NetApp Posts Loss Amid Restructuring

20 Aug 2015 | Author: | No comments yet »

NetApp (NTAP) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS.

NEW YORK (TheStreet) — Shares of NetApp (NTAP – Get Report) were gaining 11.32% to $33.15 after-hours Wednesday after the cloud storage solutions company beat analysts’ estimates for earnings and revenue in the first quarter of fiscal 2016. The data storage provider reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06, Marketbeat reports. On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, The Securities and Exchange Commission has divulged that Shaheen George T, director of Netapp, Inc., had unloaded 35,000 shares at an average price of $31.78 in a transaction dated on July 1, 2015. The primary factors that have impacted our rating are mixed – some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

The company’s strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.” The Company shares has received a rating of Buy from 2 Wall Street Analysts. 26 analysts have rated Hold.4 analyst have also rated it as a Underperform. NetApp, Inc. (NASDAQ:NTAP): According to 17 Analysts, The short term target price has been estimated at $ 36.35.The target price could deviate by a maximum of $5.65 from the forecast price.

RBC Capital dropped their target price on NetApp from $41.00 to $38.00 and set a “sector perform” rating on the stock in a research report on Friday, May 15th. Post opening the session at $30.4, the shares hit an intraday low of $29.915 and an intraday high of $30.73 and the price vacillated in this range throughout the day. The Company’s fabric-attached storage (FAS) platform offers the storage platform for business applications, shared infrastructures and cloud environments. NetApp is an original equipment manufacturer (OEM) storage provider and enables OEMs to offer information technology (IT) and storage solutions that serve markets and customer requirements. Data ONTAP delivers data protection, data management, and built-in software for virtualized, shared infrastructures, cloud computing, and mixed workload business applications.

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