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NetApp Stock Continued to Rise in June

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Jul. 3 2018, Updated 10:37 a.m. ET

Stock rose 17% last month

NetApp (NTAP) stock rose 17% in June to close at $78.53. The stock is currently trading at $79.18, which is 111% above its 52-week low of $37.55 and 1% below its 52-week high of $79.75. NetApp has generated returns of 44% so far in 2018 after rising 60% in 2017. In the trailing 12 months, NetApp stock has risen 96%.

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Strong quarterly revenue drives stock price

NetApp announced its fiscal Q4 2018 results at the end of May. It reported revenue of $1.6 billion, a rise of 10% YoY (year-over-year), with EPS of $1.05, a rise of 22% YoY. It met revenue estimates of $1.6 billion and beat the earnings estimate of $1.01.

In fiscal 2018, NetApp’s revenue rose 7% YoY to $5.9 billion. Analysts expect its revenue to rise 5.3% YoY to $6.2 billion in fiscal 2019 and 4.7% YoY to $6.5 billion in fiscal 2020.

NetApp has claimed that its customer acquisition has accelerated and that it is now viewed as a critical strategic partner for data-driven digital transformation. It has successfully pivoted toward high-growth areas and managed to improve operational efficiency, resulting in an improved bottom line.

Peer storage companies Seagate (STX), Western Digital (WDC), and Hewlett Packard Enterprise (HPE) returned -1.4%, -10.5%, and -5%, respectively, in June.

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