$1.49 Billion in Sales Expected for NetApp Inc. (NTAP) This Quarter

Wall Street brokerages expect NetApp Inc. (NASDAQ:NTAP) to report sales of $1.49 billion for the current quarter, Zacks reports. Eight analysts have made estimates for NetApp’s earnings, with the highest sales estimate coming in at $1.50 billion and the lowest estimate coming in at $1.46 billion. NetApp reported sales of $1.40 billion in the same quarter last year, which indicates a positive year over year growth rate of 6.4%. The company is scheduled to announce its next earnings results after the market closes on Wednesday, February 14th.

According to Zacks, analysts expect that NetApp will report full-year sales of $1.49 billion for the current fiscal year, with estimates ranging from $5.70 billion to $5.84 billion. For the next fiscal year, analysts expect that the company will report sales of $6.02 billion per share, with estimates ranging from $5.88 billion to $6.19 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow NetApp.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, February 14th. The data storage provider reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.08. NetApp had a return on equity of 26.77% and a net margin of 11.49%. During the same period in the previous year, the business posted $0.82 EPS.

A number of equities research analysts have recently issued reports on NTAP shares. Maxim Group reiterated a “buy” rating and set a $56.00 price objective on shares of NetApp in a research note on Friday, October 27th. Barclays upgraded NetApp from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $38.00 to $52.00 in a research note on Thursday, November 9th. Royal Bank of Canada upped their price objective on NetApp from $45.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Monday, November 13th. Piper Jaffray Companies set a $52.00 price objective on NetApp and gave the stock a “buy” rating in a research note on Tuesday, November 14th. Finally, DA Davidson upped their price objective on NetApp from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, November 14th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and sixteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $53.85.

In other NetApp news, VP Joel D. Reich sold 15,000 shares of the company’s stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $56.99, for a total value of $854,850.00. Following the transaction, the vice president now directly owns 441 shares of the company’s stock, valued at approximately $25,132.59. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO George Kurian sold 75,000 shares of the company’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $52.50, for a total value of $3,937,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 176,629 shares of company stock worth $9,568,956. Insiders own 0.47% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of NTAP. Exane Derivatives grew its holdings in NetApp by 59,850.0% in the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock valued at $105,000 after buying an additional 2,394 shares in the last quarter. First Personal Financial Services grew its holdings in NetApp by 27,540.0% in the 3rd quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock valued at $121,000 after buying an additional 2,754 shares in the last quarter. Quantbot Technologies LP acquired a new position in NetApp in the 3rd quarter valued at $131,000. IFP Advisors Inc grew its holdings in NetApp by 45.3% in the 4th quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock valued at $142,000 after buying an additional 801 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in NetApp by 227.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock valued at $182,000 after buying an additional 2,282 shares in the last quarter. 96.67% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NetApp (NTAP) opened at $60.64 on Thursday. NetApp has a 12 month low of $37.43 and a 12 month high of $64.06. The stock has a market capitalization of $15,671.35, a P/E ratio of 22.08, a PEG ratio of 1.82 and a beta of 1.33. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Friday, April 6th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.32%. NetApp’s dividend payout ratio is 34.33%.

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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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Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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