NetApp, Inc. (NTAP) to Issue Quarterly Dividend of $0.52 on October 28th

NetApp, Inc. (NASDAQ:NTAP) declared a quarterly dividend on Wednesday, September 2nd. Investors of record on Friday, October 9th will be given a dividend of 0.52 per share by the data storage provider on Wednesday, October 28th. This represents a c) annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, October 9th.

NetApp has raised its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 1 consecutive years. NetApp has a dividend payout ratio of 24.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect NetApp to earn $8.21 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 25.3%.

NetApp Price Performance

NASDAQ:NTAP opened at $185.38 on Friday. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. NetApp has a one year low of $93.69 and a one year high of $209.06. The company has a fifty day moving average price of $178.07 and a 200 day moving average price of $140.54. The stock has a market cap of $36.38 billion, a P/E ratio of 26.15, a PEG ratio of 2.46 and a beta of 1.44.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.46. NetApp had a net margin of 19.18% and a return on equity of 127.57%. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same period last year, the business posted $1.15 EPS. The business’s quarterly revenue was up 29.9% on a year-over-year basis. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. Analysts anticipate that NetApp will post 7.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

NTAP has been the topic of several research reports. Barclays boosted their price target on NetApp from $199.00 to $219.00 and gave the company an “overweight” rating in a research note on Thursday. Evercore set a $210.00 price objective on NetApp in a report on Monday, August 24th. Wells Fargo & Company boosted their price objective on NetApp from $180.00 to $190.00 and gave the company an “equal weight” rating in a research report on Thursday. JPMorgan Chase & Co. upped their target price on NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, TD Cowen reiterated a “buy” rating and set a $200.00 price target on shares of NetApp in a research note on Thursday. Six investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, NetApp has an average rating of “Hold” and an average price target of $192.07.

NetApp Company Profile

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.