NetApp (NASDAQ: NTAP) Updates Q1 2023 Earnings Guidance

NetApp (NASDAQ: NTAP – Get Rating) issued an update on its first quarter 2023 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $ 1.05- $ 1.15 for the period, compared to the consensus earnings per share 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.

Shares of NTAP opened at $ 64.50 on Wednesday. The business’s 50 day moving average is $ 71.48 and its two-hundred day moving average is $ 81.66. NetApp has a 52-week low of $ 62.78 and a 52-week high of $ 96.82. The firm has a market cap 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 quick ratio of 1.45, a current ratio of 1.50 and a debt-to-equity ratio of 2.85.

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

The company also recently declared 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 dividend yield of 3.10%. The ex-dividend date is Thursday, July 7th. NetApp’s dividend payout ratio is currently 48.78%.

NTAP has been the topic of several analyst reports. OTR Global lowered NetApp to a positive rating in a research report on Friday, May 27th. UBS Group initiated coverage on NetApp in a research report on Tuesday, April 5th. They issued a neutral rating and a $ 91.00 target price on the stock. Morgan Stanley dropped their target price on NetApp from $ 91.00 to $ 88.00 and set an equal weight rating on the stock in a research report on Thursday, June 2nd. William Blair reaffirmed an outperform rating on shares of NetApp in a research report on Wednesday, March 23rd. Finally, Wedbush dropped 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 analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $ 94.11.

In related news, 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 completion of the sale, the chief executive officer now directly owns 130,576 shares of the company’s stock, valued at approximately $ 9,858,488. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael J. Berry acquired 5,000 shares of NetApp stock in a transaction that occurred on Friday, June 3rd. The stock was acquired at an average cost of $ 72.04 per share, with a total value of $ 360,200.00. Following the completion of the purchase, the chief financial officer now owns 95,875 shares in the company, valued at approximately $ 6,906,835. The disclosure for this purchase 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 currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Orion Portfolio Solutions LLC raised its stake in shares of NetApp by 8.5% during the 1st quarter. Orion Portfolio Solutions LLC now owns 4,508 shares of the data storage provider’s stock worth $ 374,000 after purchasing an additional 353 shares in the last quarter. Walleye Capital LLC increased its holdings in shares of NetApp by 76.3% during the 1st quarter. Walleye Capital LLC now owns 47,963 shares of the data storage provider’s stock valued at $ 3,981,000 after acquiring an additional 20,760 shares during the last quarter. Weiss Multi Strategy Advisers LLC grew its holdings in NetApp by 46.6% in the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 140,000 shares of the data storage provider’s stock valued at $ 11,620,000 after buying an additional 44,517 shares during the last quarter. Virtu Financial LLC acquired a new stake in NetApp in the 1st quarter valued at approximately $ 923,000. Finally, Advisors Asset Management Inc. grew its holdings in NetApp by 4.1% in the 1st quarter. Advisors Asset Management Inc. now owns 101,346 shares of the data storage provider’s stock valued at $ 8,412,000 after buying an additional 3,951 shares during the last quarter. 91.91% of the stock is owned by institutional investors.

About NetApp (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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