NetApp (NTAP) Shares Down 8.1% Following Weak Earnings

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NetApp Inc. (NASDAQ:NTAP)’s share price fell 8.1% during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $58.11 and last traded at $61.66. 13,397,097 shares traded hands during trading, an increase of 381% from the average session volume of 2,786,028 shares. The stock had previously closed at $67.10.

The data storage provider reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.03). NetApp had a return on equity of 60.32% and a net margin of 16.85%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the firm posted $1.05 EPS. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.48 per share. This is an increase from NetApp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $1.92 annualized dividend and a dividend yield of 3.11%. NetApp’s payout ratio is presently 53.51%.

Several research firms have recently issued reports on NTAP. BidaskClub upgraded shares of NetApp from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 13th. Goldman Sachs Group downgraded shares of NetApp from a “conviction-buy” rating to a “buy” rating in a report on Thursday. Bank of America dropped their price objective on shares of NetApp from $78.00 to $74.00 and set a “buy” rating on the stock in a report on Thursday. Loop Capital dropped their price objective on shares of NetApp to $78.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Piper Jaffray Companies dropped their price objective on shares of NetApp from $90.00 to $81.00 and set an “overweight” rating on the stock in a report on Friday, May 17th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have given a buy rating to the company. NetApp has a consensus rating of “Hold” and a consensus price target of $75.71.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Shelton Capital Management bought a new stake in NetApp during the first quarter worth about $25,000. Cresset Asset Management LLC bought a new stake in NetApp during the first quarter worth about $27,000. Group One Trading L.P. grew its stake in NetApp by 196.9% during the first quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock worth $31,000 after buying an additional 900 shares during the last quarter. Lindbrook Capital LLC bought a new stake in NetApp during the fourth quarter worth about $32,000. Finally, Destination Wealth Management grew its stake in NetApp by 53.3% during the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after buying an additional 160 shares during the last quarter. 91.87% of the stock is currently owned by institutional investors and hedge funds.

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 company has a market capitalization of $17.29 billion, a price-to-earnings ratio of 20.62, a PEG ratio of 1.01 and a beta of 1.40.

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NetApp Company Profile (NASDAQ:NTAP)

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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