NetApp (NASDAQ:NTAP) Updates Q2 Earnings Guidance

NetApp (NASDAQ:NTAP) updated its second quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.91-0.99 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.87. The company issued revenue guidance of $1.325-1.475 billion, compared to the consensus revenue estimate of $1.35 billion.NetApp also updated its FY 2020 guidance to EPS.

Several research analysts recently commented on the company. Evercore ISI assumed coverage on NetApp in a research note on Wednesday, June 5th. They issued an in-line rating and a $65.00 price objective for the company. Credit Suisse Group set a $79.00 target price on NetApp and gave the stock an outperform rating in a research note on Thursday, May 23rd. Barclays assumed coverage on NetApp in a research note on Wednesday, August 7th. They issued an equal weight rating and a $47.00 target price for the company. Maxim Group reaffirmed a buy rating and issued a $65.00 target price on shares of NetApp in a research note on Monday, August 5th. Finally, Stifel Nicolaus cut their target price on NetApp from $75.00 to $60.00 and set a buy rating for the company in a research note on Friday, August 2nd. Six equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $65.00.

Shares of NASDAQ:NTAP traded down $1.98 during midday trading on Wednesday, reaching $45.01. 2,442,249 shares of the company’s stock were exchanged, compared to its average volume of 2,731,839. The stock has a 50 day moving average price of $56.69. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $10.76 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 0.90 and a beta of 1.48. NetApp has a fifty-two week low of $44.55 and a fifty-two week high of $88.08.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.14. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.23 billion. NetApp had a return on equity of 71.66% and a net margin of 19.02%. The company’s quarterly revenue was down 16.1% on a year-over-year basis. During the same period last year, the company earned $1.04 EPS. On average, analysts expect that NetApp will post 3.53 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.27%. NetApp’s payout ratio is 47.76%.

In related news, CFO Ronald J. Pasek sold 58,052 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $58.49, for a total transaction of $3,395,461.48. Following the completion of the sale, the chief financial officer now directly owns 122,806 shares of the company’s stock, valued at approximately $7,182,922.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Matthew K. Fawcett sold 11,195 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $58.76, for a total value of $657,818.20. Following the sale, the senior vice president now directly owns 76,722 shares of the company’s stock, valued at $4,508,184.72. The disclosure for this sale can be found here. Insiders have sold a total of 161,092 shares of company stock valued at $9,676,120 over the last three months. 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.

See Also: Price to Earnings Ratio (PE), For Valuing Stocks

Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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