Q2 2024 EPS Estimates for NetApp, Inc. Decreased by Analyst (NASDAQ:NTAP)

Posted by Defense World Staff on Sep 11th, 2023

NetApp, Inc. (NASDAQ:NTAP – Free Report) – Investment analysts at Zacks Research decreased their Q2 2024 earnings per share (EPS) estimates for NetApp in a research note issued to investors on Wednesday, September 6th. Zacks Research analyst V. Doshi now forecasts that the data storage provider will post earnings of $1.03 per share for the quarter, down from their previous forecast of $1.06. The consensus estimate for NetApp’s current full-year earnings is $4.47 per share. Zacks Research also issued estimates for NetApp’s Q4 2024 earnings at $1.33 EPS, FY2024 earnings at $4.38 EPS, Q1 2025 earnings at $0.96 EPS, Q2 2025 earnings at $1.17 EPS, Q3 2025 earnings at $1.18 EPS and Q1 2026 earnings at $1.17 EPS.

NetApp (NASDAQ:NTAP – Get Free Report) last announced its quarterly earnings results on Wednesday, August 23rd. The data storage provider reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.08. NetApp had a return on equity of 85.69% and a net margin of 19.49%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. NetApp’s quarterly revenue was down 10.1% on a year-over-year basis.

Other research analysts have also recently issued research reports about the company. TD Cowen increased their price objective on NetApp from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Thursday, August 24th. SpectralCast reiterated a “maintains” rating on shares of NetApp in a report on Thursday, June 1st. Citigroup increased their price objective on NetApp from $80.00 to $83.00 and gave the company a “neutral” rating in a report on Thursday, August 24th. Susquehanna upgraded NetApp from a “neutral” rating to a “positive” rating and increased their price objective for the company from $62.00 to $100.00 in a report on Tuesday, September 5th. Finally, Morgan Stanley upgraded NetApp from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $60.00 to $74.00 in a research note on Wednesday, July 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, NetApp currently has an average rating of “Hold” and a consensus price target of $78.35.

View Our Latest Stock Report on NetApp

NetApp Stock Up 0.3 %

Shares of NASDAQ:NTAP opened at $79.09 on Monday. NetApp has a 52-week low of $58.08 and a 52-week high of $80.53. The stock has a market cap of $16.51 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 2.21 and a beta of 1.22. The business’s 50 day moving average is $77.49 and its 200 day moving average is $70.24. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 2.74.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Thursday, October 5th. NetApp’s dividend payout ratio (DPR) is 36.17%.

Insiders Place Their Bets

In other NetApp news, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $79.44, for a total value of $1,747,680.00. Following the transaction, the president now directly owns 103,659 shares of the company’s stock, valued at approximately $8,234,670.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other NetApp news, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $79.44, for a total value of $1,747,680.00. Following the transaction, the president now directly owns 103,659 shares of the company’s stock, valued at approximately $8,234,670.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 872 shares of NetApp stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $75.83, for a total transaction of $66,123.76. Following the sale, the executive vice president now directly owns 13,081 shares in the company, valued at approximately $991,932.23. The disclosure for this sale can be found here. Insiders have sold 37,357 shares of company stock valued at $2,922,982 in the last ninety days. 0.37% of the stock is currently owned by corporate insiders.

Institutional Trading of NetApp

Several institutional investors have recently made changes to their positions in NTAP. Wellington Management Group LLP raised its position in shares of NetApp by 70.3% during the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock valued at $691,339,000 after buying an additional 3,439,053 shares during the period. First Trust Advisors LP raised its position in NetApp by 198.9% in the first quarter. First Trust Advisors LP now owns 3,885,943 shares of the data storage provider’s stock valued at $248,117,000 after purchasing an additional 2,585,728 shares during the period. Norges Bank purchased a new stake in NetApp in the fourth quarter valued at approximately $138,383,000. Holocene Advisors LP purchased a new stake in NetApp in the second quarter valued at approximately $122,552,000. Finally, Capital International Investors raised its position in NetApp by 12.8% in the second quarter. Capital International Investors now owns 13,694,095 shares of the data storage provider’s stock valued at $1,046,202,000 after purchasing an additional 1,557,335 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

About NetApp

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NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.