NetApp (NASDAQ:NTAP) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

NetApp (NASDAQ:NTAP) issued its earnings results on Wednesday. The data storage provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.02), RTT News reports. NetApp had a net margin of 17.20% and a return on equity of 95.04%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same quarter last year, the firm posted $1.20 earnings per share. NetApp’s revenue was down 10.2% on a year-over-year basis.

Shares of NASDAQ NTAP traded down $1.25 during trading on Friday, reaching $53.93. The company had a trading volume of 61,968 shares, compared to its average volume of 2,347,514. NetApp has a 52 week low of $44.55 and a 52 week high of $78.35. The stock has a market cap of $13.25 billion, a PE ratio of 13.41, a PEG ratio of 1.31 and a beta of 1.58. The company has a debt-to-equity ratio of 2.14, a quick ratio of 1.27 and a current ratio of 1.31. The business’s 50 day moving average price is $60.10 and its 200-day moving average price is $56.27.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Friday, April 3rd will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Thursday, April 2nd. NetApp’s dividend payout ratio is presently 47.76%.

A number of research firms have commented on NTAP. Zacks Investment Research lowered shares of NetApp from a “strong-buy” rating to a “hold” rating and set a $73.00 price target on the stock. in a research report on Tuesday, November 19th. TheStreet lowered shares of NetApp from a “b” rating to a “c+” rating in a research report on Wednesday. Stifel Nicolaus reduced their price target on shares of NetApp from $70.00 to $66.00 and set a “buy” rating on the stock in a research report on Thursday. Oppenheimer restated a “hold” rating on shares of NetApp in a research report on Wednesday. Finally, Standpoint Research upgraded shares of NetApp from a “hold” rating to a “buy” rating in a research report on Monday, December 23rd. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $64.00.

In other NetApp news, EVP Henri P. Richard sold 2,500 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $64.20, for a total value of $160,500.00. Following the completion of the transaction, the executive vice president now directly owns 143,855 shares of the company’s stock, valued at $9,235,491. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Scott R. Allen sold 2,781 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $62.23, for a total transaction of $173,061.63. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,284 shares of company stock valued at $333,743. Insiders own 0.33% of the company’s stock.

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.

Featured Story: What member countries make up the G-20?

Earnings History for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.