NetApp, Inc. (NASDAQ:NTAP) announced its earnings results on Wednesday. The data storage provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.08. The firm earned $1.40 billion during the quarter, compared to analysts’ expectations of $1.39 billion. NetApp had a return on equity of 15.66% and a net margin of 5.89%. During the same quarter in the prior year, the business earned $0.70 earnings per share. NetApp updated its Q4 guidance to $0.79-0.84 EPS.
Shares of NetApp (NASDAQ:NTAP) opened at 40.56 on Friday. The company has a market cap of $11.17 billion, a PE ratio of 36.81 and a beta of 1.50. The stock’s 50 day moving average price is $37.23 and its 200 day moving average price is $34.85. NetApp has a one year low of $22.50 and a one year high of $42.18.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 26th. Stockholders of record on Friday, April 7th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Wednesday, April 5th. NetApp’s payout ratio is presently 69.09%.
In other news, Director Gerald Held sold 20,000 shares of NetApp stock in a transaction that occurred on Thursday, December 8th. The stock was sold at an average price of $36.45, for a total transaction of $729,000.00. Following the completion of the transaction, the director now directly owns 5,259 shares in the company, valued at approximately $191,690.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction that occurred on Friday, December 30th. The stock was sold at an average price of $35.84, for a total value of $143,360.00. Following the transaction, the chief executive officer now owns 36,396 shares of the company’s stock, valued at $1,304,432.64. The disclosure for this sale can be found here. Insiders have sold a total of 28,393 shares of company stock valued at $1,040,524 over the last quarter. 0.49% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. New York Life Trust Co. acquired a new position in shares of NetApp during the third quarter valued at approximately $104,000. Seven Eight Capital LP acquired a new position in shares of NetApp during the fourth quarter valued at approximately $118,000. FTB Advisors Inc. increased its position in shares of NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock valued at $126,000 after buying an additional 646 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of NetApp by 44.2% in the third quarter. Victory Capital Management Inc. now owns 5,321 shares of the data storage provider’s stock valued at $191,000 after buying an additional 1,631 shares in the last quarter. Finally, Orinda Asset Management LLC acquired a new position in shares of NetApp during the third quarter valued at approximately $202,000. Institutional investors own 92.52% of the company’s stock.
A number of equities research analysts have issued reports on NTAP shares. BMO Capital Markets upped their target price on NetApp to $39.00 in a research report on Thursday, November 17th. Barclays PLC reaffirmed an “underweight” rating on shares of NetApp in a research report on Tuesday, November 8th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $46.00 target price on shares of NetApp in a research report on Tuesday, January 10th. Zacks Investment Research raised NetApp from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research report on Tuesday. Finally, Drexel Hamilton reaffirmed a “buy” rating and set a $52.00 target price on shares of NetApp in a research report on Tuesday. Ten research analysts have rated the stock with a sell rating, twenty have issued a hold rating and ten have issued a buy rating to the stock. NetApp presently has a consensus rating of “Hold” and a consensus target price of $37.00.
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NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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