NetApp Inc. [NTAP] Revenue clocked in at $6.55 billion, up 10.26% YTD: What’s Next?

NetApp Inc. [NASDAQ: NTAP] surged by $0.39 during the normal trading session on Thursday and reaching a high of $66.37 during the day while it closed the day at $66.22. The company report on February 22, 2023 that NetApp reports third quarter of fiscal year 2023 results.

Net revenues of $1.53 billion and billings1 of $1.57 billion.

$308 million returned to shareholders in share repurchases and cash dividends in the third quarter.

NetApp Inc. stock has also loss -3.62% of its value over the past 7 days. However, NTAP stock has declined by -8.69% in the 3 months of the year. Over the past six months meanwhile, it has lost -9.63% and gained 10.26% year-on date.

The market cap for NTAP stock reached $14.39 billion, with 217.00 million shares outstanding and 214.91 million shares in the current float. Compared to the average trading volume of 1.86M shares, NTAP reached a trading volume of 4423221 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about NetApp Inc. [NTAP]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NTAP shares is $76.65 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NTAP stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Credit Suisse have made an estimate for NetApp Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on February 23, 2023. While these analysts kept the previous recommendation, Barclays dropped their target price from $83 to $71. The new note on the price target was released on January 10, 2023, representing the official price target for NetApp Inc. stock. Previously, the target price had yet another raise to $71, while JP Morgan analysts kept a Neutral rating on NTAP stock. On December 13, 2022, analysts decreased their price target for NTAP shares from 66 to 58.

The Average True Range (ATR) for NetApp Inc. is set at 1.67, with the Price to Sales ratio for NTAP stock in the period of the last 12 months amounting to 2.20. The Price to Book ratio for the last quarter was 11.95, with the Price to Cash per share for the same quarter was set at 13.96. Price to Free Cash Flow for NTAP in the course of the last twelve months was 31.63 with Quick ratio for the last quarter at 1.30.

NTAP stock trade performance evaluation

NetApp Inc. [NTAP] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.62. With this latest performance, NTAP shares dropped by -0.96% in over the last four-week period, additionally sinking by -9.63% over the last 6 months – not to mention a drop of -23.11% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NTAP stock in for the last two-week period is set at 49.65, with the RSI for the last a single of trading hit 46.38, and the three-weeks RSI is set at 50.65 for NetApp Inc. [NTAP]. The present Moving Average for the last 50 days of trading for this stock 64.32, while it was recorded at 66.67 for the last single week of trading, and 67.64 for the last 200 days.

NetApp Inc. [NTAP]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and NetApp Inc. [NTAP] shares currently have an operating margin of +19.13 and a Gross Margin at +66.62. NetApp Inc.’s Net Margin is presently recorded at +14.81.

Return on Equity for this stock inclined to 123.05, with Return on Assets sitting at 9.67.

NetApp Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.40.

Earnings per share (EPS) analysis for NetApp Inc. [NTAP] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NTAP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for NetApp Inc. go to 8.19%.

NetApp Inc. [NTAP]: Insider Ownership positions

There are presently around $12,882 million, or 91.40% of NTAP stock, in the hands of institutional investors. The top three institutional holders of NTAP stocks are: VANGUARD GROUP INC with ownership of 28,009,270, which is approximately 5.397% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 18,301,541 shares of the stock with an approximate value of $1.21 billion in NTAP stocks shares; and PRIMECAP MANAGEMENT CO/CA/, currently with $1.07 billion in NTAP stock with ownership of nearly -1.868% of the company’s market capitalization.

Positions in NetApp Inc. stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 328 institutional holders increased their position in NetApp Inc. [NASDAQ:NTAP] by around 15,922,805 shares. Additionally, 327 investors decreased positions by around 14,734,422 shares, while 95 investors held positions by with 163,883,185 shares. The mentioned changes placed institutional holdings at 194,540,412 shares, according to the latest SEC report filing. NTAP stock had 96 new institutional investments in for a total of 4,449,055 shares, while 77 institutional investors sold positions of 3,545,428 shares during the same period.