Piper Jaffray issues ” Overweight” Rating on NetApp (NTAP)

NetApp (NTAP) was Upgraded by Piper Jaffray to ” Overweight” according to the research note released today. The brokerage firm has raised the Price Target to $ 46 from a previous price target of $37 . Earlier the firm had a rating of “Neutral ” on the company shares. Piper Jaffray advised their Clients and Investors in a research report released on Feb 14, 2017.

On the company’s financial health, NetApp reported $0.60 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Nov 16, 2016. Analyst had a consensus of $0.54. The company had revenue of $1340.00 million for the quarter, compared to analysts expectations of $1354.29 million. The company’s revenue was down -7.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.61 EPS.

Several company insiders have filed Insider transactions , on Feb 13, 2017, Matthew K Fawcett (SVP, GC & Secretary) sold 25,000 shares at $39.45 per share price. According to the SEC, on Feb 1, 2017, George Kurian (CEO) sold 4,000 shares at $38.50 per share price. On Jan 4, 2017, Joel D Reich (Exec VP, Product Operations) sold 393 shares at $36.04 per share price, according to the Form-4 filing with the securities and exchange commission.

NetApp opened for trading at $39.43 and hit $39.72 on the upside on Friday, eventually ending the session at $39.45, with a gain of 0.36% or 0.14 points. The heightened volatility saw the trading volume jump to 28,35,483 shares. Company has a market cap of $10,864 M.

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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