Intrinsic value of NetApp - NTAP

Previous Close

$58.54

  Intrinsic Value

$23.07

stock screener

  Rating & Target

str. sell

-61%

Previous close

$58.54

 
Intrinsic value

$23.07

 
Up/down potential

-61%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of NTAP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of NetApp (NTAP) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.49
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  5,519
  5,856
  6,206
  6,572
  6,953
  7,351
  7,766
  8,200
  8,653
  9,127
  9,622
  10,140
  10,682
  11,250
  11,844
  12,466
  13,117
  13,800
  14,515
  15,265
  16,051
  16,875
  17,739
  18,645
  19,595
  20,592
  21,638
  22,735
  23,887
  25,095
  26,362
Variable operating expenses, $m
 
  5,476
  5,794
  6,126
  6,472
  6,832
  7,209
  7,602
  8,013
  8,442
  8,891
  9,192
  9,683
  10,198
  10,736
  11,300
  11,890
  12,509
  13,158
  13,837
  14,550
  15,297
  16,080
  16,901
  17,763
  18,666
  19,615
  20,609
  21,653
  22,748
  23,897
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,854
  5,476
  5,794
  6,126
  6,472
  6,832
  7,209
  7,602
  8,013
  8,442
  8,891
  9,192
  9,683
  10,198
  10,736
  11,300
  11,890
  12,509
  13,158
  13,837
  14,550
  15,297
  16,080
  16,901
  17,763
  18,666
  19,615
  20,609
  21,653
  22,748
  23,897
Operating income, $m
  665
  379
  412
  446
  482
  519
  558
  598
  641
  685
  731
  948
  999
  1,052
  1,108
  1,166
  1,227
  1,290
  1,357
  1,427
  1,501
  1,578
  1,659
  1,744
  1,832
  1,926
  2,023
  2,126
  2,234
  2,347
  2,465
EBITDA, $m
  891
  638
  676
  716
  757
  801
  846
  893
  943
  994
  1,048
  1,105
  1,164
  1,225
  1,290
  1,358
  1,429
  1,503
  1,581
  1,663
  1,748
  1,838
  1,932
  2,031
  2,134
  2,243
  2,357
  2,477
  2,602
  2,734
  2,872
Interest expense (income), $m
  102
  35
  -17
  -4
  8
  22
  36
  50
  66
  81
  98
  115
  134
  153
  172
  193
  215
  238
  262
  287
  313
  341
  370
  400
  432
  465
  500
  536
  575
  615
  658
Earnings before tax, $m
  665
  344
  429
  451
  473
  497
  522
  548
  575
  604
  633
  833
  865
  899
  935
  972
  1,012
  1,053
  1,096
  1,141
  1,188
  1,237
  1,289
  1,344
  1,401
  1,461
  1,524
  1,590
  1,659
  1,731
  1,808
Tax expense, $m
  156
  93
  116
  122
  128
  134
  141
  148
  155
  163
  171
  225
  234
  243
  252
  263
  273
  284
  296
  308
  321
  334
  348
  363
  378
  394
  411
  429
  448
  467
  488
Net income, $m
  509
  251
  313
  329
  346
  363
  381
  400
  420
  441
  462
  608
  632
  657
  683
  710
  738
  768
  800
  833
  867
  903
  941
  981
  1,023
  1,066
  1,112
  1,160
  1,211
  1,264
  1,320

