NetApp Inc. (NASDAQ:NTAP) – Research analysts at KeyCorp raised their Q3 2019 earnings estimates for shares of NetApp in a research report issued on Wednesday, November 14th. KeyCorp analyst A. Kurtz now anticipates that the data storage provider will post earnings of $1.02 per share for the quarter, up from their previous forecast of $1.01. KeyCorp also issued estimates for NetApp’s FY2019 earnings at $3.99 EPS.
A number of other brokerages have also recently commented on NTAP. Susquehanna Bancshares cut shares of NetApp from a “positive” rating to a “neutral” rating in a research note on Tuesday, October 23rd. Morgan Stanley raised their price target on shares of NetApp from $70.00 to $72.00 and gave the stock a “weight” rating in a research note on Thursday, November 15th. DA Davidson set a $100.00 price target on shares of NetApp and gave the stock a “buy” rating in a research note on Thursday, November 15th. BMO Capital Markets raised their price target on shares of NetApp from $75.00 to $90.00 and gave the stock an “in-line” rating in a research note on Thursday, August 16th. Finally, ValuEngine cut shares of NetApp from a “buy” rating to a “hold” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. NetApp currently has a consensus rating of “Buy” and a consensus target price of $82.30.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.07. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.51 billion. NetApp had a net margin of 4.70% and a return on equity of 51.50%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 23rd. Stockholders of record on Friday, January 4th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, January 3rd. NetApp’s payout ratio is 53.51%.
In related news, EVP Henri P. Richard sold 2,525 shares of the firm’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $84.12, for a total value of $212,403.00. Following the completion of the sale, the executive vice president now owns 68,390 shares of the company’s stock, valued at $5,752,966.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO George Kurian sold 46,638 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $84.76, for a total transaction of $3,953,036.88. Following the completion of the sale, the chief executive officer now directly owns 55,950 shares of the company’s stock, valued at approximately $4,742,322. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 88,280 shares of company stock valued at $7,384,832. Company insiders own 0.19% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. TIAA CREF Investment Management LLC increased its holdings in shares of NetApp by 23.9% in the third quarter. TIAA CREF Investment Management LLC now owns 1,898,862 shares of the data storage provider’s stock valued at $163,093,000 after purchasing an additional 365,749 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in shares of NetApp by 109.8% in the third quarter. Neuberger Berman Group LLC now owns 722,401 shares of the data storage provider’s stock valued at $62,047,000 after purchasing an additional 378,064 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of NetApp in the third quarter valued at approximately $1,158,000. High Falls Advisors Inc acquired a new stake in shares of NetApp in the third quarter valued at approximately $284,000. Finally, AQR Capital Management LLC increased its holdings in shares of NetApp by 189.3% in the third quarter. AQR Capital Management LLC now owns 1,663,376 shares of the data storage provider’s stock valued at $142,867,000 after purchasing an additional 1,088,458 shares in the last quarter. 95.59% of the stock is owned by institutional investors and hedge funds.
NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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