report on Thursday, February 24th. Finally, Wells Fargo & Company lowered their price objective on NetApp from $95.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 24th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, NetApp presently has a consensus rating of “Hold” and a consensus price target of $100.22.

Shares of NetApp stock opened at $70.73 on Thursday. The business has a fifty day simple moving average of $78.91 and a two-hundred day simple moving average of $85.24. NetApp has a 1 year low of $68.23 and a 1 year high of $96.82. The company has a market capitalization of $15.74 billion, a price-to-earnings ratio of 16.00, a P/E/G ratio of 1.80 and a beta of 1.24. The company has a debt-to-equity ratio of 2.70, a current ratio of 1.55 and a quick ratio of 1.51.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 27th. Shareholders of record on Friday, April 8th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend was Thursday, April 7th. NetApp’s dividend payout ratio is presently 45.25%.

In other NetApp news, President Cesar Cernuda sold 14,000 shares of NetApp stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $80.79, for a total value of $1,131,060.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO George Kurian sold 4,250 shares of NetApp stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $90.39, for a total value of $384,157.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,750 shares of company stock worth $2,217,998. Company insiders own 0.28% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Range Financial Group LLC acquired a new stake in shares of NetApp during the first quarter valued at about $1,067,000. Walleye Capital LLC boosted its stake in shares of NetApp by 76.3% during the first quarter. Walleye Capital LLC now owns 47,963 shares of the data storage provider’s stock valued at $3,981,000 after purchasing an additional 20,760 shares in the last quarter. Weiss Multi Strategy Advisers LLC boosted its stake in shares of NetApp by 46.6% during the first quarter. Weiss Multi Strategy Advisers LLC now owns 140,000 shares of the data storage provider’s stock valued at $11,620,000 after purchasing an additional 44,517 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of NetApp during the first quarter valued at about $923,000. Finally, Advisors Asset Management Inc. boosted its stake in shares of NetApp by 4.1% during the first quarter. Advisors Asset Management Inc. now owns 101,346 shares of the data storage provider’s stock valued at $8,412,000 after purchasing an additional 3,951 shares in the last quarter. 91.91% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Company Profile (Get Rating)

NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.

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