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,921
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,493
  4,851
  5,142
  5,445
  5,761
  6,090
  6,435
  6,794
  7,169
  7,562
  7,972
  8,401
  8,850
  9,320
  9,812
  10,328
  10,867
  11,433
  12,026
  12,647
  13,298
  13,981
  14,696
  15,447
  16,235
  17,061
  17,927
  18,836
  19,790
  20,791
  21,841
Adjusted assets (=assets-cash), $m
  4,572
  4,851
  5,142
  5,445
  5,761
  6,090
  6,435
  6,794
  7,169
  7,562
  7,972
  8,401
  8,850
  9,320
  9,812
  10,328
  10,867
  11,433
  12,026
  12,647
  13,298
  13,981
  14,696
  15,447
  16,235
  17,061
  17,927
  18,836
  19,790
  20,791
  21,841
Revenue / Adjusted assets
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
Average production assets, $m
  1,024
  1,083
  1,148
  1,216
  1,286
  1,360
  1,437
  1,517
  1,601
  1,688
  1,780
  1,876
  1,976
  2,081
  2,191
  2,306
  2,427
  2,553
  2,685
  2,824
  2,969
  3,122
  3,282
  3,449
  3,625
  3,810
  4,003
  4,206
  4,419
  4,642
  4,877
Working capital, $m
  2,076
  -1,692
  -1,794
  -1,899
  -2,010
  -2,124
  -2,245
  -2,370
  -2,501
  -2,638
  -2,781
  -2,931
  -3,087
  -3,251
  -3,423
  -3,603
  -3,791
  -3,988
  -4,195
  -4,411
  -4,639
  -4,877
  -5,126
  -5,388
  -5,663
  -5,951
  -6,253
  -6,570
  -6,903
  -7,252
  -7,619
Total debt, $m
  1,993
  -354
  -92
  180
  465
  761
  1,071
  1,394
  1,732
  2,086
  2,455
  2,841
  3,245
  3,668
  4,111
  4,575
  5,061
  5,570
  6,103
  6,662
  7,248
  7,862
  8,507
  9,182
  9,891
  10,634
  11,414
  12,233
  13,091
  13,992
  14,937
Total liabilities, $m
  6,713
  4,366
  4,628
  4,900
  5,185
  5,481
  5,791
  6,114
  6,452
  6,806
  7,175
  7,561
  7,965
  8,388
  8,831
  9,295
  9,781
  10,290
  10,823
  11,382
  11,968
  12,582
  13,227
  13,902
  14,611
  15,354
  16,134
  16,953
  17,811
  18,712
  19,657
Total equity, $m
  2,780
  485
  514
  544
  576
  609
  643
  679
  717
  756
  797
  840
  885
  932
  981
  1,033
  1,087
  1,143
  1,203
  1,265
  1,330
  1,398
  1,470
  1,545
  1,623
  1,706
  1,793
  1,884
  1,979
  2,079
  2,184
Total liabilities and equity, $m
  9,493
  4,851
  5,142
  5,444
  5,761
  6,090
  6,434
  6,793
  7,169
  7,562
  7,972
  8,401
  8,850
  9,320
  9,812
  10,328
  10,868
  11,433
  12,026
  12,647
  13,298
  13,980
  14,697
  15,447
  16,234
  17,060
  17,927
  18,837
  19,790
  20,791
  21,841
Debt-to-equity ratio
  0.717
  -0.730
  -0.180
  0.330
  0.810
  1.250
  1.660
  2.050
  2.420
  2.760
  3.080
  3.380
  3.670
  3.940
  4.190
  4.430
  4.660
  4.870
  5.080
  5.270
  5.450
  5.620
  5.790
  5.940
  6.090
  6.230
  6.370
  6.490
  6.610
  6.730
  6.840
Adjusted equity ratio
  -0.359
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  509
  251
  313
  329
  346
  363
  381
  400
  420
  441
  462
  608
  632
  657
  683
  710
  738
  768
  800
  833
  867
  903
  941
  981
  1,023
  1,066
  1,112
  1,160
  1,211
  1,264
  1,320
Depreciation, amort., depletion, $m
  226
  259
  264
  270
  276
  282
  288
  295
  302
  309
  317
  156
  165
  173
  183
  192
  202
  213
  224
  235
  247
  260
  273
  287
  302
  317
  334
  351
  368
  387
  406
Funds from operations, $m
  968
  510
  577
  599
  621
  645
  669
  695
  722
  750
  779
  764
  796
  830
  865
  902
  941
  981
  1,024
  1,068
  1,115
  1,163
  1,215
  1,268
  1,325
  1,384
  1,446
  1,511
  1,579
  1,651
  1,726
Change in working capital, $m
  -18
  -97
  -101
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -207
  -217
  -227
  -238
  -250
  -262
  -275
  -288
  -302
  -317
  -333
  -349
  -366
Cash from operations, $m
  986
  607
  678
  704
  731
  760
  789
  820
  853
  887
  922
  914
  953
  994
  1,037
  1,082
  1,129
  1,178
  1,230
  1,285
  1,342
  1,402
  1,464
  1,530
  1,599
  1,672
  1,748
  1,828
  1,912
  2,000
  2,092
Maintenance CAPEX, $m
  0
  -85
  -90
  -96
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -148
  -156
  -165
  -173
  -183
  -192
  -202
  -213
  -224
  -235
  -247
  -260
  -273
  -287
  -302
  -317
  -334
  -351
  -368
  -387
New CAPEX, $m
  -175
  -60
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -152
  -160
  -168
  -176
  -184
  -193
  -203
  -213
  -223
  -235
Cash from investing activities, $m
  -220
  -145
  -155
  -164
  -172
  -181
  -190
  -200
  -210
  -221
  -233
  -244
  -256
  -270
  -283
  -298
  -313
  -328
  -345
  -363
  -380
  -399
  -420
  -441
  -463
  -486
  -510
  -537
  -564
  -591
  -622
Free cash flow, $m
  766
  462
  523
  541
  559
  579
  599
  620
  642
  666
  690
  670
  696
  724
  754
  784
  816
  850
  885
  922
  961
  1,002
  1,044
  1,089
  1,136
  1,185
  1,237
  1,291
  1,348
  1,408
  1,471
Issuance/(repayment) of debt, $m
  -351
  -1,098
  262
  273
  284
  297
  310
  323
  338
  353
  369
  386
  404
  423
  443
  464
  486
  509
  533
  559
  586
  614
  644
  676
  709
  743
  780
  818
  858
  901
  945
Issuance/(repurchase) of shares, $m
  -613
  1,126
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -971
  28
  262
  273
  284
  297
  310
  323
  338
  353
  369
  386
  404
  423
  443
  464
  486
  509
  533
  559
  586
  614
  644
  676
  709
  743
  780
  818
  858
  901
  945
Total cash flow (excl. dividends), $m
  -216
  490
  785
  814
  844
  876
  909
  944
  980
  1,019
  1,059
  1,056
  1,101
  1,147
  1,196
  1,248
  1,302
  1,359
  1,419
  1,481
  1,547
  1,616
  1,689
  1,765
  1,845
  1,929
  2,017
  2,110
  2,207
  2,309
  2,416
Retained Cash Flow (-), $m
  101
  -1,377
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
Prev. year cash balance distribution, $m
 
