Robert W. Baird Reiterates a Hold Rating on NetApp

By Jason Carr

In a report released today, Jayson Noland from Robert W. Baird reiterated a Hold rating on NetApp (NASDAQ: NTAP). The company’s shares closed yesterday at $39.56.

Noland observed:

“We continue to believe the company is better positioned now than in recent years but view the Storage market backdrop as incrementally challenging. FQ4’17 results. NetApp reported revenue/non-GAAP EPS of $1.48B/$0.86 compared to consensus of $1.44B/$0.82. Blended gross margin came in at 62.7% compared to consensus expectations for 61.0%. Product gross margin was 48.9%, an improvement of 210bps over F4Q’16 and 310bps versus F3Q’17.”

According to, Noland is a 3-star analyst with an average return of 3.0% and a 44.2% success rate. Noland covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Riverbed Technology, and Palo Alto Networks.

Currently, the analyst consensus on NetApp is Hold and the average price target is $45.78, representing a 15.7% upside.

In a report issued on May 17, Merrill Lynch also reiterated a Hold rating on the stock with a $48 price target.

Based on NetApp’s latest earnings report for the quarter ending January 31, the company posted quarterly revenue of $1.4 billion and quarterly net profit of $146 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.