NetApp Analysts Increase Their Forecasts After Upbeat Earnings

NetApp, Inc. NTAP reported better-than-expected third-quarter financial results on Thursday.

NetApp posted adjusted earnings of $1.94 per share, beating market estimates of $1.69 per share. The company’s quarterly sales came in at $1.61 billion, versus expectations of $1.591 billion, according to data from Benzinga Pro.

"In Q3, our focused execution and continued operational discipline delivered solid revenue growth and again yielded company all-time highs across key profitability metrics," said George Kurian, chief executive officer. "Our modern approach to unified data storage, spanning all-flash and cloud environments, is clearly resonating with customers. I am confident in our ability to capitalize on this momentum, as we address new market opportunities, extend our leadership position in existing markets, and deliver increasing value for all our stakeholders."

NetApp said it sees fourth-quarter adjusted earnings of $1.73 to $1.83 per share, versus estimates of $1.73 per share. The company expects net revenues of $1.585 billion to $1.735 billion versus expectations of $1.65 billion.

NetApp shares gained 1.2% to close at $89.12 on Thursday.

These analysts made changes to their price targets on NetApp after the company reported quarterly results.

• Barclays raised the price target on NetApp from $80 to $100. Barclays analyst Tim Long maintained an Equal-Weight rating.
• Evercore ISI Group boosted the price target on NetApp from $95 to $105. Evercore ISI Group analyst Amit Daryanani maintained an In-Line rating.
• TD Cowen increased the price target on NetApp from $100 to $120. TD Cowen analyst Krish Sankar maintained an Outperform rating.

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