NetApp (NTAP) Gets a Hold Rating from Susquehanna

By Jason Carr

In a report released today, Mehdi Hosseini from Susquehanna reiterated a Hold rating on NetApp (NTAPResearch Report), with a price target of $70. The company’s shares opened today at $61.50.

According to TipRanks.com, Hosseini is a 4-star analyst with an average return of 7.2% and a 45.6% success rate. Hosseini covers the Consumer Goods sector, focusing on stocks such as Advanced Energy Industries, Hewlett Packard Enterprise, and Applied Materials Inc.

NetApp has an analyst consensus of Moderate Buy, with a price target consensus of $77.87, which is a 26.6% upside from current levels. In a report released today, J.P. Morgan also downgraded the stock to Hold with a $75 price target.

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Based on NetApp’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $1.56 billion and net profit of $249 million. In comparison, last year the company earned revenue of $1.52 billion and had a GAAP net loss of $506 million.

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NetApp, Inc. engages in the design, manufacture, marketing, and technical support of storage and data management solutions. It offers cloud data services, data storage software, data backup and recovery, all-flash storage, converged systems, data infrastructure management, ONTAP data security, and hybrid flash storage.