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NetApp (NASDAQ:NTAP)‘s stock had its “outperform” rating reaffirmed by equities researchers at Longbow Research in a research report issued on Thursday. They currently have a $40.00 price objective on the stock, down from their previous price objective of $47.00. Longbow Research’s price target suggests a potential upside of 15.98% from the stock’s previous close.

The analysts wrote, “Another revenue shortfall was offset by better margins. Declining OEM revenue and high competitive risks suggest F2015 should remain mixed, but we believe that is baked into the valuation at 4.8x EV/EBITDA. Despite a favorable risk/reward, wait for a strategy update in June before adding to positions.”

Shares of NetApp (NASDAQ:NTAP) traded up 2.93% on Thursday, hitting $35.50. The stock had a trading volume of 3,629,488 shares. NetApp has a one year low of $33.34 and a one year high of $45.96. The stock’s 50-day moving average is $35.55 and its 200-day moving average is $39.16. The company has a market cap of $11.760 billion and a price-to-earnings ratio of 20.03. NetApp also saw some unusual options trading on Tuesday. Traders acquired 10,462 call options on the company. This is an increase of approximately 459% compared to the typical daily volume of 1,872 call options.

NetApp (NASDAQ:NTAP) last released its earnings data 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. Analysts expect that NetApp will post $2.96 EPS for the current fiscal year.

A number of other firms have also recently commented on NTAP. Analysts at Needham & Company LLC initiated coverage on shares of NetApp in a research note on Thursday. They set a “hold” rating on the stock. Separately, analysts at Pacific Crest cut their price target on shares of NetApp from $47.00 to $40.00 in a research note on Thursday. Finally, analysts at Deutsche Bank cut their price target on shares of NetApp from $36.00 to $35.00 in a research note on Thursday. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have issued a buy rating to the company. NetApp presently has an average rating of “Hold” and a consensus target price of $39.76.

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

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