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.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on NTAP. Deutsche Bank Aktiengesellschaft raised NetApp from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $90.00 to $84.00 in a report on Tuesday, June 14th. Susquehanna Bancshares dropped their price objective on NetApp from $110.00 to $100.00 and set a "positive" rating for the company in a report on Thursday, June 2nd. Barclays dropped their price objective on NetApp from $102.00 to $88.00 and set an "overweight" rating for the company in a report on Thursday, June 2nd. Cowen dropped their price objective on NetApp to $85.00 in a report on Friday, May 27th. Finally, Morgan Stanley dropped their price objective on NetApp from $91.00 to $88.00 and set an "equal weight" rating for the company in a report on Thursday, June 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, NetApp has an average rating of "Moderate Buy" and an average target price of $91.55.
NetApp Stock Up 0.4 %
NASDAQ:NTAP traded up $0.28 during trading hours on Monday, reaching $72.65. 894,998 shares of the company's stock were exchanged, compared to its average volume of 1,852,976. The company's 50-day moving average is $67.60 and its two-hundred day moving average is $75.96. NetApp has a one year low of $61.26 and a one year high of $96.82. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.45 and a current ratio of 1.50. The company has a market capitalization of $15.96 billion, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 1.85 and a beta of 1.22.
NetApp (NASDAQ:NTAP - Get Rating) last released its quarterly earnings results on Wednesday, June 1st. The data storage provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.04 by $0.17. NetApp had a return on equity of 127.40% and a net margin of 14.83%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm posted $0.96 EPS. The business's revenue was up 8.0% on a year-over-year basis. On average, analysts forecast that NetApp will post 4.45 EPS for the current fiscal year.
NetApp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Thursday, July 7th. NetApp's dividend payout ratio (DPR) is currently 48.78%.
Insiders Place Their Bets
In other news, CEO George Kurian sold 2,125 shares of the stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $69.38, for a total value of $147,432.50. Following the completion of the sale, the chief executive officer now owns 163,575 shares of the company's stock, valued at approximately $11,348,833.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other NetApp news, President Cesar Cernuda sold 18,000 shares of the firm's stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $64.68, for a total transaction of $1,164,240.00. Following the completion of the sale, the president now owns 61,075 shares of the company's stock, valued at approximately $3,950,331. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Kurian sold 2,125 shares of the firm's stock in a transaction on Monday, July 25th. The shares were sold at an average price of $69.38, for a total value of $147,432.50. Following the sale, the chief executive officer now directly owns 163,575 shares of the company's stock, valued at approximately $11,348,833.50. The disclosure for this sale can be found here. Insiders sold a total of 28,625 shares of company stock valued at $1,889,651 in the last quarter. 0.26% of the stock is currently owned by insiders.
