NetApp (NTAP) is Reiterated by RBC Capital Mkts to Sector Perform, Lowers Price Target to $ 26

NetApp (NTAP) was Reiterated by RBC Capital Mkts to “Sector Perform” while Lowering the Price Target of the company shares to $ 26 from a previous price target of $29 . RBC Capital Mkts advised their investors in a research report released on May 24, 2016.

Many Wall Street Analysts have commented on NetApp. NetApp was Downgraded by Sterne Agee CRT to ” Underperform” on Apr 18, 2016. NetApp was Downgraded by Macquarie to ” Underperform” on Mar 21, 2016.

On the company’s financial health, NetApp reported $0.70 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Feb 17, 2016. Analyst had a consensus of $0.68. The company had revenue of $1386.00 million for the quarter, compared to analysts expectations of $1452.70 million. The company’s revenue was down -10.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.75 EPS.

NetApp opened for trading at $23.43 and hit $24.27 on the upside on Friday, eventually ending the session at $24.22, with a gain of 3.50% or 0.82 points. The heightened volatility saw the trading volume jump to 27,61,412 shares. Company has a market cap of $7,001,590 M.

In a different news, on Dec 28, 2015, Joel D Reich (Exec VP, Product Operations) sold 1,821 shares at $26.64 per share price. According to the SEC, on Sep 29, 2015, Matthew K Fawcett (SVP, GC & Secretary) sold 6,633 shares at $29.49 per share price. On Jul 6, 2015, George T Shaheen (director) sold 35,000 shares at $31.78 per share price, according to the Form-4 filing with the securities and exchange commission.

NetApp Inc. (NetApp) is engaged in providing software systems and services to manage and store customer data. The Company offers a portfolio of products and services to a range of customer workloads across various data types and deployment models. Its data management solutions enable customers on-premises or in a public cloud resource to control integrate move and manage it. It offers both all-flash arrays and hybrid flash arrays and its portfolio includes hybrid and all-flash storage offerings. The Company also offers FlexPod solutions for workloads such as big data HPC and video analytics that integrate Hadoop. Its scale-out fabric-attached storage (FAS) platform uses the NetApp Data ONTAP storage operating system. Its Data ONTAP software delivers data protection data management and software for virtualized shared infrastructures cloud computing and mixed workload business applications. The Company focuses on the data management and storage markets.


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