KeyCorp Comments on NetApp’s FY2018 Earnings (NTAP)

NetApp (NASDAQ:NTAP) – Equities researchers at KeyCorp raised their FY2018 earnings per share (EPS) estimates for NetApp in a note issued to investors on Monday, April 16th. KeyCorp analyst A. Kurtz now anticipates that the data storage provider will earn $2.92 per share for the year, up from their previous estimate of $2.91. KeyCorp also issued estimates for NetApp’s Q4 2018 earnings at $0.87 EPS.

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NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, February 14th. The data storage provider reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.08. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.49 billion. NetApp had a negative net margin of 0.09% and a positive return on equity of 29.38%. During the same quarter in the prior year, the company posted $0.82 earnings per share.

A number of other equities research analysts also recently weighed in on NTAP. DA Davidson downgraded shares of NetApp from a “buy” rating to a “neutral” rating and upped their price target for the company from $56.00 to $64.00 in a report on Tuesday, January 23rd. Morgan Stanley raised shares of NetApp from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $41.00 to $64.00 in a report on Tuesday, January 23rd. UBS upped their price target on shares of NetApp from $62.00 to $71.00 and gave the company a “buy” rating in a report on Friday, January 26th. Zacks Investment Research downgraded shares of NetApp from a “buy” rating to a “hold” rating in a report on Thursday, February 1st. Finally, ValuEngine raised shares of NetApp from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $60.30.

Shares of NASDAQ NTAP opened at $69.22 on Wednesday. NetApp has a twelve month low of $37.43 and a twelve month high of $69.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.91 and a quick ratio of 1.88. The stock has a market capitalization of $18,291.08, a price-to-earnings ratio of 32.96, a price-to-earnings-growth ratio of 2.26 and a beta of 1.27.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Friday, April 6th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, April 5th. This represents a $0.80 annualized dividend and a yield of 1.16%. NetApp’s payout ratio is presently 38.10%.

In other NetApp news, VP Joel D. Reich sold 11,641 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $60.02, for a total transaction of $698,692.82. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO George Kurian sold 3,826 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $63.01, for a total value of $241,076.26. Following the sale, the chief executive officer now owns 20,637 shares in the company, valued at approximately $1,300,337.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,877 shares of company stock worth $2,710,753. Corporate insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Tuttle Tactical Management LLC acquired a new position in shares of NetApp in the 4th quarter valued at about $1,411,000. MetLife Investment Advisors LLC acquired a new position in shares of NetApp in the 4th quarter valued at about $4,617,000. Vident Investment Advisory LLC increased its holdings in shares of NetApp by 6.6% in the 4th quarter. Vident Investment Advisory LLC now owns 65,025 shares of the data storage provider’s stock valued at $3,597,000 after purchasing an additional 4,047 shares during the period. Millennium Management LLC increased its holdings in shares of NetApp by 39.6% in the 4th quarter. Millennium Management LLC now owns 1,233,888 shares of the data storage provider’s stock valued at $68,259,000 after purchasing an additional 350,081 shares during the period. Finally, Sciencast Management LP acquired a new position in shares of NetApp in the 4th quarter valued at about $793,000. Institutional investors own 95.00% of the company’s stock.

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About NetApp

NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.

Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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