RBC Capital Downgrades NetApp (NTAP) to Sector Perform; SolidFire Acquisition Makes Takeout Unlikely
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Raymond James Maintains Market Perform on NetApp (NTAP) Following Announced SolidFire Acquisition
December 22, 2015 8:57 AM ESTRaymond James reiterated a Market Perform rating on NetApp (NASDAQ: NTAP), following the company's announced acquisition of SolidFire for $870 million in cash. For FY17, management expects minimal revenue contribution and $0.25 to $0.30 of EPS dilution, but expects SolidFire to add 2% to its long-term revenue growth rate.
Analyst Brian Alexander commented, "Today after market close NetApp announced its acquisition of SolidFire for $870 million in cash. Management expects the deal to close in... More
NetApp (NTAP)/SolidFire, Better Late Than Never, Baird Says; PT Down to $35
December 22, 2015 7:35 AM ESTBaird analyst, Jayson Noland, cut his price target on NetApp (NASDAQ: NTAP) to $35 from $40 after announcing the SolidFire acquisition on the near term earnings impact from the acquisition. The analyst has been negative on NTAP but is warming to the story demand has noticeably improved with the introduction of the cTAP transition program and consolidation... More
Susquehanna Cuts Price Target on NetApp (NTAP) Following Announced SolidFire Acquisition
December 22, 2015 7:11 AM ESTSusquehanna maintained a Neutral rating on NetApp (NASDAQ: NTAP), and cut the price target to $31.00 (from $32.00), following the company's announced acquisition of SolidFire. Susquehanna sees the acquisition to be an intriguing addition to NTAP's existing portfolio. However, given that NTAP already possesses two other All-Flash Array (AFA) products, the AFF and EF-Series, the company plans to utilize SolidFire as yet another tier of AFA systems, not as a replacement of AFF and... More
NetApp (NTAP) to Acquire SolidFire in $870M Cash Deal
December 21, 2015 4:01 PM ESTNetApp, Inc. (NASDAQ: NTAP) announced it has entered into a definitive agreement to acquire SolidFire for $870 million in cash. Founded in 2010, SolidFire is a market leader in all-flash storage systems built for the next-generation data center where simple scaling, set-and-forget management, assured performance and multi-tenancy, and cloud economic models are driving new market growth.
"This acquisition will benefit current and future customers looking to gain the benefits of webscale cloud providers for their own data centers," said George Kurian, chief executive officer of NetApp. "SolidFire combines the performance and economics of all-flash storage with a... More
