Maxim Group Sticks to Their Hold Rating for NetApp

By Ryan Adsit

In a report released today, Nehal Chokshi from Maxim Group reiterated a Hold rating on NetApp (NASDAQ: NTAP), with a price target of $46. The company’s shares closed yesterday at $39.56.

Chokshi commented:

“Very impressive April quarter results, including evidence that product GM is now on the upswing. July quarter guidance weak as we had previewed due to tough year ago y/y growth compare.”

According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 14.5% and a 61.8% success rate. Chokshi covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Dot Hill Systems Corp, and Super Micro Computer.

Currently, the analyst consensus on NetApp is Hold and the average price target is $47, representing a 18.8% upside.

In a report released today, Credit Suisse also upgraded the stock to Hold.

Based on NetApp’s latest earnings report for the quarter ending April 30, the company posted quarterly revenue of $1.48 billion and quarterly net profit of $190 million. In comparison, last year the company earned revenue of $1.38 billion and had a GAAP net loss of $8 million.

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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.