Why NetApp (NTAP) Stock Is Higher In After-Hours Trading Today

NEW YORK (TheStreet) -- Shares of NetApp Inc. (NTAP) are higher by 2.01% to $40.09 in after-hours trading on Wednesday, after the company reported an increase in GAAP net income for the first quarter of fiscal 2015 to $88 million, or 27 cents per share, compared to $82 million, or 23 cents per share for the year ago period.

The storage systems and data management solutions provider said net income on a non-GAAP basis grew to $198 million, or 60 cents per share for the most recent quarter, from the $192 million, or 53 cents per share posted for the fiscal 2014 first quarter.

However, NetApp said net revenue for the latest quarter declined to $1.49 billion from $1.51 billion for the same period last year. 

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE


Separately, 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 some important positives, 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 impressive record of earnings per share growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, notable return on equity and increase in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

You can view the full analysis from the report here: NTAP Ratings Report

NTAP Chart NTAP data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE

More from Markets

Apple and GE Switch Roles; Musk's Super Control of Tesla Explained -- ICYMI

Apple and GE Switch Roles; Musk's Super Control of Tesla Explained -- ICYMI

Trump May Be More to Blame For Higher Oil Prices Than OPEC

Trump May Be More to Blame For Higher Oil Prices Than OPEC

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric

Week Ahead: Major Earnings on Tap as Wall Street Readies for Geopolitical Moves

Week Ahead: Major Earnings on Tap as Wall Street Readies for Geopolitical Moves

3 Hot Reads From TheStreet's Top Premium Columnists

3 Hot Reads From TheStreet's Top Premium Columnists