NetApp, Inc. (NASDAQ:NTAP) - Investment analysts at William Blair raised their FY2023 earnings estimates for shares of NetApp in a research report issued on Thursday, June 10th. William Blair analyst J. Ader now anticipates that the data storage provider will post earnings per share of $4.21 for the year, up from their previous estimate of $4.14. William Blair has a "Outperform" rating on the stock. NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Tuesday, June 1st. The data storage provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.05. NetApp had a net margin of 12.71% and a return on equity of 164.35%. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the business earned $1.19 EPS. The firm's quarterly revenue was up 11.0% on a year-over-year basis.
A number of other equities research analysts have also commented on NTAP. Deutsche Bank Aktiengesellschaft upped their price target on NetApp from $64.00 to $77.00 and gave the company a "hold" rating in a research report on Thursday, June 3rd. OTR Global raised shares of NetApp from a "mixed" rating to a "positive" rating in a research report on Thursday, April 29th. Loop Capital raised their price target on shares of NetApp from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, June 3rd. Barclays upped their price objective on shares of NetApp from $68.00 to $74.00 and gave the company an "equal weight" rating in a research note on Thursday, June 3rd. Finally, Morgan Stanley lifted their target price on shares of NetApp from $92.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, June 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of "Buy" and a consensus price target of $69.37.
Shares of NetApp stock opened at $83.63 on Friday. The company has a market capitalization of $18.62 billion, a PE ratio of 25.97, a price-to-earnings-growth ratio of 2.38 and a beta of 1.28. NetApp has a twelve month low of $39.96 and a twelve month high of $84.19. The business has a fifty day simple moving average of $77.10. The company has a current ratio of 1.74, a quick ratio of 1.71 and a debt-to-equity ratio of 3.84.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Stephenson National Bank & Trust grew its holdings in shares of NetApp by 4.4% during the first quarter. Stephenson National Bank & Trust now owns 3,534 shares of the data storage provider's stock valued at $257,000 after buying an additional 150 shares during the last quarter. Cigna Investments Inc. New boosted its stake in NetApp by 2.2% during the 1st quarter. Cigna Investments Inc. New now owns 7,933 shares of the data storage provider's stock valued at $576,000 after purchasing an additional 167 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in NetApp by 1.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 11,424 shares of the data storage provider's stock worth $830,000 after purchasing an additional 171 shares in the last quarter. Veritable L.P. raised its stake in shares of NetApp by 4.9% in the first quarter. Veritable L.P. now owns 3,774 shares of the data storage provider's stock worth $274,000 after purchasing an additional 177 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in shares of NetApp by 62.9% in the first quarter. Global Retirement Partners LLC now owns 479 shares of the data storage provider's stock valued at $35,000 after purchasing an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 90.84% of the company's stock.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 28th. Investors of record on Friday, July 9th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, July 8th. This represents a $2.00 annualized dividend and a yield of 2.39%. This is an increase from NetApp's previous quarterly dividend of $0.48. NetApp's dividend payout ratio (DPR) is presently 58.18%.
NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Global File Cache, NetApp SaaS Backup, NetApp Cloud Manager, NetApp Fabric Orchestrator, and NetApp Cloud Insights.
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