NetApp (NASDAQ:NTAP)
NetApp, Inc., an information technology services company yesterday reported their fiscla first quarter 2017 financial results. NetApp reported first quarter earnings of $0.46 per share which beat analyst expectations of $0.36 per share. NetApp reported first quarter revenues of $1.29 billion which beat analyst expectations of $1.26 billion.
NetApp, Inc. CEO’s Comments
We are pleased with our first quarter results. Our focus on disciplined execution of our strategy is yielding results and starting to change the trajectory of our business,” said George Kurian, chief executive officer. “We remain sharply focused on operating more efficiently while delivering market-leading innovations that are aligned to our customers’ business and IT transformation priorities. Globe Newswire
NTAP Technical Analysis
NTAP opened trading yesterday at $29.00, which was up from the previous days trading of $28.95. NTAP closed trading yesterday at $28.85 and spiked up after market to $31.00, equivalent to a 8% increase from the closing price. Taking a look at the daily chart we can see the last time NTAP traded above these levels was on December 8th, 2015 when it traded at $31.08. Taking a closer look at the daily chart we can see that NTAP had been in a upward trend dating back to June 27th when it traded at $22.96. NTAP has a float of 279.76 million shares and traded 1.27 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see NTAP open trading on Thursday above $30.25 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
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 was founded in 1992 and is headquartered in Sunnyvale, California.