NetApp (NASDAQ:NTAP) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

NetApp (NASDAQ:NTAP) issued its quarterly earnings data on Thursday. The data storage provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.78 by $0.09, RTT News reports. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.23 EPS. NetApp updated its Q3 guidance to $1.85-1.95 EPS and its FY25 guidance to $7.20-7.40 EPS.

NetApp Trading Up 2.6 %

NetApp stock traded up $3.23 during mid-day trading on Thursday, hitting $126.68. The company’s stock had a trading volume of 4,096,012 shares, compared to its average volume of 1,822,661. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91. The stock has a market cap of $25.94 billion, a price-to-earnings ratio of 24.11, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24. The business has a 50 day moving average price of $121.56 and a 200-day moving average price of $122.36. NetApp has a 12 month low of $77.46 and a 12 month high of $135.01.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.64%. NetApp’s dividend payout ratio (DPR) is currently 40.63%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Bank of America lifted their price target on NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Susquehanna reaffirmed a “positive” rating and issued a $155.00 target price on shares of NetApp in a report on Monday, August 26th. Evercore ISI increased their price target on NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a research note on Monday, August 12th. Wedbush reiterated a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research note on Monday, August 26th. Finally, Citigroup raised their target price on NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, NetApp currently has an average rating of “Hold” and a consensus price target of $129.06.

Insiders Place Their Bets

In other news, Director Thomas Michael Nevens sold 3,333 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $119.23, for a total transaction of $397,393.59. Following the completion of the transaction, the director now directly owns 9,277 shares of the company’s stock, valued at approximately $1,106,096.71. This represents a 26.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The disclosure for this sale can be found here. Insiders sold 23,049 shares of company stock valued at $2,807,851 over the last three months. Insiders own 0.47% of the company’s stock.

About NetApp

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.