NetApp results beat estimates as cloud focus pays off

20 Aug 2015 | Author: | No comments yet »

NetApp Climbs After Forecast Tops Estimates on Storage Demand.

NetApp NTAP, -1.65% shares, which initially jumped as high as 15%, rose 5.1% to $31.30 on heavy volume after the company reported adjusted quarterly earnings of 29 cents a share, when analysts were expecting 23 cents a share. The company provided EPS guidance of $0.55-0.60 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.46, MarketBeat.Com reports.

Earnings of $0.29 per share on revenue of $1.335 billion came in ahead of guidance and estimates, which called for earnings of $0.23 per share on sales of $1.322 billion to $1.33 billion. George Kurian, who was appointed as NetApp’s chief executive officer in June, is seeking to turn around the provider of hardware, software and services for storing data, which has seen shrinking sales for the past seven quarters. On the other hand, shares of Synopsys, Inc. (NASDAQ: SNPS) are down more than 1.2 percent in after-hours, after having surged 0.62 percent during the regular trading session. NetApp has been struggling as consumers shift toward cloud storage, according to Bloomberg Intelligence analysts. “We are pivoting to better address the changing industry, to improving our own execution and to enhancing value for our shareholders,” Kurian said Wednesday in a statement.

The fall was set in motion by the announcement about the company’s Audit Committee having engaged ASA & Associates LLP as the its independent auditors. HD, -0.03% flirted with a fresh record high but closed lower after the Dow component posted same-store sales that outstripped average analysts’ estimates.

SPLS, -0.21% posted second-quarter quarterly results that were largely in line with analysts projections but its slumping sales may have unsettled investors. Finally, FBN Securities cut their price target on shares of NetApp from $38.00 to $33.00 and set a sector perform rating on the stock in a research note on Thursday, May 21st. LOW, +1.85% reported second-quarter profit that missed an average estimate from analysts polled by FactSet, but the home-improvement giant showed growth in sales. Its Data ONTAP software produces data management and software data protection for virtualized, shared infrastructures, cloud computing and assorted workload business programs.

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