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 Analyst Weigh In
NTAP has been the subject of a number of recent analyst reports. Barclays decreased their price objective on shares of NetApp from $102.00 to $88.00 and set an "overweight" rating for the company in a report on Thursday, June 2nd. StockNews.com upgraded shares of NetApp from a "hold" rating to a "buy" rating in a research note on Friday, July 15th. UBS Group lowered their target price on shares of NetApp from $91.00 to $78.00 and set a "neutral" rating for the company in a research note on Friday, July 29th. Susquehanna Bancshares decreased their price target on shares of NetApp from $110.00 to $100.00 and set a "positive" rating for the company in a report on Thursday, June 2nd. Finally, Susquehanna cut their price objective on shares of NetApp from $110.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, June 2nd. One investment 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, NetApp currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.20.
NetApp Trading Down 2.2 %
Shares of NTAP Stock traded down $1.67 during trading hours on Friday, hitting $73.82. 13,547 shares of the company were exchanged, compared to its average volume of 983,193. The company has a 50 day simple moving average of $68.06 and a two-hundred day simple moving average of $75.44. NetApp has a fifty-two week low of $61.26 and a fifty-two week 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 firm has a market cap of $16.22 billion, a P/E ratio of 18.18, a P/E/G ratio of 1.88 and a beta of 1.22.
NetApp (NASDAQ:NTAP - Get Rating) last announced its quarterly earnings data on Wednesday, June 1st. The data storage provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.17. NetApp had a return on equity of 127.40% and a net margin of 14.83%. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm posted $0.96 EPS. The firm's revenue for the quarter was up 8.0% on a year-over-year basis. Equities analysts anticipate that NetApp will post 4.45 EPS for the current year.
NetApp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Stockholders of record on Friday, July 8th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Thursday, July 7th. NetApp's payout ratio is currently 48.78%.
Insider Buying and Selling at NetApp
In other NetApp news, CFO Michael J. Berry bought 5,000 shares of the business's stock in a transaction that occurred on Friday, June 3rd. The stock was purchased at an average price of $72.04 per share, for a total transaction of $360,200.00. Following the completion of the transaction, the chief financial officer now owns 95,875 shares of the company's stock, valued at approximately $6,906,835. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, 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 of the company's stock, valued at approximately $3,950,331. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael J. Berry purchased 5,000 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer now directly owns 95,875 shares of the company's stock, valued at $6,906,835. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 28,625 shares of company stock valued at $1,889,651. 0.26% of the stock is owned by company insiders.
