NetApp (NTAP) Receives a Hold from Oppenheimer

By Carrie Williams

In a report released yesterday, George Iwanyc from Oppenheimer maintained a Hold rating on NetApp (NTAPResearch Report). The company’s shares closed yesterday at $78.03.

Iwanyc noted:

“NetApp reported solid FY2Q19 results, reflecting steady overall execution and more share gains. Longer-term product positioning is also encouraging with mgmt. highlighting an accelerating HCI pipeline and expanding cloud efforts (CDS, StackPointCloud acquisition, hyperscale exposure, various product enhancements, etc.). While we’re positive on NetApp’s longer-term growth strategy and developing TAM (HCI, CDS), we note that ELAs again contributed to some of the upside and that its strategic product YoY growth is showing QtQ moderation. We believe this could weigh on investor sentiment near-term. Our thesis is unchanged—we’re positive on NetApp’s cloud initiatives, though view this as a multi-quarter evolution that will take time before it becomes a bigger growth catalyst. Maintain Perform.”

According to TipRanks.com, Iwanyc is a 3-star analyst with an average return of 9.0% and a 64.3% success rate. Iwanyc covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Ceragon Networks, and Juniper Networks.

Currently, the analyst consensus on NetApp is a Moderate Buy with an average price target of $87.08.

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NetApp’s market cap is currently $20.29B and has a P/E ratio of 98.77. The company has a Price to Book ratio of 10.56.

Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is negative on the stock.

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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.