NetApp, Inc. (NASDAQ: NTAP)
NetApp, Inc. (NTAP), a global software, systems, and services company yesterday reported their second quarter fiscal 2017 financial results. NetApp reported second quarter adjusted earnings of $0.60 per share which beat analyst expectations of $0.54 per share. NetApp reported second quarter revenues of $1.34 billion which fell short of analyst expectations of $1.35 billion.
NetApp, Inc. CEO’s Comments
“Our second quarter results are evidence of our ability to maintain a high level of execution while streamlining the business and pivoting to the growth areas of the market,” said George Kurian, chief executive officer. “Our market-leading innovations in flash, next-generation data centers and hybrid cloud, coupled with a sharp focus on operational discipline, position NetApp to lead in the digital era.” Globe Newswire
NTAP Technical Analysis
NTAP opened trading yesterday at $34.75 which was down from the previous day’s trading close of $34.87. NTAP closed trading yesterday at $34.73 and spiked up after market to $38.50, equivalent to a 11% increase from the closing price. Taking a look at the daily chart we can see that the last time NTAP traded below these levels we have to go back to March 5th when it traded $38.55. Taking a closer look at the daily chart we can see that before the spike up NTAP had already been in an overall upward trend dating back to June 27th when it traded at $22.96. NTAP has a float of 278.35 million shares and traded 1.09 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see NTAP open trading on Thursday above $37.25 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.35 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
NetApp, Inc. provides software, systems, and services to manage and store computer data worldwide. It offers all-flash arrays that support data management across flash, disk, and cloud resources; hybrid arrays to deploy the speed of flash storage; Data ONTAP storage operating system that delivers integrated data protection, comprehensive data management, and built-in software for virtualized, shared infrastructures, cloud computing, and mixed workload business applications; and SANtricity operating system, which provides performance, reliability, and data protection for application-driven workloads. The company also provides SolidFire element operating system optimized for the storage requirements of a data center; NetApp StorageGRID software that allows organizations to store and manage massive amounts of data on premises and in the cloud; and AltaVault cloud-integrated storage solutions and services, which provide the ability to backup data to any cloud. In addition, it offers integrated data protection solutions; OnCommand management software and management integration tools; FlexArray storage virtualization software; and NetApp private storage for cloud, a family of enterprise storage solutions. Further, the company offers software and hardware maintenance, professional, and customer education and training services, as well as support solutions. It serves energy, financial services, government, high technology, Internet, life sciences, healthcare services, manufacturing, media, entertainment, animation, video postproduction, and telecommunications sectors through a direct sales force and channel partners. The company has a partnership with DarkMatter to jointly develop and deliver secure data storage and big data analytics solutions. NetApp, Inc. was founded in 1992 and is headquartered in Sunnyvale, California. Yahoo Finance