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NetApp (NASDAQ:NTAP) was downgraded by equities researchers at UBS AG from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, AnalystRatingsNetwork.com reports. They currently have a $40.00 target price on the stock, down from their previous target price of $50.00. UBS AG’s price objective indicates a potential upside of 8.12% from the company’s current price.

Shares of NetApp (NASDAQ:NTAP) opened at 36.995 on Wednesday. NetApp has a 1-year low of $32.75 and a 1-year high of $45.96. The stock’s 50-day moving average is $37.7 and its 200-day moving average is $40.24. The company has a market cap of $12.256 billion and a price-to-earnings ratio of 21.36. NetApp also was the recipient of a large drop in short interest in the month of January. As of March 31st, there was short interest totalling 9,774,985 shares, a drop of 12.0% from the March 14th total of 11,109,079 shares. Currently, 3.0% of the shares of the company are sold short. Based on an average trading volume of 6,765,679 shares, the days-to-cover ratio is currently 1.4 days.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Tuesday, February 11th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.04. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company posted $0.67 earnings per share. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. Analysts expect that NetApp will post $2.74 EPS for the current fiscal year.

A number of other analysts have also recently weighed in on NTAP. Analysts at Deutsche Bank initiated coverage on shares of NetApp in a research note on Thursday, April 10th. They set a “hold” rating and a $36.00 price target on the stock. Separately, analysts at Barclays cut their price target on shares of NetApp from $43.00 to $40.00 in a research note on Tuesday, April 1st. Finally, analysts at FBN Securities cut their price target on shares of NetApp from $42.00 to $35.00 in a research note on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have given a buy rating to the company’s stock. NetApp has an average rating of “Hold” and a consensus price target of $43.22.

NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.

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