NetApp, Inc. provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire. It also provides cloud storage and data services comprising NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, NetApp Cloud Volumes Service for Google Cloud, NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Cloud Backup, NetApp Cloud Data Sense, and NetApp Cloud Volumes Edge Cache; and cloud operations services, such as NetApp Cloud Insights, Spot Ocean Kubernetes Suite, Spot Security, Spot Eco, and Spot CloudCheckr. In addition, the company offers application-aware data management service under the NetApp Astra name; and professional and support services, such as strategic consulting, professional, managed, and support services. Further, it provides assessment, design, implementation, and migration services. The company serves the energy, financial service, government, technology, internet, life science, healthcare service, manufacturing, media, entertainment, animation, video postproduction, and telecommunication markets through a direct sales force and an ecosystem of partners. NetApp, Inc. was incorporated in 1992 and is headquartered in San Jose, California.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on NTAP shares. Evercore ISI lowered their price target on shares of NetApp from $85.00 to $71.00 and set an "in-line" rating for the company in a research report on Tuesday, June 28th. Raymond James reduced their price objective on shares of NetApp from $104.00 to $94.00 in a research note on Thursday, June 2nd. Susquehanna reduced their price objective on shares of NetApp from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, June 2nd. Barclays reduced their price objective on shares of NetApp from $102.00 to $88.00 and set an "overweight" rating for the company in a research note on Thursday, June 2nd. Finally, Wedbush reduced their price objective on shares of NetApp from $85.00 to $80.00 and set a "neutral" rating for the company in a research note on Thursday, June 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $91.55.
NetApp Stock Performance
NASDAQ:NTAP traded down $1.55 during mid-day trading on Tuesday, reaching $71.10. 932,067 shares of the stock were exchanged, compared to its average volume of 1,846,878. The business's 50 day moving average is $67.59 and its 200-day moving average is $75.92. NetApp has a 1 year low of $61.26 and a 1 year high of $96.82. The company has a market capitalization of $15.62 billion, a P/E ratio of 17.34, a P/E/G ratio of 1.85 and a beta of 1.22. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.45 and a current ratio of 1.50.
NetApp (NASDAQ:NTAP - Get Rating) last announced its quarterly earnings results on Wednesday, June 1st. The data storage provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.17. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The firm's quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 earnings per share. On average, equities research analysts forecast that NetApp will post 4.45 EPS for the current fiscal year.
NetApp Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.81%. The ex-dividend date was Thursday, July 7th. NetApp's payout ratio is 48.78%.
Insider Buying and Selling at NetApp
In other NetApp news, President Cesar Cernuda sold 18,000 shares of the stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $64.68, for a total transaction of $1,164,240.00. Following the transaction, the president now directly owns 61,075 shares of the company's stock, valued at $3,950,331. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, President Cesar Cernuda sold 18,000 shares of the stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $64.68, for a total value of $1,164,240.00. Following the completion of the sale, the president now directly owns 61,075 shares in the company, valued at $3,950,331. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO George Kurian sold 2,125 shares of the stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $66.95, for a total transaction of $142,268.75. Following the completion of the sale, the chief executive officer now owns 156,129 shares of the company's stock, valued at $10,452,836.55. The disclosure for this sale can be found here. Insiders have sold a total of 28,625 shares of company stock valued at $1,889,651 over the last ninety days. Corporate insiders own 0.26% of the company's stock.
