NetApp (NASDAQ:NTAP) Releases Q2 2022 Earnings Guidance

NetApp (NASDAQ:NTAP) issued an update on its second quarter 2022 earnings guidance on Wednesday morning. The company provided EPS guidance of $1.140-$1.240 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.130. The company issued revenue guidance of $1.49 billion-$1.59 billion, compared to the consensus revenue estimate of $1.52 billion.NetApp also updated its FY 2022 guidance to $4.850-$5.050 EPS.

Shares of NASDAQ NTAP traded down $2.11 during mid-day trading on Friday, reaching $90.85. The company had a trading volume of 10,766 shares, compared to its average volume of 1,722,424. The business’s 50-day simple moving average is $83.50 and its 200 day simple moving average is $78.51. NetApp has a one year low of $40.46 and a one year high of $93.68. The company has a debt-to-equity ratio of 3.66, a quick ratio of 1.78 and a current ratio of 1.81. The firm has a market cap of $20.32 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 2.48 and a beta of 1.32.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Tuesday, August 24th. The data storage provider reported $1.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.20. NetApp had a return on equity of 151.60% and a net margin of 14.49%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.43 billion. NetApp’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the business posted $0.73 EPS. On average, sell-side analysts anticipate that NetApp will post 4.23 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 27th. Shareholders of record on Friday, October 8th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, October 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.20%. NetApp’s dividend payout ratio (DPR) is presently 60.61%.

NTAP has been the topic of a number of research reports. Northland Securities raised their price target on NetApp from $100.00 to $107.00 and gave the company an outperform rating in a research report on Thursday, August 26th. Wells Fargo & Company increased their price objective on NetApp from $75.00 to $87.00 and gave the stock an equal weight rating in a report on Thursday, August 26th. Morgan Stanley boosted their target price on NetApp from $96.00 to $102.00 and gave the company an overweight rating in a research note on Thursday, September 9th. Susquehanna Bancshares reaffirmed a buy rating and issued a $95.00 price target on shares of NetApp in a research note on Wednesday, August 25th. Finally, Citigroup lifted their price target on shares of NetApp from $50.00 to $55.00 and gave the company a sell rating in a report on Thursday, August 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, NetApp currently has an average rating of Buy and an average target price of $83.57.

In other news, CEO George Kurian sold 4,250 shares of the business’s stock in a transaction that occurred on Monday, August 30th. The shares were sold at an average price of $87.08, for a total transaction of $370,090.00. Following the completion of the transaction, the chief executive officer now directly owns 164,576 shares of the company’s stock, valued at $14,331,278.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.28% of the stock is currently owned by insiders.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

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Earnings History and Estimates for NetApp (NASDAQ:NTAP)

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