Argus downgraded NetApp (NASDAQ: NTAP) from Buy to Hold.

"Our downgrade is based on the deteriorating performance of the company’s branded business, which accounts for more than 90% of sales," the analyst said.

"In a troubling sign, NetApp called out its linchpin technology, Clustered Data ONTAP, as a source of disruption within its own pipeline of direct and indirect sales to existing customers," the firm added.

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 $31.77 yesterday.

Analyst Comments Downgrades

NetApp's (NTAP) Price Target Reduced to $33 at FBNMay 21, 2015 11:37 AM Jefferies Maintains Hold Rating on NetApp (NTAP) Following 4Q Results and 1Q Guidance May 21, 2015 10:00 AM Piper Jaffray Remains Neutral on NetApp (NTAP) Following Second Consecutive MissMay 21, 2015 9:10 AM Cantor Fitzgerald Downgrades NetApp (NTAP) to Hold; Secular Challenge and Execution IssuesMay 21, 2015 7:53 AM NetApp (NTAP) Competitors to Benefit from Company Woes, Needham & Company SaysMay 21, 2015 7:43 AM Needham & Company Downgrades NetApp (NTAP) to Hold Post Q4; 'Worst Conference Calls in Years'May 21, 2015 7:38 AM Summit Research Downgrades NetApp (NTAP) to HoldMay 21, 2015 6:58 AM JPMorgan Downgrades NetApp (NTAP) to UnderweightMay 21, 2015 6:40 AM NetApp (NTAP) Misses Q4 EPS by 7c, Q1 Guidance MissesMay 20, 2015 4:11 PM NetApp Reports Fourth Quarter and Fiscal Year 2015 ResultsMay 20, 2015 4:08 PM