NetApp (NASDAQ: NTAP) Releases Q1 2023 Earnings Guidance


NetApp (NASDAQ: NTAP – Get Rating) updated its first quarter 2023 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $ 1.05- $ 1.15 for the period, compared to the consensus estimate of $ 1.09. The company issued revenue guidance of $ 1.48 billion- $ 1.63 billion, compared to the consensus revenue estimate of $ 1.56 billion. NetApp also updated its FY 2023 guidance to $ 5.40- $ 5.60 EPS.

Several analysts have issued reports on the company. Northland Securities dropped their price objective on NetApp from $ 124.00 to $ 101.00 in a research note on Thursday, June 2nd. Deutsche Bank Aktiengesellschaft raised NetApp from a hold rating to a buy rating and reduced their target price for the company from $ 90.00 to $ 84.00 in a research report on Tuesday, June 14th. Raymond James reduced their target price on NetApp from $ 104.00 to $ 94.00 in a research report on Thursday, June 2nd. Bank of America downgraded NetApp from a buy rating to a neutral rating and reduced their target price for the company from $ 100.00 to $ 96.00 in a research report on Thursday, March 24th. Finally, Wedbush decreased their target price on NetApp from $ 85.00 to $ 80.00 and set a neutral rating on the stock in a research report on Thursday, June 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $ 94.11.

Shares of NTAP opened at $ 64.50 on Wednesday. NetApp has a 52 week low of $ 62.78 and a 52 week high of $ 96.82. The stock has a market capitalization of $ 14.27 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 1.63 and a beta of 1.24. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.45 and a current ratio of 1.50. The stock has a fifty-day moving average of $ 71.48 and a 200-day moving average of $ 81.66.

NetApp (NASDAQ: NTAP – Get Rating) last announced its quarterly earnings results on Wednesday, June 1st. The data storage provider reported $ 1.42 EPS for the quarter, beating analysts’ consensus estimates of $ 1.28 by $ 0.14. NetApp had a return on equity of 127.40% and a net margin of 14.83%. The company had revenue of $ 1.68 billion during the quarter, compared to analysts’ expectations of $ 1.68 billion. During the same period in the prior year, the company earned $ 0.96 EPS. NetApp’s revenue was up 8.0% compared to the same quarter last year. As a group, equities analysts forecast that NetApp will post 4.44 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Investors of record on Friday, July 8th will be given a dividend of $ 0.50 per share. This represents a $ 2.00 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, July 7th. NetApp’s dividend payout ratio is currently 48.78%.

In other NetApp news, President Cesar Cernuda sold 18,000 shares of the stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $ 64.68, for a total transaction of $ 1,164,240.00. Following the completion of the sale, the president now directly owns 61,075 shares in the company, valued at approximately $ 3,950,331. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO George Kurian sold 4,250 shares of the stock in a transaction dated Monday, April 18th. The stock was sold at an average price of $ 75.50, for a total value of $ 320,875.00. Following the sale, the chief executive officer now owns 130,576 shares of the company’s stock, valued at $ 9,858,488. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,500 shares of the company’s stock valued at $ 1,776,134. 0.28% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Penserra Capital Management LLC boosted its stake in NetApp by 24.4% during the 4th quarter. Penserra Capital Management LLC now owns 1,000 shares of the data storage provider’s stock valued at $ 91,000 after purchasing an additional 196 shares during the last quarter. Covestor Ltd lifted its position in shares of NetApp by 94.4% during the 1st quarter. Covestor Ltd now owns 1,936 shares of the data storage provider’s stock worth $ 161,000 after buying an additional 940 shares in the last quarter. Forum Financial Management LP bought a new position in shares of NetApp during the 4th quarter worth approximately $ 217,000. Beacon Pointe Advisors LLC lifted its position in shares of NetApp by 8.0% during the 1st quarter. Beacon Pointe Advisors LLC now owns 3,009 shares of the data storage provider’s stock worth $ 250,000 after buying an additional 222 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. lifted its position in shares of NetApp by 19.5% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 3,356 shares of the data storage provider’s stock worth $ 279,000 after buying an additional 548 shares in the last quarter. Institutional investors and hedge funds own 91.91% of the company’s stock.

NetApp Company Profile (Get Rating)

NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.

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Earnings History and Estimates for NetApp (NASDAQ: NTAP)



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