Why NetApp Inc Stock Is Climbing Higher

NetApp, Inc. NTAP shares are trading higher Wednesday after the company reported better-than-expected second-quarter financial results and issued third-quarter guidance above estimates.

The Details:

NetApp reported quarterly earnings of $1.58 per share, beating the analyst consensus estimate of $1.39 per share, and quarterly sales of $1.56 billion, beating the consensus estimate of $1.53 billion.

NetApp sees its third-quarter earnings per share between $1.67 and $1.74, above the $1.53 per share estimate.

Several analysts updated their coverage on NetApp following the earnings report:

• Barclays analyst Tim Long maintained NetApp with an Equal-Weight and raised the price target from $69 to $80.
• Wells Fargo analyst Aaron Rakers maintained NetApp with an Equal-Weight and raised the price target from $72 to $86.
• Raymond James analyst Simon Leopold maintained NetApp with an Outperform and raised the price target from $80 to $83.
• Stifel analyst Matthew Sheerin maintained NetApp with a Buy and raised the price target from $85 to $90.
• Wedbush analyst Matt Bryson maintained NetApp with a Neutral and raised the price target from $75 to $85.
• Morgan Stanley analyst Meta Marshall maintained NetApp with an Equal-Weight and raised the price target from $74 to $84.

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NTAP Price Action: According to Benzinga Pro, NetApp shares are up 15% at $89.85 at the time of publication.

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