Wells Fargo Remains a Hold on NetApp (NTAP)

In a report released today, Aaron Rakers from Wells Fargo maintained a Hold rating on NetApp (NTAP). The company’s shares closed last Monday at $40.72, close to its 52-week low of $34.66.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 15.7% and a 61.0% success rate. Rakers covers the Consumer Goods sector, focusing on stocks such as Applied Materials, Western Digital, and Cisco Systems.

NetApp has an analyst consensus of Hold, with a price target consensus of $59.20, a 42.1% upside from current levels. In a report issued on March 26, Barclays also maintained a Hold rating on the stock with a $47.00 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 $1.4 billion and net profit of $277 million. In comparison, last year the company earned revenue of $1.56 billion and had a net profit of $249 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. The company was founded by David Hitz, James K. Lau and Michael Malcolm in April 1992 and is headquartered in Sunnyvale, CA.

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