NEW YORK (TheStreet) -- NetApp (NTAP) shares are down -1% to $33.90 in early market trading on Monday after being downgraded to "market perform" from "outperform" by analysts at Raymond James (RJF).
In separate news, Chairman Daniel Warmenhoven sold 41,763 shares of the company's stock on Thursday for about $1.5 million. Warmenhoven is set to retire and not seek reelection to the company's board after 20 years with the company according to a report by Techsonian.
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TheStreet Ratings team rates NETAPP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate NETAPP INC (NTAP) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins, notable return on equity, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: