Zacks: Analysts Expect NetApp, Inc. (NASDAQ:NTAP) to Post $1.12 Earnings Per Share


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Brokerages forecast that NetApp, Inc. (NASDAQ:NTAP) will post $1.12 earnings per share for the current quarter, Zacks reports. Eight analysts have issued estimates for NetApp’s earnings, with estimates ranging from $1.09 to $1.17. NetApp reported earnings per share of $1.19 during the same quarter last year, which indicates a negative year-over-year growth rate of 5.9%. The company is scheduled to report its next quarterly earnings results on Wednesday, May 26th.

On average, analysts expect that NetApp will report full year earnings of $4.01 per share for the current year, with EPS estimates ranging from $3.99 to $4.06. For the next fiscal year, analysts forecast that the company will post earnings of $4.53 per share, with EPS estimates ranging from $4.15 to $5.00. Zacks’ EPS averages are an average based on a survey of sell-side research firms that that provide coverage for NetApp.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, February 24th. The data storage provider reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.43 billion. NetApp had a net margin of 12.44% and a return on equity of 263.77%. During the same quarter in the previous year, the company posted $1.16 earnings per share.

Several equities analysts have recently issued reports on the stock. Barclays boosted their price target on shares of NetApp from $54.00 to $67.00 and gave the company an “equal weight” rating in a report on Thursday, January 14th. Wedbush upped their price objective on shares of NetApp from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, February 25th. Wells Fargo & Company upped their price objective on shares of NetApp from $60.00 to $65.00 in a report on Thursday, February 25th. JPMorgan Chase & Co. upped their price objective on shares of NetApp from $58.00 to $63.00 and gave the stock a “neutral” rating in a report on Wednesday, February 24th. Finally, Zacks Investment Research downgraded shares of NetApp from a “strong-buy” rating to a “hold” rating and set a $69.00 price objective for the company. in a report on Tuesday, February 2nd. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $64.60.

Shares of NTAP traded up $0.01 during midday trading on Thursday, hitting $73.68. 67,846 shares of the stock traded hands, compared to its average volume of 2,016,666. NetApp has a 1-year low of $38.89 and a 1-year high of $75.58. The firm has a market capitalization of $16.40 billion, a PE ratio of 23.99, a price-to-earnings-growth ratio of 1.78 and a beta of 1.35. The company has a debt-to-equity ratio of 7.11, a quick ratio of 1.61 and a current ratio of 1.65. The business’s 50 day moving average price is $68.68 and its two-hundred day moving average price is $59.41.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 28th. Investors of record on Friday, April 9th will be paid a $0.48 dividend. The ex-dividend date is Thursday, April 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.61%. NetApp’s payout ratio is 54.39%.

Several hedge funds and other institutional investors have recently modified their holdings of NTAP. Alpha DNA Investment Management LLC acquired a new position in NetApp during the fourth quarter worth $653,000. Mach 1 Financial Group Inc. acquired a new position in NetApp during the fourth quarter worth $692,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in NetApp during the fourth quarter worth $613,000. Teachers Retirement System of The State of Kentucky raised its stake in NetApp by 1,691.3% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 358,250 shares of the data storage provider’s stock worth $23,731,000 after acquiring an additional 338,250 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in NetApp by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,392,522 shares of the data storage provider’s stock worth $92,234,000 after acquiring an additional 27,953 shares in the last quarter. Institutional investors and hedge funds own 90.95% 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. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Global File Cache, NetApp SaaS Backup, NetApp Cloud Manager, NetApp Fabric Orchestrator, and NetApp Cloud Insights.

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