NetApp Inc. (NTAP) Announces Quarterly Results, Meets Estimates
Wednesday, August 17, 2021 5:04 PM

NetApp Inc. (NTAP) announced its quarterly results on Wednesday. The company reported $0.55 earnings per share for the quarter, meeting the Thomson Reuters consensus estimate of $0.55. The company’s quarterly revenue was up 26.4% on a year-over-year basis.

On a related note, analysts at Piper Jaffray (NYSE: PJC) upgraded shares of NetApp Inc. from a "neutral" rating to an "overweight" rating in a research note to investors on Monday. They now have a $58.00 price target on the stock. Also, analysts at RBC Capital (NYSE: RY) cut their price target on shares of NetApp Inc. from $71.00 to $61.00 in a research note to investors on Monday. They now have an "outperform" rating on the stock.

Shares of NetApp Inc. (NTAP) traded down 3.18% during mid-day trading on Wednesday, hitting $41.66. NetApp Inc. (NTAP) has a 52 week low of $38.00 and a 52 week high of $61.02. The stock's 50-day moving average is $48.39 and its 200-day moving average is $50.72. The company has a market cap of $15.461 billion and a price-to-earnings ratio of 25.16.

NetApp, Inc. (NetApp) is a provider of storage and data management solutions. The Company offers solutions for storing, managing, protecting and archiving business data. NetApp’s products and services are designed to meet the requirements and service levels of large enterprises and their business applications. The Company offers storage solutions that incorporate its unified storage platform and the functionality of its data and storage resource management software. NetApp markets and sells its storage data management solutions directly through its worldwide sales force and indirectly through channel partners, such as value-added resellers, systems integrators, distributors, original equipment manufacturers (OEMs) and strategic business partners. On May 13, 2010, the Company completed the acquisition of Bycast Inc.

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