NetApp (NTAP) Updates FY19 Earnings Guidance

NetApp (NASDAQ:NTAP) issued an update on its FY19 earnings guidance on Thursday morning. The company provided earnings per share guidance of more than $3.92 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.77. The company issued revenue guidance of mid single digit growth (consensus +4.2%), compared to the consensus revenue estimate of $6.11 billion.

Shares of NTAP stock opened at $62.90 on Friday. NetApp has a 12 month low of $37.43 and a 12 month high of $65.58. The firm has a market cap of $16,640.68, a PE ratio of 22.26, a price-to-earnings-growth ratio of 1.98 and a beta of 1.27. The company has a current ratio of 1.91, a quick ratio of 1.88 and a debt-to-equity ratio of 0.71.

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NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, February 14th. The data storage provider reported $0.99 EPS for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.08. NetApp had a negative net margin of 0.09% and a positive return on equity of 29.38%. The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the business posted $0.82 EPS. analysts expect that NetApp will post 2.91 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Friday, April 6th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Thursday, April 5th. NetApp’s dividend payout ratio (DPR) is presently 38.10%.

NTAP has been the topic of a number of research reports. UBS boosted their target price on shares of NetApp from $62.00 to $71.00 and gave the company a buy rating in a report on Friday, January 26th. Morgan Stanley upgraded shares of NetApp from an underweight rating to an equal weight rating and upped their price target for the stock from $41.00 to $64.00 in a research note on Tuesday, January 23rd. Zacks Investment Research upgraded shares of NetApp from a hold rating to a buy rating and set a $63.00 price target on the stock in a research note on Tuesday, February 20th. Royal Bank of Canada reiterated a hold rating and issued a $60.00 price target on shares of NetApp in a research note on Monday, December 11th. Finally, TheStreet cut shares of NetApp from a b rating to a c+ rating in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and seventeen have assigned a buy rating to the company’s stock. NetApp presently has a consensus rating of Hold and a consensus target price of $57.08.

In other NetApp news, VP Joel D. Reich sold 11,641 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $60.02, for a total value of $698,692.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Kurian sold 7,020 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.48, for a total transaction of $417,549.60. The disclosure for this sale can be found here. In the last three months, insiders sold 29,507 shares of company stock valued at $1,785,398. 0.47% of the stock is owned by insiders.

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NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.

Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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