NetApp (NASDAQ:NTAP) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.91-0.99 for the period, compared to the Thomson Reuters consensus 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.
NTAP stock traded down $1.98 during midday trading on Wednesday, reaching $45.01. The company’s stock had a trading volume of 2,442,249 shares, compared to its average volume of 2,731,839. The company has a quick ratio of 1.42, a current ratio of 1.45 and a debt-to-equity ratio of 1.05. The company’s fifty day moving average price is $56.69. NetApp has a 1 year low of $44.55 and a 1 year high of $88.08. The stock has a market cap of $10.76 billion, a price-to-earnings ratio of 11.20, a price-to-earnings-growth ratio of 0.90 and a beta of 1.48.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.14. NetApp had a return on equity of 71.66% and a net margin of 19.02%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter last year, the firm posted $1.04 earnings per share. The business’s revenue was down 16.1% compared to the same quarter last year. On average, equities research analysts predict that NetApp will post 3.53 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 4.27%. NetApp’s payout ratio is 47.76%.
NTAP has been the topic of a number of recent analyst reports. Lake Street Capital lowered NetApp from a buy rating to a hold rating and reduced their target price for the stock from $69.00 to $65.00 in a research note on Thursday, May 23rd. Credit Suisse Group set a $79.00 price target on NetApp and gave the stock an outperform rating in a research report on Thursday, May 23rd. Loop Capital dropped their price target on NetApp to $60.00 and set a buy rating on the stock in a research report on Friday, August 2nd. DA Davidson dropped their price target on NetApp to $93.00 and set a buy rating on the stock in a research report on Thursday, May 23rd. Finally, Barclays initiated coverage on NetApp in a research report on Wednesday, August 7th. They set an equal weight rating and a $47.00 price target on the stock. Six investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $65.00.
In other NetApp news, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total value of $1,817,700.00. Following the completion of the sale, the vice president now owns 55,361 shares of the company’s stock, valued at $3,354,322.99. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 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 completion of the sale, the senior vice president now directly owns 76,722 shares of the company’s stock, valued at approximately $4,508,184.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 161,092 shares of company stock worth $9,676,120. 0.33% of the stock is owned by corporate insiders.
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.
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