NEW YORK ( TheStreet) -- NetApp (Nasdaq: NTAP) hit a new 52-week high Wednesday as it traded at $59.81 compared with its previous 52-Week high of $59.79. NetApp is changing hands at $59.77 with 480,593 shares traded as of 10:07 a.m. ET. Average volume has been 5.4 million shares over the past 30 days. NetApp has a market cap of $21.2 billion and is part of the technology sector and computer hardware industry. Shares are up 7.9% year to date as of the close of trading on Tuesday.

NetApp, Inc. provides enterprise storage and data management software and hardware products and services in the United States and internationally. The company provides solutions for storing, managing, protecting, and archiving business data. The company has a P/E ratio of 39.1, equal to the average computer hardware industry P/E ratio and above the S&P 500 P/E ratio of 23.4.

TheStreet Ratings rates NetApp as a buy. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full NetApp Ratings Report.

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