Needham & Company Remained Sidelined Following CFO Departure From NetApp (NTAP)

Needham & Company reiterated a Hold rating on NetApp (NASDAQ: NTAP) following the company's announced resignation of CFO, Nick Noviello. NTAP also announced the reorganization of its finance and operations divisions. Effective immediately, Mr. Noviello is leaving to pursue a management position at Blue Coat Systems.

Analyst Richard Kugele commented, "After the close, NTAP announced that CFO, Nick Noviello, had resigned to pursue another opportunity (later announced that he would join privately-held Blue Coat Systems). The company reiterated (once again) its F3Q guidance ranges, which had recently been reiterated on December 21st in conjunction with the SolidFire acquisition. We believe that given the challenges facing NTAP, and the significant changes that must occur within the company to meet those challenges, new leadership on the financial side to complement the new CEO might be beneficial. Until such changes result in an improved outlook or competitive position we remain on the sidelines. Maintain Hold."

For an analyst ratings summary and ratings history on NetApp click here. For more ratings news on NetApp click here.

Shares of NetApp closed at $24.69 yesterday.

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