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 Trading Down 0.4 %
Shares of NetApp stock opened at $74.63 on Tuesday. The firm has a 50-day simple moving average of $67.70 and a two-hundred day simple moving average of $75.62. The company has a market cap of $16.40 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 1.92 and a beta of 1.22. 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.
NetApp (NASDAQ:NTAP - Get Rating) last released its quarterly earnings data on Wednesday, June 1st. The data storage provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.04 by $0.17. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The company 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 earned $0.96 EPS. NetApp's quarterly revenue was up 8.0% on a year-over-year basis. As a group, equities analysts predict that NetApp will post 4.45 earnings per share for the current fiscal year.
NetApp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Investors of record on Friday, July 8th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, July 7th. This represents a $2.00 annualized dividend and a yield of 2.68%. NetApp's dividend payout ratio is currently 48.78%.
Analyst Ratings Changes
NTAP has been the subject of a number of recent analyst reports. Wells Fargo & Company reduced their price objective on shares of NetApp from $90.00 to $85.00 and set an "equal weight" rating for the company in a research report on Thursday, June 2nd. Raymond James dropped their price target on shares of NetApp from $104.00 to $94.00 in a research note on Thursday, June 2nd. Evercore ISI lowered their target price on shares of NetApp from $85.00 to $71.00 and set an "in-line" rating on the stock in a research note on Tuesday, June 28th. Barclays lowered their price objective on shares of NetApp from $102.00 to $88.00 and set an "overweight" rating on the stock in a research report on Thursday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of NetApp from a "hold" rating to a "buy" rating and lowered their price objective for the company from $90.00 to $84.00 in a research report on Tuesday, June 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $91.55.
Insider Buying and Selling
In other NetApp news, President Cesar Cernuda sold 18,000 shares of the firm's 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 approximately $3,950,331. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Cesar Cernuda sold 18,000 shares of the business's stock in a transaction dated 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 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 can be accessed through this link. Also, CEO George Kurian sold 2,125 shares of NetApp stock in a transaction dated Tuesday, June 21st. The stock was sold at an average price of $65.04, for a total transaction of $138,210.00. Following the transaction, the chief executive officer now owns 167,825 shares of the company's stock, valued at approximately $10,915,338. The disclosure for this sale can be found here. Insiders have sold 28,625 shares of company stock worth $1,889,651 in the last ninety days. 0.26% of the stock is owned by corporate insiders.
