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NAS:NTAP, Aug 20, 04:44 UTC

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Shareholder Alert: Robbins Arroyo LLP Announces NetApp, Inc. (NTAP) Sued for Misleading Shareholders

NTAP

Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of NetApp, Inc. (NTAP) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between May 22, 2019 and August 1, 2019. NetApp provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. If you suffered a loss as a result of NetApp's misconduct, click here. In June 2019, NetApp reaffirmed these results in its Form 10-K, despite also acknowledging risks that could affect its business, including that most of its revenues came from large, recurring purchases from clients and that any cancellations or delays in these purchases could negatively impact NetApp's revenues. However, what NetApp failed to disclose was that it was already experiencing material negative impacts on its revenue due to the company's inability to close large deals within the quarter. Then, on August 1, 2019, NetApp revealed the reality of its financial situation when it announced lowered than expected first quarter 2019 adjusted earnings and net revenue and lowered its first quarter 2020 net revenue from a range of $1.315 to $1.465 billion to a range of $1.22 to $1.23 billion and announced its 2020 net revenue was expected to decline between 5% to 10% year-over-year.

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NetApp (NASDAQ:NTAP) Rating Lowered to Neutral at Bank of America – Mayfield Recorder

NTAP

Finally, Citigroup downgraded shares of NetApp from a neutral rating to a sell rating and reduced their target price for the stock from $67.00 to $55.00 in a research note on Monday, July 8th. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the company. The company has a market cap of $11.10 billion, a P/E ratio of 11.63, a P/E/G ratio of 0.95 and a beta of 1.48. Amundi Pioneer Asset Management Inc. now owns 3,221,610 shares of the data storage provider’s stock valued at $878,488,000 after purchasing an additional 1,505,804 shares in the last quarter.

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Sunday, August 18


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As Netapp INC (NTAP) Stock Declined, Renaissance Group LLC Decreased by $24.04 Million Its Holding

NTAP

It improved, as 47 investors sold NTAP shares while 181 reduced holdings. 230.81 million shares or 0.67% less from 232.37 million shares in 2018Q4 were reported. Moreover, Icon Advisers Com has 0.11% invested in NetApp, Inc. (NASDAQ:NTAP) for 16,100 shares. More notable recent NetApp, Inc. (NASDAQ:NTAP) news were published by: Nasdaq.com which released: “S&P 500 Movers: NTAP, FTNT – Nasdaq” on August 02, 2019, also Nasdaq.com with their article: “Technology Sector Update for 08/02/2019: CLDR,SVMK,PINS,NTAP – Nasdaq” published on August 02, 2019, Nasdaq.com published: “Notable Friday Option Activity: NTAP, IBM, ALXN – Nasdaq” on August 02, 2019.

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NetApp (NASDAQ:NTAP) Earns “Buy” Rating from Goldman Sachs Group – Riverton Roll

NTAP GS

JPMorgan Chase & Co. raised their price target on shares of NetApp from $64.00 to $67.00 and gave the company a neutral rating in a research report on Tuesday, June 25th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The firm has a market cap of $11.10 billion, a PE ratio of 11.63, a P/E/G ratio of 0.95 and a beta of 1.48. Amundi Pioneer Asset Management Inc. now owns 3,221,610 shares of the data storage provider’s stock worth $878,488,000 after purchasing an additional 1,505,804 shares during the period.

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NetApp’s (NTAP) Equal Weight Rating Reiterated at Barclays – Sundance Herald

NTAP

Citigroup cut shares of NetApp from a neutral rating to a sell rating and dropped their price objective for the company from $67.00 to $55.00 in a report on Monday, July 8th. The stock presently has a consensus rating of Hold and an average price target of $59.52. In other NetApp news, SVP Matthew K. Fawcett sold 11,195 shares of the company’s stock in a transaction on Monday, June 3rd. Marshall Wace North America L.P. now owns 119,994 shares of the data storage provider’s stock worth $8,321,000 after buying an additional 103,545 shares during the last quarter.

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Saturday, August 17


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NetApp (NASDAQ:NTAP) Rating Lowered to Neutral at Bank of America – Sundance Herald

NTAP

Lake Street Capital downgraded shares of NetApp from a buy rating to a hold rating and decreased their target price for the company from $69.00 to $65.00 in a research note on Thursday, May 23rd. The firm has a market capitalization of $11.23 billion, a P/E ratio of 11.63, a PEG ratio of 0.96 and a beta of 1.48. In other NetApp news, SVP Matthew K. Fawcett sold 38,195 shares of the stock in a transaction on Friday, June 21st. Amundi Pioneer Asset Management Inc. now owns 3,221,610 shares of the data storage provider’s stock worth $878,488,000 after acquiring an additional 1,505,804 shares during the period. Anderson Fisher LLC increased its holdings in shares of NetApp by 239.0% in the 2nd quarter. Anderson Fisher LLC now owns 922 shares of the data storage provider’s stock worth $57,000 after acquiring an additional 650 shares during the period.

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Friday, August 16


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LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In NetApp, Inc. To Contact The Firm

NTAP

NEW YORK, Aug. 16, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in NetApp, Inc. ("NetApp" or the "Company") (NTAP) of the October 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. If you invested in NetApp stock or options between May 22, 2019 and August 1, 2019and would like to discuss your legal rights, click here:www.faruqilaw.com/NTAP. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail torgonnello@faruqilaw.com. Specifically, Defendants failed to disclose to investors: (1) that the Company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) that, as a result, the Company's revenue would be materially impacted; (3) that, as a result, the Company would lower its fiscal 2020 guidance; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. On August 1, 2019, after the market closed, the Company reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, below the average estimate of $1.39 billion.

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IMPORTANT INVESTOR ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against NetApp, Inc. and Encourages Investors with Losses to Contact the Firm

NTAP

LOS ANGELES, CA / ACCESSWIRE / August 16, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against NetApp, Inc. (“NetApp” or “the Company”) (NASDAQ:NTAP) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company's shares between May 22, 2019 and August 1, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before October 14, 2019. If you are a shareholder who suffered a loss, click here to participate. We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

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SHAREHOLDER ACTION NOTICE: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against NetApp, Inc. and Encourages Investors with Losses to Contact the Firm

NTAP

LOS ANGELES, CA / ACCESSWIRE / August 15, 2019 /The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against NetApp, Inc. (“NetApp” or “the Company”) (NASDAQ:NTAP) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company's shares between May 22, 2019 and August 1, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before October 14, 2019. If you are a shareholder who suffered a loss, click here to participate. We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

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Thursday, August 15


News

NetApp CEO Acknowledges 'Disappointing' Revenue, Analysts Remain On The Sidelines

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NetApp CEO Acknowledges 'Disappointing' Revenue, Analysts Remain On The Sidelines. NetApp Inc. (NASDAQ: NTAP) reported fiscal first-quarter results, which beat analyst expectations but NetApp CEO George Kurian acknowledged he's disappointed with the revenue performance -- a sentiment shared by some Street analysts. Wells Fargo analyst Aaron Rakers maintains a Market Perform rating on NetApp with a price target lowered from $53 to $50. NetApp's quarter saw a high-teens decline in all-flash array revenue, which Huberty said is likely "meaningfully worse" compared to the overall market in the July-ending quarter.

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