NetApp (NASDAQ:NTAP) Issues Q2 2020 Earnings Guidance

NetApp (NASDAQ:NTAP) updated its second quarter 2020 earnings guidance on Wednesday. The company provided EPS guidance of $0.91-0.99 for the period, compared to the Thomson Reuters consensus EPS 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 has been the topic of a number of analyst reports. ValuEngine cut NetApp from a hold rating to a sell rating in a research report on Monday, June 3rd. Credit Suisse Group set a $79.00 price target on NetApp and gave the company an outperform rating in a research report on Thursday, May 23rd. Stifel Nicolaus lowered their price target on NetApp from $75.00 to $60.00 and set a buy rating on the stock in a research report on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on NetApp from $64.00 to $67.00 and gave the company a neutral rating in a research report on Tuesday, June 25th. Finally, Lake Street Capital cut NetApp from a buy rating to a hold rating and lowered their price target for the company from $69.00 to $65.00 in a research report on Thursday, May 23rd. Six equities research 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 price target of $65.00.

Shares of NTAP stock traded down $1.98 during trading hours on Wednesday, hitting $45.01. 2,442,249 shares of the company’s stock were exchanged, compared to its average volume of 2,731,839. The company 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 firm has a market cap 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 52 week low of $44.55 and a 52 week high of $88.08.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.03). The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.64 billion. NetApp had a return on equity of 71.66% and a net margin of 19.02%. NetApp’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.05 EPS. As a group, research analysts expect that NetApp will post 3.53 earnings per share for the current year.

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

In related 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 transaction, the vice president now owns 55,361 shares in the company, valued at $3,354,322.99. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Ronald J. Pasek sold 58,052 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $58.49, for a total value of $3,395,461.48. Following the completion of the transaction, the chief financial officer now owns 122,806 shares in the company, valued at approximately $7,182,922.94. The disclosure for this sale can be found here. Insiders have sold 161,092 shares of company stock worth $9,676,120 in the last 90 days. Company 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.

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Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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