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.
NetApp Stock Performance
NASDAQ:NTAP opened at $72.37 on Monday. The stock's 50-day simple moving average is $67.61 and its 200 day simple moving average is $76.04. The firm has a market capitalization of $15.90 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 1.85 and a beta of 1.22. The company has a quick ratio of 1.45, a current ratio of 1.50 and a debt-to-equity ratio of 2.85. NetApp has a twelve month low of $61.26 and a twelve month high of $96.82.
NetApp (NASDAQ:NTAP - Get Rating) last posted its quarterly earnings data on Wednesday, June 1st. The data storage provider reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.04 by $0.17. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. NetApp had a return on equity of 127.40% and a net margin of 14.83%. The firm's quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 earnings per share. On average, analysts anticipate that NetApp will post 4.45 EPS for the current fiscal year.
NetApp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Investors of record on Friday, July 8th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, July 7th. This represents a $2.00 annualized dividend and a yield of 2.76%. NetApp's dividend payout ratio (DPR) is currently 48.78%.
Analysts Set New Price Targets
A number of analysts recently weighed in on the stock. Raymond James dropped their price objective on shares of NetApp from $104.00 to $94.00 in a report on Thursday, June 2nd. UBS Group lowered their price objective on shares of NetApp from $91.00 to $78.00 and set a "neutral" rating on the stock in a research note on Friday, July 29th. Morgan Stanley decreased their target price on shares of NetApp from $91.00 to $88.00 and set an "equal weight" rating for the company in a report on Thursday, June 2nd. Evercore ISI decreased their price target on shares of NetApp from $85.00 to $71.00 and set an "in-line" rating for the company in a report on Tuesday, June 28th. Finally, OTR Global upgraded shares of NetApp to a "positive" rating in a report on Tuesday, July 26th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $91.55.
Insider Buying and Selling
In other NetApp news, President Cesar Cernuda sold 18,000 shares of the business's stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $64.68, for a total value of $1,164,240.00. Following the transaction, the president now 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 can be accessed through the SEC website. In other NetApp news, CEO George Kurian sold 2,125 shares of the company's stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $66.95, for a total value of $142,268.75. Following the transaction, the chief executive officer now directly owns 156,129 shares in the company, valued at approximately $10,452,836.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Cesar Cernuda sold 18,000 shares of the company's stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $64.68, for a total value of $1,164,240.00. Following the completion of the transaction, the president now owns 61,075 shares in the company, valued at $3,950,331. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,625 shares of company stock worth $1,889,651. 0.26% of the stock is owned by corporate insiders.
