NetApp (NASDAQ:NTAP) Releases Q1 Earnings Guidance

NetApp (NASDAQ:NTAP) issued an update on its first quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.55-0.60 for the period, compared to the Thomson Reuters consensus estimate of $0.84. The company issued revenue guidance of $1.22-1.23 billion, compared to the consensus revenue estimate of $1.39 billion.

A number of brokerages recently commented on NTAP. Bank of America lowered NetApp from a buy rating to a neutral rating in a research note on Friday. Loop Capital dropped their price objective on NetApp to $60.00 and set a buy rating for the company in a research note on Friday. Maxim Group dropped their price objective on NetApp to $86.00 and set a buy rating for the company in a research note on Thursday, May 23rd. Lake Street Capital lowered NetApp from a buy rating to a hold rating and dropped their price objective for the stock from $69.00 to $65.00 in a research note on Thursday, May 23rd. Finally, Longbow Research lowered NetApp from a buy rating to a neutral rating in a research note on Monday, July 29th. Six investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the company. NetApp currently has an average rating of Hold and a consensus target price of $67.95.

Shares of NTAP stock traded down $11.67 during trading hours on Friday, hitting $46.04. 17,294,350 shares of the company’s stock were exchanged, compared to its average volume of 2,041,571. The company has a 50-day moving average price of $60.30. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 1.05. The firm has a market cap of $13.85 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 0.90 and a beta of 1.48. NetApp has a 52 week low of $44.79 and a 52 week high of $88.08.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.03). The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.64 billion. NetApp had a return on equity of 71.66% and a net margin of 19.02%. NetApp’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.05 EPS. As a group, research analysts expect that NetApp will post 4.38 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Wednesday, July 3rd. This is a boost from NetApp’s previous quarterly dividend of $0.40. NetApp’s dividend payout ratio is presently 47.76%.

In other news, VP Joel D. Reich sold 30,000 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total transaction of $1,817,700.00. Following the sale, the vice president now owns 55,361 shares in the company, valued at $3,354,322.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ronald J. Pasek sold 58,052 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $58.49, for a total value of $3,395,461.48. Following the sale, the chief financial officer now owns 122,806 shares in the company, valued at approximately $7,182,922.94. The disclosure for this sale can be found here. Insiders have sold 161,092 shares of company stock worth $9,676,120 in the last 90 days. Company insiders own 0.19% of the company’s stock.

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 and Estimates for NetApp (NASDAQ:NTAP)

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