NetApp Inc. (NTAP): Today's Featured Technology Laggard

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

NetApp ( NTAP) pushed the Technology sector lower today making it today's featured Technology laggard. The sector as a whole closed the day up 0.3%. By the end of trading, NetApp fell $0.78 (-2.0%) to $39.03 on heavy volume. Throughout the day, 7,841,772 shares of NetApp exchanged hands as compared to its average daily volume of 4,097,500 shares. The stock ranged in price between $38.55-$40.08 after having opened the day at $39.99 as compared to the previous trading day's close of $39.81. Other companies within the Technology sector that declined today were: xG Technology ( XGTI), down 26.7%, Dot Hill Systems Corporation ( HILL), down 14.1%, Orbit International ( ORBT), down 12.6% and Superconductor Technologies ( SCON), down 10.0%.

NetApp, Inc. engages in design, manufacture, and marketing of networked storage solutions. The company supplies enterprise storage and data management software and hardware products and services. NetApp has a market cap of $13.3 billion and is part of the computer hardware industry. Shares are down 2.3% year to date as of the close of trading on Wednesday. Currently there are 11 analysts that rate NetApp a buy, 2 analysts rate it a sell, and 12 rate it a hold.

TheStreet Ratings rates NetApp as a buy. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, notable return on equity and increase in stock price during the past year. We feel these strengths outweigh the fact that the company shows weak operating cash flow.

On the positive front, Pixelworks ( PXLW), up 87.5%, Digital Power Corporation ( DPW), up 41.7%, Sky-mobi ( MOBI), up 23.7% and Cyan ( CYNI), up 19.9% , were all gainers within the technology sector with SINA Corporation ( SINA) being today's featured technology sector leader.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the technology sector could consider Technology Select Sector SPDR ( XLK) while those bearish on the technology sector could consider ProShares Ultra Short Technology ( REW).

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

If you liked this article you might like

HPE's Meg Whitman Will Have to Answer Some Tough Questions on Tuesday

This Is Why Tech Stocks Are Heading Into the Weekend With a Nasty Hangover

These 4 Stocks Are Being Pummeled While the Market Is Tanking

Here the One Business That Could Fit 'Perfectly' Inside Meg Whitman's Overhauled Hewlett Packard