  3,672
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,785
  756
  783
  812
  843
  874
  908
  943
  980
  1,018
  1,013
  1,056
  1,100
  1,147
  1,196
  1,248
  1,302
  1,359
  1,419
  1,482
  1,548
  1,617
  1,690
  1,766
  1,846
  1,930
  2,019
  2,111
  2,209
  2,311
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,670
  692
  682
  669
  653
  635
  613
  589
  563
  534
  481
  451
  418
  385
  351
  317
  283
  250
  218
  188
  160
  134
  111
  90
  72
  56
  43
  33
  24
  17
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

NetApp, Inc. (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models. Its data management and storage offerings help manage business productivity, performance and profitability, while providing investment protection and asset utilization. The Company's FlexPod portfolio includes FlexPod Datacenter for core enterprise data centers and service providers, FlexPod Express for medium-sized businesses and branch offices, and FlexPod Select for data-intensive workloads. The portfolio is validated with hypervisors, operating systems, systems management tools and cloud management platforms.

FINANCIAL RATIOS  of  NetApp (NTAP)

Valuation Ratios
P/E Ratio 30.9
Price to Sales 2.9
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.4%
Cap. Spend. - 3 Yr. Gr. Rate -4.6%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 26.8%
Total Debt to Equity 71.7%
Interest Coverage 8
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 18%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 61.4%
Gross Margin - 3 Yr. Avg. 61.6%
EBITDA Margin 18%
EBITDA Margin - 3 Yr. Avg. 15.7%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 10%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 10%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 23.5%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 40.9%

NTAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTAP stock intrinsic value calculation we used $5519 million for the last fiscal year's total revenue generated by NetApp. The default revenue input number comes from 2017 income statement of NetApp. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NTAP stock valuation model: a) initial revenue growth rate of 6.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for NTAP is calculated based on our internal credit rating of NetApp, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of NetApp.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NTAP stock the variable cost ratio is equal to 93.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NTAP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for NetApp.

