Zacks: Brokerages Anticipate NetApp Inc. (NASDAQ:NTAP) Will Post Earnings of $0.83 Per Share

Analysts forecast that NetApp Inc. (NASDAQ:NTAP) will announce $0.83 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Eight analysts have made estimates for NetApp’s earnings. The lowest EPS estimate is $0.80 and the highest is $0.85. NetApp posted earnings of $1.04 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 20.2%. The company is expected to issue its next earnings report on Wednesday, August 21st.

On average, analysts expect that NetApp will report full-year earnings of $4.92 per share for the current fiscal year, with EPS estimates ranging from $4.58 to $5.13. For the next fiscal year, analysts expect that the company will post earnings of $5.58 per share, with EPS estimates ranging from $5.18 to $5.84. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for NetApp.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). NetApp had a return on equity of 71.66% and a net margin of 19.02%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the business posted $1.05 earnings per share. The firm’s revenue was down 3.2% on a year-over-year basis.

Several research firms have weighed in on NTAP. Bank of America set a $30.00 price target on shares of L Brands and gave the stock a “hold” rating in a research report on Thursday, May 23rd. Loop Capital assumed coverage on shares of Bloomin’ Brands in a research report on Monday. They issued a “buy” rating on the stock. Goldman Sachs Group upgraded shares of Lenovo Group from a “neutral” rating to a “buy” rating in a research report on Thursday, May 23rd. They noted that the move was a valuation call. ValuEngine downgraded shares of Intersect ENT from a “buy” rating to a “hold” rating in a research report on Monday, June 3rd. Finally, Maxim Group set a $8.00 price objective on shares of TrovaGene and gave the company a “buy” rating in a research report on Thursday, May 23rd. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company’s stock. NetApp presently has an average rating of “Hold” and an average target price of $73.05.

In related news, CFO Ronald J. Pasek sold 58,052 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.49, for a total transaction of $3,395,461.48. Following the completion of the transaction, the chief financial officer now directly owns 122,806 shares of the company’s stock, valued at $7,182,922.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Matthew K. Fawcett sold 38,195 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $61.55, for a total transaction of $2,350,902.25. Following the transaction, the senior vice president now directly owns 38,527 shares of the company’s stock, valued at $2,371,336.85. The disclosure for this sale can be found here. Insiders have sold 161,092 shares of company stock valued at $9,676,120 over the last ninety days. 0.19% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of NTAP. Norges Bank purchased a new position in NetApp during the fourth quarter valued at $207,190,000. Amundi Pioneer Asset Management Inc. grew its stake in NetApp by 226.4% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,715,806 shares of the data storage provider’s stock valued at $118,975,000 after acquiring an additional 1,190,167 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in NetApp during the first quarter valued at $52,475,000. Bank of Montreal Can grew its stake in NetApp by 35.2% during the first quarter. Bank of Montreal Can now owns 2,572,566 shares of the data storage provider’s stock valued at $178,383,000 after acquiring an additional 670,441 shares in the last quarter. Finally, AJO LP grew its stake in NetApp by 594.6% during the first quarter. AJO LP now owns 417,379 shares of the data storage provider’s stock valued at $28,941,000 after acquiring an additional 357,290 shares in the last quarter. 99.13% of the stock is owned by institutional investors.

NTAP traded down $0.72 during trading on Monday, hitting $58.70. The company’s stock had a trading volume of 1,604,976 shares, compared to its average volume of 2,641,777. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.42 and a current ratio of 1.45. NetApp has a one year low of $54.50 and a one year high of $88.08. The stock has a market cap of $14.33 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 0.93 and a beta of 1.46. The stock has a 50 day moving average price of $61.07.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.27%. This is a boost from NetApp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, July 3rd. NetApp’s dividend payout ratio (DPR) is presently 47.76%.

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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