NetApp, Inc. (NASDAQ:NTAP) – Stock analysts at DA Davidson raised their Q3 2018 earnings per share estimates for shares of NetApp in a research note issued to investors on Thursday, according to Zacks Investment Research. DA Davidson analyst M. Kelleher now forecasts that the data storage provider will post earnings of $0.73 per share for the quarter, up from their prior forecast of $0.65. DA Davidson has a “Buy” rating and a $56.00 price target on the stock. DA Davidson also issued estimates for NetApp’s Q4 2018 earnings at $0.83 EPS, Q1 2019 earnings at $0.65 EPS, Q2 2019 earnings at $0.72 EPS, Q3 2019 earnings at $0.74 EPS, Q4 2019 earnings at $0.83 EPS, Q1 2020 earnings at $0.67 EPS and Q2 2020 earnings at $0.75 EPS.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the business earned $0.60 EPS. The business’s revenue for the quarter was up 6.1% on a year-over-year basis.
NTAP has been the topic of a number of other reports. Barclays reissued an “overweight” rating and issued a $56.00 price target (up from $52.00) on shares of NetApp in a research report on Thursday, November 16th. Longbow Research raised NetApp from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, August 15th. Piper Jaffray Companies reissued an “overweight” rating and set a $60.00 price target on shares of NetApp in a report on Thursday, November 16th. BidaskClub cut NetApp from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Finally, Drexel Hamilton reissued a “buy” rating and set a $62.00 price target (up from $60.00) on shares of NetApp in a report on Friday, August 18th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.04.
Shares of NetApp (NTAP) opened at $57.53 on Monday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.67 and a quick ratio of 1.64. NetApp has a 12-month low of $35.08 and a 12-month high of $58.11. The company has a market capitalization of $14,977.69, a P/E ratio of 21.10, a PEG ratio of 1.82 and a beta of 1.28.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Toronto Dominion Bank increased its stake in shares of NetApp by 25.4% during the second quarter. Toronto Dominion Bank now owns 91,841 shares of the data storage provider’s stock worth $3,678,000 after purchasing an additional 18,613 shares in the last quarter. Personal Capital Advisors Corp purchased a new stake in shares of NetApp during the third quarter worth about $269,000. GHP Investment Advisors Inc. increased its stake in shares of NetApp by 18.1% during the third quarter. GHP Investment Advisors Inc. now owns 46,379 shares of the data storage provider’s stock worth $2,030,000 after purchasing an additional 7,123 shares in the last quarter. BTIM Corp. increased its stake in shares of NetApp by 4.5% during the second quarter. BTIM Corp. now owns 118,219 shares of the data storage provider’s stock worth $4,735,000 after purchasing an additional 5,099 shares in the last quarter. Finally, Aberdeen Asset Management PLC UK grew its stake in NetApp by 13.4% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 547,294 shares of the data storage provider’s stock valued at $21,918,000 after acquiring an additional 64,722 shares in the last quarter. Institutional investors own 93.92% of the company’s stock.
In other news, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $42.01, for a total transaction of $83,011.76. Following the completion of the sale, the executive vice president now directly owns 17,812 shares in the company, valued at $748,282.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director George T. Shaheen sold 36,916 shares of NetApp stock in a transaction on Friday, November 17th. The stock was sold at an average price of $53.10, for a total transaction of $1,960,239.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 187,036 shares of company stock worth $9,316,158. Corporate insiders own 0.47% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Friday, January 5th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend is Thursday, January 4th. NetApp’s dividend payout ratio (DPR) is presently 34.33%.
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NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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