NEW YORK (

TheStreet

) -

NetApp

(NTAP) - Get Report

was the worst-performing stock in the

S&P 500

Thursday morning.

The S&P 500 was up 4 points, or 0.32%, at 1323 in recent trades.

Shares of NetApp dropped 12.54% to $28.74. After Wednesday's closing bell, the storage and data management technology company reported non-GAAP fourth-quarter earnings of $252 million, or 66 cents a share, up from year-earlier earnings of $237 million, or 59 cents a share.

The latest quarter's performance was ahead of the average estimate of analysts polled by

Thomson Reuters

for earnings of 63 cents a share in the April-ended period.

But the company also forecast

non-GAAP earnings of 34 to 39 cents a share

for its fiscal first quarter, below Wall Street's current consensus estimate for a profit of 42 cents a share.

Shares of NetApp hit a 52-week low Thursday of $28.41. The stock's 52-week high of $56.49 was set on May 26.

NetApp's stock currently trades at an estimated price-to-earnings ratio for next year of 11.1 times; the average for computer hardware companies is 15.31X. For comparison,

Western Digital

(WDC) - Get Report

has a lower forward P/E of 3.6X.

Eighteen of the 33 analysts who cover NetApp rate it at hold; 15 analysts give the stock a buy rating.

The stock has dropped 20.37% year to date.

--

Written by Alexandra Zendrian in New York

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