NetApp Shares Sink on Weak Earnings & Analyst Downgrades

Shares of data software company NetApp (NTAP) ended Thursday's trading day down 10 percent, making it TheStreet's Move of the Day. The stock plummeted after reporting disappointing fiscal 2015 fourth-quarter results on Wednesday. Non-GAAP earnings per share came in at 65 cents, falling short of the 84 cents earned during the same quarter last year. The company reported full-year net revenue of $6.12 billion for its fiscal 2015, which ended April 24, 2015. 'We are not satisfied with our fourth-quarter results and are taking concrete action to transition NetApp for the next phase of growth,' said Tom Georgens, Chairman & CEO of NetApp. Shares of NetApp ended Thursday's trading day at $31.75 per share and lost 23 percent since the start of the year. Over the past twelve months, the stock dipped almost 6 percent.