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Stock Market & Financial Investment News

News Breaks
March 24, 2014
07:51 EDTNTAPNetApp downgraded at Morgan Stanley
As previously reported, Morgan Stanley downgraded NetApp to Underweight from Equal Weight. The firm downgraded shares citing challenges from the cloud, competition, and margin compression. The firm lowered FY15 estimates below the Street and established a $31 price target.
News For NTAP From The Last 14 Days
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August 14, 2014
11:45 EDTNTAPNetApp rises after earnings beat, Needham upgrade
Shares of storage systems provider NetApp (NTAP) are advancing after the company posted better than expected first quarter results and received positive analyst commentary. WHAT'S NEW: Last night, NetApp reported Q1 adjusted earnings per share of 60c and revenue of $1.49B, beating analysts' consensus estimates of 57c and $1.47B, respectively. Q1 adjusted gross margin was 64.3%. WHAT'S NOTABLE: NetApp forecast second quarter adjusted EPS of 66c-71c and revenue of $1.49B-$1.59B, compared to consensus of 69c and $1.53B, respectively. For fiscal 2015, the company sees EPS growth just under 10% and revenue growth in the mid-single digits. FY15 adjusted gross margin is seen at 63%-64%. On NetApp's Q1 conference call, management said it was seeing a rebound in enterprise spending in the U.S. ANALYST REACTION: This morning, analyst commentary was overwhelmingly positive. Needham upgraded NetApp to Buy from Hold following its strong Q1 report, citing better enterprise spending. Their price target was $49. Two firms, Piper Jaffray and Brean Capital, raised their respective price targets on NetApp and Pacific Crest said NetApp is "'undervalued and underappreciated," noting that the company's Q1 results included 13% earnings growth year-over-year. PRICE ACTION: In late morning trading, NetApp rose $1.47, or 3.7%, to $40.77 on heavy trading volume. Despite today's advance, the stock is down approximately 4% over the past 12 months. OTHERS TO WATCH: Other companies in the storage space include: EMC (EMC), Dot Hill Systems (HILL) and Nimble Storage (NMBL).
10:05 EDTNTAPOn The Fly: Analyst Upgrade Summary
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07:44 EDTNTAPNetApp 'undervalued and underappreciated,' says Pacific Crest
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07:33 EDTNTAPNetApp price target raised to $45 from $42 at Brean Capital
Brean Capital raised its price target on NetApp to $45 from $42 following its Q1 results, citing gross margins improvement and higher OEM revenues. The firm keeps its Buy rating on NetApp.
06:47 EDTNTAPNetApp upgraded to Buy from Hold at Needham
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06:39 EDTNTAPNetApp product cycle bottomed in Q4, says Cantor
Cantor Fitzgerald believes NetApp's product cycle bottomed in Q4 after the company reported upside in Q1 and issued a "healthy" outlook for Q2. Cantor sees "excellent execution" by NetApp and a slightly improved spending environment. The firm raised its price target for shares to $47 from $45 and keeps a Buy rating on the stock.
06:37 EDTNTAPNetApp price target raised to $46 from $42 at Piper Jaffray
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August 13, 2014
18:26 EDTNTAPNetApp says seeing rebound in enterprise spending in U.S.
Says seeing momentum in key business areas and expects it to continue through FY15. Says feels "really good" about flash portfolio. Says it has been major part of company's momentum. Says seeing a broader range of products being sold. Expects to continue to generate strong cash flow. Comments from Q1 earnings conference call.
17:43 EDTNTAPNetApp sees FY15 EPS growth just under 10%, consensus $2.96
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16:02 EDTNTAPNetApp sees Q2 adjusted EPS 66c-71c, consensus 69c
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16:01 EDTNTAPNetApp reports Q1 EPS 60c, consensus 57c
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15:05 EDTNTAPNotable companies reporting after market close
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11:20 EDTNTAPNetApp technical comments ahead of earnings
In the prior three months the stock has outperformed the broader averages, trading up over 12.8%. The trend has been decidedly bullish in this interval without much volatility. This suggests investors and traders are comfortable with the company's prospects and the absence of a substantial short-base reinforces that outlook. When we look at a longer-term chart, it is apparent that the last three months has been a nearly symmetrical but inverse move of the previous quarter. A level that stands out clearly as a result of this six-month long dip and recovery is at $40. The stock would be back on a more neutral technical basis if it can retake and build on a move above the $40 level. And that would given the current price at $39.26 be an easy move if the fundamental news supports it. Additional resistance levels above $40 are at $41.57 and then at $44.32. Both of those levels are prior pivot points on a closing basis. If the news disappoints there are some well-defined levels from the last six months that could become downside objectives. A risk is that without much of a short-base, downside moves could be more extreme. On a scale of increasing disappointment, supports are at $38.12, $36.38, $35, and $33.72.
August 12, 2014
07:13 EDTNTAPNetApp shares remain inexpensive, says Cantor
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