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Shares of NetApp (NASDAQ:NTAP) saw unusually-strong trading volume on Thursday following a stronger than expected earnings report, StockRatingsNetwork reports. Approximately 6,867,837 shares traded hands during trading, an increase of 92% from the previous session’s volume of 3,585,401 shares.The stock last traded at $40.73 and had previously closed at $39.30.

The company reported $0.60 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.57 by $0.03. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.47 billion.

The company also recently declared a quarterly dividend, which is scheduled for Wednesday, October 22nd. Investors of record on Friday, October 10th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.68%.

Several analysts have recently commented on the stock. Analysts at Sterne Agee raised their price target on shares of NetApp from $34.00 to $35.00 in a research note on Thursday. They now have a “neutral” rating on the stock. Separately, analysts at Cantor Fitzgerald raised their price target on shares of NetApp from $45.00 to $47.00 in a research note on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Macquarie raised their price target on shares of NetApp from $38.00 to $41.00 in a research note on Thursday. They now have a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $41.15.

In other NetApp news, Director Daniel J. Warmenhoven sold 20,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $38.44, for a total value of $768,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

The stock’s 50-day moving average is $37.6 and its 200-day moving average is $37.56. The company has a market cap of $13.218 billion and a P/E ratio of 21.48. NetApp also was the target of a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 7,973,104 shares, a growth of 36.1% from the July 15th total of 5,858,719 shares. Based on an average daily volume of 3,428,833 shares, the short-interest ratio is currently 2.3 days. Approximately 2.5% of the company’s shares are short sold.

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

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