Enterprise-tech companies’ stocks were slammed in after-hours trading Thursday, after NetApp NTAP, -18.14% surprised investors with a warning that its fiscal first-quarter earnings would come in below its previous forecast, with a revenue shortfall ranging from about $100 million to $250 million.
“Our outlook is really determined on the discussions that we have with our largest global accounts,” NetApp Chief Executive George Kurian said in a surprise conference call after the warning. “I think, if you looked at other players in the IT hardware segment that reported — like Intel INTC, -0.99% , for example, or IBM IBM, -0.52% — they had, you know, pretty tough comments about the spending landscape.”
AVERAGE ANALYSTS PRICE TARGET $70
AVERAGE ANALYSTS RECOMMENDATION OVERWEIGHT
P/E RATIO 12.4
SHORT INTEREST 6.4%
COMPANY PROFILE
NetApp, Inc. engages in the design, manufacture, marketing, and technical support of storage and data management solutions. It offers cloud data services, data storage software, data backup and recovery, all-flash storage, converged systems, data infrastructure management, ONTAP data security, and hybrid flash storage. The company was founded by David Hitz, James K. Lau and Michael Malcolm in April 1992 and is headquartered in Sunnyvale, CA.
“Our outlook is really determined on the discussions that we have with our largest global accounts,” NetApp Chief Executive George Kurian said in a surprise conference call after the warning. “I think, if you looked at other players in the IT hardware segment that reported — like Intel INTC, -0.99% , for example, or IBM IBM, -0.52% — they had, you know, pretty tough comments about the spending landscape.”
AVERAGE ANALYSTS PRICE TARGET $70
AVERAGE ANALYSTS RECOMMENDATION OVERWEIGHT
P/E RATIO 12.4
SHORT INTEREST 6.4%
COMPANY PROFILE
NetApp, Inc. engages in the design, manufacture, marketing, and technical support of storage and data management solutions. It offers cloud data services, data storage software, data backup and recovery, all-flash storage, converged systems, data infrastructure management, ONTAP data security, and hybrid flash storage. The company was founded by David Hitz, James K. Lau and Michael Malcolm in April 1992 and is headquartered in Sunnyvale, CA.