NetApp (NTAP) Releases Earnings Results, Beats Expectations By $0.10 EPS

NetApp (NTAP) reported quarterly earnings results on Wednesday, Aug-17-2016. The company said it had a profit of $0.46 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.10. Analysts had a consensus of $0.36. The company posted revenue of $1294.00 million in the period, compared to analysts expectations of $1260.17 million. The company’s revenue was down -3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 EPS.

Many Wall Street Analysts have commented on NetApp. Company shares were Reiterated by Maxim Group on Aug 15, 2016 to “Buy”, Firm has raised the Price Target to $ 40 from a previous price target of $39 .Shares were Reiterated by RBC Capital Mkts on May 24, 2016 to “Sector Perform” and Lowered the Price Target to $ 26 from a previous price target of $29 .

NetApp opened for trading at $28.43 and hit $28.87 on the upside on Monday, eventually ending the session at $28.8, with a gain of 1.23% or 0.35 points. The heightened volatility saw the trading volume jump to 28,11,656 shares. Company has a market cap of $8,066 M.

In a different news, on Jul 1, 2016, Joel D Reich (Exec VP, Product Operations) sold 2,241 shares at $24.35 per share price. According to the SEC, on Jun 7, 2016, Matthew K Fawcett (SVP, GC & Secretary) sold 17,808 shares at $24.98 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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