NetApp (NTAP) Gets a Hold Rating from Oppenheimer


In a report released yesterday, George Iwanyc from Oppenheimer maintained a Hold rating on NetApp (NTAP). The company’s shares closed yesterday at $67.35.

Iwanyc noted:

“NetApp reported disappointing 3QFY19 sales as the US Fed. shutdown and other macro uncertainties weighed on Jan. demand. However, strong OpEx discipline and NAND price declines offset the top-line miss to drive strong bottom-line results. Guidance reflects more of the same, with mgmt. cutting sales expectations for the macro clouds, while minimizing the bottom-line impact. Our thesis is also unchanged—we’re positive on NetApp’s growth strategy focused on hybrid-cloud and a developing TAM (HCI, CDS), though we emphasize this is a multi-quarter evolution that will take time before it becomes a bigger growth catalyst. Maintain Perform, looking for more measurable signs of HCI and CDS traction.”

According to TipRanks.com, Iwanyc is a 3-star analyst with an average return of 7.4% and a 71.4% success rate. Iwanyc covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Ceragon Networks, and Juniper Networks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for NetApp with a $82.75 average price target.

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Based on NetApp’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $1.52 billion and net profit of $241 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.

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