Credit Suisse Reiterates a Hold Rating on NetAppBy Jason Carr
In a report released today, Kulbinder Garcha from Credit Suisse reiterated a Hold rating on NetApp (NASDAQ: NTAP), with a price target of $30. The company’s shares opened today at $38.45, close to its 52-week high of $39.
“We remain concerned that structural issues may reside in the competitiveness of their offering and as a result, maintain our Neutral rating.”
According to TipRanks.com, Garcha is a 5-star analyst with an average return of 7.0% and a 60.3% success rate. Garcha covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Lexmark International, and Motorola Solutions.
Currently, the analyst consensus on NetApp is Hold and the average price target is $33.69, representing a -12.4% downside.
In a report released today, Brean Capital also maintained a Hold rating on the stock.
Based on NetApp’s latest earnings report for the quarter ending October 31, the company posted quarterly revenue of $1.34 billion and quarterly net profit of $109 million. In comparison, last year the company earned revenue of $1.45 billion and had a net profit of $114 million.
Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2016, Robert Wall, a Director at NTAP sold 22,944 shares for a total of $813,365.
NetApp, Inc. engages in the provision of software, systems, and services for the management and storage of customer data. The company’s products include hybrid, enterprise all-flash, and cloud storages. Its patented unified scale-out fabric-attached storage platform uses the NetApp Data ONTAP storage operating system. The company was founded by David Hitz, James K. Lau and Michael Malcolm in April 1992 and is headquartered in Sunnyvale, CA.