NetApp (NTAP) Announces Earnings Results, Misses Estimates By $0.03 EPS

NetApp (NASDAQ:NTAP) announced its earnings results on Wednesday. The data storage provider reported $1.10 EPS for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.03), Morningstar.com reports. NetApp had a return on equity of 60.32% and a net margin of 16.85%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same period in the prior year, the business posted $1.05 earnings per share. NetApp’s revenue for the quarter was down 3.2% compared to the same quarter last year. NetApp updated its Q1 2020 guidance to $0.78-0.86 EPS and its Q1 guidance to $0.78-0.86 EPS.

NTAP stock traded down $8.20 during trading on Thursday, reaching $58.90. The company’s stock had a trading volume of 3,327,711 shares, compared to its average volume of 2,396,271. NetApp has a 1 year low of $54.50 and a 1 year high of $88.08. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.53 and a current ratio of 1.56. The firm has a market capitalization of $17.29 billion, a PE ratio of 19.70, a PEG ratio of 1.01 and a beta of 1.40.

A number of hedge funds have recently modified their holdings of NTAP. JPMorgan Chase & Co. increased its stake in NetApp by 1.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,556,678 shares of the data storage provider’s stock worth $133,704,000 after buying an additional 16,485 shares in the last quarter. Legal & General Group Plc increased its stake in NetApp by 1.8% in the 3rd quarter. Legal & General Group Plc now owns 1,369,815 shares of the data storage provider’s stock worth $117,602,000 after buying an additional 24,625 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in NetApp by 272.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,431 shares of the data storage provider’s stock worth $204,000 after buying an additional 2,511 shares in the last quarter. Virtu Financial LLC purchased a new stake in NetApp in the 4th quarter worth $216,000. Finally, BB&T Corp increased its stake in NetApp by 42.1% in the 4th quarter. BB&T Corp now owns 25,045 shares of the data storage provider’s stock worth $1,495,000 after buying an additional 7,419 shares in the last quarter. Institutional investors and hedge funds own 91.87% of the company’s stock.

NTAP has been the topic of a number of recent research reports. Credit Suisse Group initiated coverage on NetApp in a report on Thursday, April 11th. They issued an “outperform” rating and a $89.00 target price on the stock. BidaskClub cut NetApp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 24th. Citigroup decreased their target price on NetApp from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, February 14th. Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a report on Thursday, February 14th. Finally, Loop Capital decreased their target price on NetApp to $85.00 and set a “buy” rating on the stock in a report on Thursday, February 14th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $76.24.

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About NetApp

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 for NetApp (NASDAQ:NTAP)

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