NetApp Inc. (NASDAQ:NTAP) declared a quarterly dividend on Wednesday, February 12th, RTT News reports. Investors of record on Friday, April 3rd will be paid a dividend of 0.48 per share by the data storage provider on Wednesday, April 22nd. This represents a $1.92 annualized dividend and a yield of 3.48%.
NetApp has increased its dividend payment by an average of 35.0% annually over the last three years and has raised its dividend every year for the last 6 years. NetApp has a dividend payout ratio of 44.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect NetApp to earn $3.97 per share next year, which means the company should continue to be able to cover its $1.92 annual dividend with an expected future payout ratio of 48.4%.
Shares of NTAP stock opened at $55.18 on Friday. NetApp has a one year low of $44.55 and a one year high of $78.35. The company has a debt-to-equity ratio of 2.14, a quick ratio of 1.27 and a current ratio of 1.31. The company has a 50 day moving average price of $60.10 and a 200 day moving average price of $56.27. The firm has a market capitalization of $13.25 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.31 and a beta of 1.58.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, February 12th. The data storage provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.02). NetApp had a return on equity of 95.04% and a net margin of 17.20%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period last year, the company posted $1.20 EPS. The business’s revenue for the quarter was down 10.2% on a year-over-year basis. As a group, equities analysts forecast that NetApp will post 3.72 EPS for the current fiscal year.
Several equities analysts recently commented on the stock. Lake Street Capital upped their price target on shares of NetApp from $49.00 to $58.00 and gave the stock a “hold” rating in a research report on Thursday, November 14th. Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a research report on Wednesday. BidaskClub lowered shares of NetApp from a “hold” rating to a “sell” rating in a research report on Tuesday, February 4th. Wells Fargo & Co dropped their price target on shares of NetApp from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Bank of America dropped their price target on shares of NetApp from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the company’s stock. NetApp currently has an average rating of “Hold” and a consensus target price of $64.00.
In other news, CAO Scott R. Allen sold 2,781 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $62.23, for a total value of $173,061.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Henri P. Richard sold 2,500 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $64.20, for a total transaction of $160,500.00. Following the completion of the transaction, the executive vice president now owns 143,855 shares of the company’s stock, valued at $9,235,491. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,284 shares of company stock valued at $333,743. 0.33% of the stock is owned by insiders.
NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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