NetApp (NASDAQ:NTAP) Issues Q3 Earnings Guidance

NetApp (NASDAQ:NTAP) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.85-1.95 for the period, compared to the consensus estimate of $1.85. The company issued revenue guidance of $1.61-1.76 billion, compared to the consensus revenue estimate of $1.68 billion. NetApp also updated its FY25 guidance to $7.20-7.40 EPS.

Analyst Ratings Changes

Several analysts recently commented on the company. Oppenheimer started coverage on NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating for the company. Loop Capital raised NetApp from a “hold” rating to a “buy” rating and boosted their price target for the company from $121.00 to $150.00 in a report on Tuesday, September 3rd. Citigroup upped their price target on shares of NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Bank of America raised their price target on NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. Finally, UBS Group upped their price target on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $129.06.

NetApp Price Performance

Shares of NetApp stock traded up $3.23 during trading hours on Thursday, reaching $126.68. The stock had a trading volume of 4,096,012 shares, compared to its average volume of 1,822,661. The stock’s 50 day moving average is $121.56 and its 200 day moving average is $122.36. The firm has a market capitalization of $25.94 billion, a PE ratio of 24.11, a PEG ratio of 3.13 and a beta of 1.24. NetApp has a twelve month low of $77.46 and a twelve month high of $135.01. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.23 EPS. Equities analysts expect that NetApp will post 5.71 earnings per share for the current fiscal year.

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.64%. The ex-dividend date was Friday, October 4th. NetApp’s payout ratio is 40.63%.

Insider Activity at NetApp

In other news, CAO Lorenzo Daniel De sold 1,685 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Michael Nevens sold 3,333 shares of NetApp stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $119.23, for a total value of $397,393.59. Following the completion of the transaction, the director now owns 9,277 shares in the company, valued at $1,106,096.71. This trade represents a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,049 shares of company stock valued at $2,807,851 in the last three months. 0.47% of the stock is currently owned by company insiders.

About NetApp

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, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.