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S&P 500   3,841.47
DOW   30,996.98
QQQ   325.42
S&P 500   3,841.47
DOW   30,996.98
QQQ   325.42
S&P 500   3,841.47
DOW   30,996.98
QQQ   325.42
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Zacks: Analysts Anticipate NetApp, Inc. (NASDAQ:NTAP) Will Post Quarterly Sales of $1.43 Billion

Last updated on Friday, January 15, 2021 | 2021 MarketBeat

Wall Street analysts expect that NetApp, Inc. (NASDAQ:NTAP) will announce $1.43 billion in sales for the current quarter, according to Zacks. Nine analysts have provided estimates for NetApp's earnings, with the lowest sales estimate coming in at $1.41 billion and the highest estimate coming in at $1.49 billion. NetApp posted sales of $1.40 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 2.1%. The firm is expected to report its next quarterly earnings results on Wednesday, February 10th.

On average, analysts expect that NetApp will report full year sales of $5.62 billion for the current fiscal year, with estimates ranging from $5.57 billion to $5.67 billion. For the next fiscal year, analysts expect that the company will post sales of $5.90 billion, with estimates ranging from $5.65 billion to $6.15 billion. Zacks Investment Research's sales averages are an average based on a survey of analysts that follow NetApp.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Monday, November 30th. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.73 by $0.32. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.31 billion. NetApp had a return on equity of 263.77% and a net margin of 12.44%. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 EPS.

NTAP has been the subject of a number of research analyst reports. Loop Capital raised NetApp from a "hold" rating to a "buy" rating and lifted their price target for the company from $47.00 to $70.00 in a report on Wednesday, December 2nd. The Goldman Sachs Group raised NetApp from a "sell" rating to a "neutral" rating and lifted their price target for the company from $36.00 to $56.00 in a report on Wednesday, December 2nd. Barclays lifted their price target on NetApp from $54.00 to $67.00 and gave the company an "equal weight" rating in a report on Thursday. TheStreet raised NetApp from a "c+" rating to a "b" rating in a report on Tuesday, December 1st. Finally, Summit Insights raised NetApp from a "hold" rating to a "buy" rating in a report on Friday, October 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of "Hold" and a consensus target price of $59.15.

In other news, Director Thomas Michael Nevens sold 16,000 shares of the business's stock in a transaction dated Thursday, December 3rd. The stock was sold at an average price of $58.88, for a total transaction of $942,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael J. Berry acquired 15,000 shares of the firm's stock in a transaction that occurred on Thursday, December 17th. The stock was acquired at an average price of $63.89 per share, with a total value of $958,350.00. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of NTAP. Prudential PLC grew its position in shares of NetApp by 25,386.3% in the 3rd quarter. Prudential PLC now owns 1,900,001 shares of the data storage provider's stock valued at $83,296,000 after purchasing an additional 1,892,546 shares during the period. Natixis grew its position in shares of NetApp by 410.5% in the 3rd quarter. Natixis now owns 650,687 shares of the data storage provider's stock valued at $28,526,000 after purchasing an additional 523,237 shares during the period. PGGM Investments grew its position in shares of NetApp by 329.6% in the 3rd quarter. PGGM Investments now owns 642,969 shares of the data storage provider's stock valued at $28,188,000 after purchasing an additional 493,295 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of NetApp by 39.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,523,906 shares of the data storage provider's stock valued at $66,809,000 after purchasing an additional 430,271 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in shares of NetApp in the 3rd quarter valued at approximately $13,099,000. Institutional investors and hedge funds own 90.95% of the company's stock.

NetApp stock opened at $65.84 on Friday. The stock has a 50-day simple moving average of $62.64 and a 200 day simple moving average of $49.40. The company has a quick ratio of 1.61, a current ratio of 1.65 and a debt-to-equity ratio of 7.11. NetApp has a 12-month low of $34.66 and a 12-month high of $67.63. The stock has a market capitalization of $14.71 billion, a price-to-earnings ratio of 21.59, a P/E/G ratio of 1.78 and a beta of 1.35.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 27th. Stockholders of record on Friday, January 8th will be given a dividend of $0.48 per share. The ex-dividend date is Thursday, January 7th. This represents a $1.92 annualized dividend and a dividend yield of 2.92%. NetApp's payout ratio is currently 54.39%.

NetApp Company Profile

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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