Summit Redstone Upgrades NetApp to Buy with Price Target $45.00

Brokerage firm Summit Redstone Upgrades its rating on NetApp(NASDAQ:NTAP). In a research note issued to the investors, the brokerage major Raises the price-target to $45.00 per share. The shares have been rated Buy. Previously, the analysts had a Sell rating on the shares. The rating by Summit Redstone was issued on Sep 30, 2016.

In a different note, On Sep 28, 2016, Baird said it Maintains its rating on NetApp. In the research note, the firm Raises the price-target to $32.00 per share. The shares have been rated ‘Neutral’ by the firm. On Sep 28, 2016, Jefferies said it Maintains its rating on NetApp. In the research note, the firm Raises the price-target to $29.00 per share. The shares have been rated ‘Hold’ by the firm. On Sep 26, 2016, Deutsche Bank said it Downgrades its rating on NetApp. The shares have been rated ‘Sell’ by the firm. On Sep 26, 2016, Cross Research said it Upgrades its rating on NetApp. The shares have been rated ‘Buy’ by the firm. On Aug 18, 2016, Goldman Sachs said it Maintains its rating on NetApp. In the research note, the firm Raises the price-target to $23.00 per share. The shares have been rated ‘Sell’ by the firm. On Aug 18, 2016, Summit Redstone Partners said it Maintains its rating on NetApp. In the research note, the firm Raises the price-target to $20.00 per share. The shares have been rated ‘Sell’ by the firm.

NetApp (NTAP) shares turned negative on Tuesdays trading session with the shares closing down -0.51 points or -1.44% at a volume of 29,52,601. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $35.64. The peak price level was also seen at $35.64 while the days lowest was $34.78. Finally the shares closed at $34.85. The 52-week high of the shares is $36.1 while the 52-week low is $20.66. According to the latest information available, the market cap of the company is $9,712 M.

NetApp(NTAP) last announced its earnings results on Aug 17, 2016 for Fiscal Year 2017 and Q1.Company reported revenue of $1.29B. Analysts had an estimated revenue of $1.26B. Earnings per share were $0.46. Analysts had estimated an EPS of $0.36.

Several Insider Transactions has been reported to the SEC. On Sep 29, 2016, Robert T Wall (director) sold 22,944 shares at $35.45 per share price.Also, On Aug 24, 2016, Jeffry R Allen (director) sold 40,000 shares at $35.10 per share price.On Aug 23, 2016, Joel D Reich (Exec VP, Product Operations) sold 489 shares at $33.97 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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