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Shares of NetApp (NASDAQ:NTAP) were the target of some unusual options trading activity on Wednesday. Stock investors bought 11,716 put options on the company, AnalystRatingsNetwork reports. This represents an increase of 642% compared to the average daily volume of 1,579 put options.

A number of analysts have recently weighed in on NTAP shares. Analysts at Cantor Fitzgerald cut their price target on shares of NetApp from $53.50 to $46.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at BMO Capital Markets reiterated a “market perform” rating on shares of NetApp in a research note on Monday. They now have a $39.00 price target on the stock, down previously from $45.00. Finally, analysts at ING cut their price target on shares of NetApp from $48.00 to $39.00 in a research note on Monday. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $40.82.

Shares of NetApp (NASDAQ:NTAP) traded up 1.59% on Wednesday, hitting $34.49. The stock had a trading volume of 4,640,739 shares. NetApp has a 1-year low of $33.34 and a 1-year high of $45.96. The stock has a 50-day moving average of $35.62 and a 200-day moving average of $39.19. The company has a market cap of $11.426 billion and a P/E ratio of 19.72.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, May 21st. The company reported $0.84 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.79 by $0.05. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. The company’s quarterly revenue was down 3.9% on a year-over-year basis. On average, analysts predict that NetApp will post $2.74 earnings per share for the current fiscal year.

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

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