Investment research firm William Blair released its earnings per share (EPS) estimates for NetApp, Inc. (NASDAQ: NTAP) on November 26, 2023. Analyst J. Ader predicts the data storage provider will achieve an EPS of $1.49 for the first quarter of the fiscal year 2027. Currently, William Blair maintains a “Market Perform” rating on the stock. The consensus estimate for NetApp’s full-year earnings stands at $5.89 per share.
In addition to the Q1 figures, William Blair has projected NetApp’s earnings for subsequent quarters, estimating $1.79 EPS for Q2 2027, $1.93 EPS for Q3 2027, and $2.09 EPS for Q4 2027.
NetApp recently reported its quarterly earnings on November 25, 2023. The company announced an EPS of $2.05, exceeding the consensus estimate of $1.88 by $0.17. Revenue for the quarter reached $1.71 billion, surpassing expectations of $1.69 billion. This marks a 2.8% increase in revenue compared to the same quarter last year when the company reported an EPS of $1.87. NetApp’s return on equity was an impressive 123.24%, with a net margin of 17.77%.
Stock Performance and Investor Activity
On the stock market, NetApp shares opened at $115.83. Over the past year, the stock has seen a low of $71.84 and a high of $131.30. The company has a market capitalization of $22.94 billion, a price-to-earnings (P/E) ratio of 20.46, and a beta of 1.46.
Recent activity among hedge funds indicates a growing interest in NetApp. For instance, Avantax Advisory Services Inc. increased its position in the company by 33.2% in the first quarter, now holding 4,637 shares valued at approximately $407,000. Other firms, including US Bancorp DE and Liberty Wealth Management LLC, have also raised their stakes in NetApp, reflecting a strong institutional investor presence, with hedge funds owning 92.17% of the company’s stock.
Insider Transactions and Dividend Announcement
In recent insider trading news, Lorenzo Daniel De, the Chief Accounting Officer, sold 327 shares on November 17, 2023, at an average price of $107.48, totaling $35,145.96. Additionally, CEO George Kurian sold 8,750 shares on September 17, 2023, valued at approximately $1,075,462.50. Following this transaction, Kurian still holds 274,938 shares of the company, worth around $33.79 million.
NetApp has also declared a quarterly dividend of $0.52, set to be paid on January 21, 2024. Shareholders of record as of January 2, 2024, will receive this dividend, representing an annualized total of $2.08 and a yield of 1.8%.
About NetApp
Founded in 1992, NetApp, Inc. specializes in cloud-led and data-centric services designed to manage and share data across on-premises, private, and public clouds globally. The company operates in two primary segments: Hybrid Cloud and Public Cloud, offering a range of intelligent data management software and storage infrastructure solutions, including the renowned NetApp ONTAP and NetApp StorageGRID.
As NetApp continues to navigate a competitive landscape in data storage, its earnings reports and investor activities are likely to remain a focal point for stakeholders watching the technology sector.
