The company increased the profit forecast that NetApp (NASDAQ: NTAP) had previously issued for the second quarter of 2023. As a result, the company projected a range of quarterly earnings per share for the quarter, which varied from $1.28 to $1.38, much lower than the average expectation of $1.32. In addition, the company has provided an estimated revenue ranging from $1.59 billion to $1.75 billion, much lower than the average sales expectation of $1.66 billion. As a result, the profit NetApp expects to make per share for its upcoming fiscal year 2023 has increased to a range that falls between $5.40 and $5.60.
On August 24, the most current quarterly report made publicly available for consumption by NetApp (NASDAQ: NTAP) was made public. The data storage company reported a quarterly earnings per share figure of $1.20, which was $0.10 more than the analysts’ average projection of $1.10. The company announced sales for the quarter that came in at $1.59 billion, which was much better than the analysts’ forecasts of $1.55 billion for the same period. The return on equity that NetApp was able to achieve was 128.71%, while the company’s net margin was 14.71 %. Compared to the same period the previous year, the third quarter saw a revenue rise of 9.2% for the company. The previous year, during the same period, the company had a net income per share of $0.99.
This year’s net income per share is $0.99. According to the predictions of market experts, each share of NetApp common stock will bring in $4.45 in profits during the current financial year. NASDAQ: NTAP was first available for trading on Tuesday with an opening price of $67.61. The company has a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 1.76, and a beta value is 1.19. These ratios measure how much a company’s share price relates to its earnings per share. The total value of the corporation, as measured by its market capitalization, is $14.70 billion. NetApp’s all-time high over the past year is $96.82, and its all-time low is $61.26. Over the last 50 days, the price of a share of the company’s stock has averaged $71.22, while in the previous 200 days, it has averaged $73.18. There is a ratio of 3.63 for debt to equity, 1.31 for the quick ratio to the current ratio, and 1.3 for the current ratio to the quick ratio.
The number of research initiatives centered on NTAP has increased significantly during the past few years. In research released on the 26th of July, OTR Global gave NetApp a positive rating after giving it an upgrade. On Thursday, June 2nd, Morgan Stanley lowered their price objective for NetApp shares, which they had previously set at $91.00, to $88.00. Additionally, they gave an equal weight rating to the firm. The price objective that Susquehanna has set for the company has been reduced from $100.00 to $75.00, as stated in a research note published on the same day. Raymond James disclosed their decision to raise its price objective for NetApp from $95.00 to $105.00 in a report that was made public on August 25. StockNews.com shifted its recommendation for NetApp from a hold rating to a buy recommendation in a statement released on Friday, July 15th.
One of the equity research analysts covering the company has assigned the company a sell rating; eight of them have assigned the company a hold recommendation, and ten have assigned the company a buy recommendation. The firm presently has a rating of “Hold,” as determined by the majority of analysts, and they forecast that its price will reach an average of $89.22 over the next twelve months. In addition, the company has announced a quarterly dividend, which will be paid out on Wednesday, October 26. The date has not yet been confirmed. On Friday, October 7th, $0.50 dividend payments per share will be made to shareholders recorded in the company’s books. As a direct result, the dividend yield is calculated at 2.96%, and the amount distributed each year is $2. The date that shareholders will no longer receive dividends is Thursday, the 6th of October. NetApp’s dividend payout ratio is currently established at 47.85 percent.
On September 15th, 18,000 shares of the business were sold by Cesar Cernuda, who was serving as president of the company at the time of the transaction. There were other occurrences of other things. A total of 1,256,760.00 dollars’ worth of stock was traded at an average price of $69.82 per share, making the total trade value 1,256,760.00 dollars. As a result of the sale being finalized, the president now has direct ownership of 78,463 firm shares, which are now estimated to be worth $5,478,286.66. Following this link will be directed to the SEC filing in which the sale was disclosed. Please click on the link to proceed. In related news, NetApp President Cesar Cernuda sold 18,000 shares of the company’s stock on September 15th, according to a recent press article.
Following the sale of the shares, an average price of $69.82 was paid for each share, bringing the total value of the transaction to $1,256,760.00. After the conclusion of the transaction, the president now owns a total of 78,463 shares in the company, estimated to be worth approximately $5,478,286.66. You will be sent to a legal file submitted to the SEC if you click on the link that we have provided for you, where you will find additional information regarding the sale. In addition, on July 25 of this year, George Kurian, the company’s Chief Executive Officer, sold 2,125 shares of the company’s stock. The transaction involved the sale of the shares at an average price of $69.38 per share, which resulted in a total sale volume of $147,432.50.
The Chief Executive Officer is now the owner of 163,575 business shares, which have a combined value of $11,348,833.50 as a direct result of the transaction. The disclosure about the purchase can be seen in this particular location. Within the previous three months, company insiders sold 22,250 shares for a price of $1,552,943, bringing in a total profit of $1,552,943. At present, corporate insiders own 0.26% of the total shares outstanding in the company.