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
A number of brokerages have commented on NTAP. JPMorgan Chase & Co. decreased their price target on shares of NetApp from $100.00 to $85.00 and set an "overweight" rating for the company in a research note on Thursday, July 14th. StockNews.com raised shares of NetApp from a "hold" rating to a "buy" rating in a report on Friday, July 15th. Barclays cut their price objective on shares of NetApp from $102.00 to $88.00 and set an "overweight" rating on the stock in a report on Thursday, June 2nd. Wedbush cut their price objective on shares of NetApp from $85.00 to $80.00 and set a "neutral" rating on the stock in a report on Thursday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft raised shares of NetApp from a "hold" rating to a "buy" rating and cut their price objective for the stock from $90.00 to $84.00 in a report on Tuesday, June 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, NetApp has a consensus rating of "Moderate Buy" and an average price target of $91.55.
NetApp Price Performance
NASDAQ:NTAP traded up $0.26 on Friday, reaching $72.37. 838,832 shares of the company's stock traded hands, compared to its average volume of 1,196,955. NetApp has a 12 month low of $61.26 and a 12 month high of $96.82. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.50 and a quick ratio of 1.45. The stock has a 50-day simple moving average of $67.61 and a 200 day simple moving average of $76.12. The stock has a market cap of $15.90 billion, a PE ratio of 17.65, a P/E/G ratio of 1.85 and a beta of 1.22.
NetApp (NASDAQ:NTAP - Get Rating) last released its quarterly earnings data on Wednesday, June 1st. The data storage provider reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.17. The firm had revenue of $1.68 billion during 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 business's quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.96 earnings per share. As a group, research analysts predict that NetApp will post 4.45 earnings per share for the current year.
NetApp Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 27th. Stockholders of record on Friday, July 8th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Thursday, July 7th. NetApp's dividend payout ratio (DPR) is presently 48.78%.
Insider Activity
In other news, President Cesar Cernuda sold 18,000 shares of the stock in a transaction that occurred 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 $3,950,331. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other NetApp news, CFO Michael J. Berry purchased 5,000 shares of the company's stock in a transaction that occurred on Friday, June 3rd. The stock was bought at an average price of $72.04 per share, with a total value of $360,200.00. Following the completion of the purchase, the chief financial officer now directly owns 95,875 shares of the company's stock, valued at approximately $6,906,835. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $1,164,240.00. Following the completion of the sale, the president now directly owns 61,075 shares of the company's stock, valued at approximately $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 valued at $1,889,651. 0.26% of the stock is currently owned by company insiders.
