|Bid||62.00 x 1800|
|Ask||62.17 x 800|
|Day's Range||61.57 - 62.73|
|52 Week Range||54.50 - 88.08|
|Beta (3Y Monthly)||1.28|
|PE Ratio (TTM)||13.75|
|Earnings Date||Aug 14, 2019|
|Forward Dividend & Yield||1.60 (2.20%)|
|1y Target Est||79.30|
These Tech Stocks Slumped Over 5% on May 23(Continued from Prior Part)Stock fell 8.1% yesterdayData storage company NetApp (NTAP) fell 8.1% on May 23 to close trading at $61.66. NetApp stock fell over 4% on May 22 as well after the company reported
The enterprise hardware maker mixed results for its fiscal second-quarter. Why one Wall Street analyst thinks it’s time for the company to consider an acquisition.
U.S. stocks slumped on Thursday as investors dumped shares of companies in growth and cyclical sectors, with energy and technology leading declines, on fears that the escalating U.S.-China trade war would stymie global economic growth. Among S&P 500 sectors, only utilities and real estate, both considered defensive areas, registered gains as investors moved to safe-haven assets such as Treasuries. Stocks pared losses in the last hour of trading, but Wall Street's major indexes all ended more than 1% lower.
shares were plummeting on Thursday after the storage hardware and software giant shared disappointing results and quarterly guidance that were blamed on several factors. At the same time, NetApp did issue a somewhat better full-year outlook -- an outlook that its CEO says is attainable with the help of sales team changes and larger contributions from high-growth businesses. On Wednesday afternoon, NetApp reported April quarter (fiscal fourth quarter) revenue of $1.59 billion (up 4% annually) and non-GAAP EPS of $1.22, missing consensus analyst estimates of $1.64 billion and $1.26, respectively. For the whole of fiscal 2020 (it ends in April 2020), NetApp is guiding for revenue to grow at the low end of "[a] mid-single-digit range." In addition, CFO Ron Pasek said on NetApp's earnings call that the company is "committed to delivering low-teens EPS growth" before accounting for the impact of new stock buybacks, and that it has recently "conducted workforce realignments." Relative to the company's reported fiscal 2019 numbers, pre-earnings consensus estimates implied 4% revenue growth and 11% EPS growth.
NetApp stock was sliding in the wake of disappointing quarterly results and weak guidance that suggest lingering problems around data center sales.
Shares of NetApp Inc. are off 12.8% in Thursday morning trading and on track for their worst single-day drop since Aug. 18, 2011 after the company missed earnings and revenue expectations the prior afternoon. "NetApp reported another weak quarter driven by a number of execution missteps as well as lengthening data center sales cycles and macro weakness particularly in Europe," wrote Goldman Sachs analyst Rod Hall, who kept his buy rating on the stock but removed NetApp from the firm's conviction list. Credit Suisse analyst Matthew Cabral said that the company's latest results, in conjunction with those of its competitors, suggest that the storage market is slowing down following a strong year of growth in 2018. "Looking ahead, NetApp expects growth to reaccelerate as FY20 progresses, particularly in 2H given tailwinds from the ramp of both the company's private cloud offerings (i.e., HCI + SolidFire) and Cloud Data Services (boosted by the full launch with Azure), as well as a return to more consistent execution on the base array business," wrote Cabral, who has an outperform rating on the shares but cut his target price to $79 from $89. Still, he said the company's outlook for the current quarter implies that the company will have a challenging start to its 2020 fiscal year, which began this month. Shares have fallen 2% so far this year, as the S&P 500 has gained 13%.
NetApp Inc. (NASDAQ: NTAP) reported after the market close Wednesday with below-consensus fourth-quarter earnings and issued a downbeat forecast for the first quarter. Credit Suisse analyst Matthew Cabral maintained an Outperform rating on NetApp and lowered the price target from $89 to $79. Bank of America Merrill Lynch analyst Wamsi Mohan reiterated a Buy rating and reduced the price target from $78 to $74.
Shares sold off sharply on Thursday morning following disappointing earnings results. Lennox International also announced a dividend increase.
NetApp (NTAP) is benefiting from increasing adoption of all-flash arrays. However, declining OEM revenues and competition remain the headwinds.
plunged more than 10% in early trading on Thursday after it reported weaker-than-expected earnings and revenue, and also forecast an upcoming drop in quarterly sales and profit. For its fiscal fourth quarter, NetApp said it earned $396 million, or 99 cents a share, vs. $290 million, or $1.06 a share, in the comparable year-earlier quarter. On an adjusted basis, the company said it earned $1.22 a share.
These Tech Stocks Lost Big on May 22(Continued from Prior Part)Stock falls on earnings missData storage company NetApp (NTAP) fell over 4% on May 22. NetApp reported revenue of $1.59 billion in the fourth quarter (year ended in April), a fall from
Stock futures fell on fears that China trade war won't be short-lived. That's a bad sign for the stock market rally attempt. Tesla stock extended losses.
NetApp (NASDAQ:NTAP) unveiled its latest quarterly earnings results late today, bringing in a profit that missed what Wall Street called for, while the company's forecast left something to be desired, sending NTAP stock down more than 6% after the bell Wednesday.The cloud data services and cloud data management business said that for its fourth quarter of its fiscal 2019, it brought in a profit of $396 million, or $1.59 per share. On an adjusted basis after considering stock-based compensation, restructuring charges and other effects, the company brought in earnings of $1.22 per share.NetApp's earnings were below the Wall Street consensus estimate, which called for adjusted earnings of $1.26 per share, according to data compiled by FactSet. The company also posted revenue of $1.59 billion, down from the $1.64 billion from the year-ago quarter and missing the Wall Street outlook of $1.64 billion, according to data compiled by FactSet.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe company said it sees its first quarter as bringing in adjusted earnings of 78 cents to 86 cents per share on sales of $1.32 billion to $1.47 billion. Wall Street sees NetApp bringing in adjusted earnings of $1.05 per share on sales of $1.49 billion, according to FactSet.The business also increased its divided by 20% for the first quarter.NTAP stock is sinking roughly 6.4% after the bell following the company's underwhelming quarterly earnings results. Shares had been sliding roughly 4.1% during regular trading hours as NetApp geared up to report for its period. More From InvestorPlace * 7 Safe Stocks to Buy for Anxious Investors * 7 Stocks to Buy for Over 20% Upside Potential * 7 High-Yield REITs to Buy (Even When the Market Tanks) Compare Brokers The post NetApp Earnings: NTAP Stock Sinks on Q4 Earnings Miss appeared first on InvestorPlace.
Check out the companies making headlines after the bell:Shares of L Brands LB surged nearly 13% in extended trading on Wednesday after the parent company of retailers Victoria's Secret and Bath & Body Works reported first-quarter results that surpassed expectations.
On a per-share basis, the Sunnyvale, California-based company said it had profit of $1.59. Earnings, adjusted for non-recurring gains, were $1.22 per share. The results fell short of Wall Street expectations. ...