NetApp Inc. (NTAP) Is Up After Q1 Profit Exceeded Expectations

That is better than consensus for $1.39 billion and 46 cents. The consensus estimate is for EPS of $0.46.

Revenue in the three months ended in July fell 10%, year over year, to $1.34 billion, yielding EPS of 29 cents. As a result, NetApp share prices, which closed the official trading day down 1.7 percent at $29.78, skyrocketed in after-market trading to a high of $34.84 per share before dipping to around $31 per share and then rising to over $33 per share in the early evening. Cantor Fitzgerald reaffirmed a hold rating and issued a $35.00 target price on shares of NetApp in a research report on Monday, June 29th.

For the current quarter ending in November, NetApp expects its per-share earnings to range from 55 cents to 60 cents. EPS for the same period registers at $1.75. Raymond James reiterated a hold rating on shares of NetApp in a research note on Tuesday, June 2nd.

Other equities research analysts also recently issued reports about the stock. Zacks upgraded shares of NetApp from a sell rating to a hold rating in a research report on Tuesday, August 11th. But excluding items like stock-based compensation costs, restructuring charges, amortization expenses, NetApp said it earned a profit of 29 cents per share. Kurian was also added to NetApp’s board of directors. The disclosure for this sale can be found here.

NetApp, Inc. (NASDAQ:NTAP) is engaged in providing applications, systems and services to manage and store customer data. Its information management solutions enable customers on- or in a cloud resource that is public to command, integrate, move and handle it. It offers both all- hybrid flash arrays and flash arrays and its portfolio includes hybrid and all -flash storage offerings.

Kurian had been NetApp’s executive vice president of product operations overseeing strategy and the roadmap for the storage company. Its Data ONTAP software produces mixed workload company applications, data management and software for virtualized, common infrastructures, cloud computing and data protection. The Business targets the information management and storage markets.