Zacks: Brokerages Anticipate NetApp Inc. (NASDAQ:NTAP) to Announce $1.19 Earnings Per Share

Equities research analysts expect that NetApp Inc. (NASDAQ:NTAP) will report $1.19 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for NetApp’s earnings, with estimates ranging from $1.15 to $1.22. NetApp reported earnings of $1.20 per share in the same quarter last year, which indicates a negative year over year growth rate of 0.8%. The business is expected to report its next earnings report on Wednesday, February 12th.

According to Zacks, analysts expect that NetApp will report full year earnings of $4.30 per share for the current financial year, with EPS estimates ranging from $4.25 to $4.36. For the next year, analysts forecast that the business will report earnings of $4.70 per share, with EPS estimates ranging from $4.51 to $4.86. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that that provide coverage for NetApp.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, November 13th. The data storage provider reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.15. NetApp had a net margin of 17.20% and a return on equity of 95.04%. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the firm posted $1.06 earnings per share. NetApp’s quarterly revenue was down 9.6% on a year-over-year basis.

NTAP has been the subject of a number of recent analyst reports. Credit Suisse Group raised their price target on shares of NetApp from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. BidaskClub lowered NetApp from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 21st. Zacks Investment Research cut NetApp from a “strong-buy” rating to a “hold” rating and set a $73.00 target price for the company. in a research note on Tuesday, November 19th. Citigroup restated a “sell” rating and issued a $40.00 target price (down previously from $55.00) on shares of NetApp in a research report on Friday, August 16th. Finally, Wells Fargo & Co reaffirmed a “market perform” rating and issued a $60.00 price target (up previously from $50.00) on shares of NetApp in a research note on Thursday, November 14th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eleven have assigned a buy rating to the company. NetApp presently has an average rating of “Hold” and an average target price of $62.85.

NASDAQ:NTAP traded up $0.82 on Friday, hitting $59.40. The stock had a trading volume of 71,151 shares, compared to its average volume of 2,575,815. The company has a fifty day moving average price of $58.33 and a two-hundred day moving average price of $56.63. NetApp has a 1-year low of $44.55 and a 1-year high of $78.35. The company has a quick ratio of 1.27, a current ratio of 1.31 and a debt-to-equity ratio of 2.14. The stock has a market cap of $13.83 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.37 and a beta of 1.59.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 23rd. Investors of record on Friday, January 3rd will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, January 2nd. NetApp’s dividend payout ratio (DPR) is presently 47.76%.

Several institutional investors and hedge funds have recently made changes to their positions in NTAP. Stephens Inc. AR bought a new position in NetApp in the 2nd quarter worth approximately $334,000. Capital International Ltd. CA grew its position in NetApp by 296.4% in the 2nd quarter. Capital International Ltd. CA now owns 46,604 shares of the data storage provider’s stock valued at $2,875,000 after buying an additional 34,847 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in NetApp by 56.2% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 392,582 shares of the data storage provider’s stock valued at $24,222,000 after buying an additional 141,280 shares during the period. Cim Investment Mangement Inc. acquired a new position in NetApp during the 2nd quarter valued at about $549,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of NetApp by 31.7% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 8,249 shares of the data storage provider’s stock worth $509,000 after buying an additional 1,985 shares in the last quarter. 99.41% of the stock is owned by institutional investors.

NetApp Company Profile

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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