Corporate tax rate of 27% is the nominal tax rate for NetApp. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NTAP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NTAP are equal to 18.5%.

Life of production assets of 12 years is the average useful life of capital assets used in NetApp operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NTAP is equal to -28.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2780 million for NetApp - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 269.161 million for NetApp is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of NetApp at the current share price and the inputted number of shares is $15.8 billion.

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COMPANY NEWS

▶ Buy The Dip In NetApp, Analyst Says   [12:13PM  Benzinga]
▶ What Happened in the Stock Market Today   [Feb-15-18 05:11PM  Motley Fool]
▶ NetApp Shares Fall As Earnings Outlook Suggests Some Weakness   [04:41PM  Investor's Business Daily]
▶ Cisco Systems and Teva jump while NetApp slumps   [04:39PM  Associated Press]
▶ Why NetApp Inc. Shares Fell 14.2% Today   [11:34AM  Motley Fool]
▶ NetApp Quarterly Earnings, Outlook Beat Estimates   [04:44PM  Investor's Business Daily]
▶ NetApp reports 3Q loss   [04:21PM  Associated Press]
▶ NetApp Q3 Earnings Preview   [09:56AM  Benzinga]
▶ What To Expect When NetApp Reports Quarterly Results   [Feb-13-18 04:12PM  Investor's Business Daily]
▶ Top China Internets, IBD 50 Stocks, Hotels Lead Investing Action Plan   [Feb-09-18 04:07PM  Investor's Business Daily]
▶ Top Stock Reports for Nike, Oracle & Boeing   [Jan-22-18 02:40PM  Zacks]
▶ What Analysts Expect from Seagate in Fiscal 2Q18   [Jan-12-18 12:35PM  Market Realist]
▶ Behind NetApps Performance in 2017   [09:40AM  Market Realist]
▶ What the Tax Cuts Mean for Apple, Cisco and Silicon Valley   [Dec-24-17 09:00AM  TheStreet.com]
▶ Is NetApp Trading at a Discount to Analyst Estimates?   [Dec-21-17 10:31AM  Market Realist]
▶ NetApps Efforts to Improve Shareholder Value   [09:01AM  Market Realist]
▶ NetApps Important Metrics in Fiscal 2Q18   [Dec-20-17 06:00PM  Market Realist]
▶ Long-Term Growth Drivers for NetApp   [02:56PM  Market Realist]
▶ 5 Tech Stocks That Crushed the Nasdaq in 2017   [Dec-14-17 09:35AM  Zacks]
▶ Wall Street still likes tech stocks: NYSE trader   [Dec-13-17 01:24PM  Yahoo Finance Video]
▶ NetApp Honors Partners at U.S. Public Sector Partner Summit   [Dec-06-17 07:55PM  GlobeNewswire]
▶ Why NetApp Shares Rose after Fiscal 2Q18 Results   [Dec-04-17 03:01PM  Market Realist]
▶ These Factors Are Affecting Seagates Capital Returns   [Nov-28-17 07:32AM  Market Realist]
▶ How Do NetApps Capital Returns Look?   [Nov-27-17 11:30AM  Market Realist]
▶ Is NetApp Meeting Expectations?   [09:56AM  Market Realist]
▶ FCC working to eliminate Net Neutrality   [11:08AM  Yahoo Finance Video]
▶ Company News For Nov 17, 2017   [Nov-17-17 10:12AM  Zacks]
▶ NetApp: S&P 500s Top Gainer on November 16   [09:55AM  Market Realist]
▶ The Hot Stock: NetApp Soars   [Nov-16-17 04:55PM  Barrons.com]
Financial statements of NTAP
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