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Downgrade Alert for NetApp (NTAP)

By James Quinn

NetApp (NASDAQ:NTAP) was downgraded from Hold to Sell at Deutsche Bank today. The stock closed yesterday at $35.18 on volume of 3.3 million shares, above average daily volume of 2.8 million.

In the past 52 weeks, NetApp share prices have been bracketed by a low of $20.66 and a high of $36.98 and closed yesterday at $35.18, 70% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.5%.

NetApp, Inc. provides storage and data management solutions. The Company's storage solutions include specialized hardware, software, and services that provide storage management for open network environments. NetApp serves enterprises, government agencies, and universities worldwide.

NetApp (NASDAQ:NTAP) is currently priced 4.3% above its average consensus analyst price target of $33.65. NetApp shares have support at the 200-day moving average (MA) of $28.21 and additional support at the 50-day MA of $25.61.

SmarTrend recommended that subscribers consider buying shares of NetApp on May 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.81. Since that recommendation, shares of NetApp have risen 38.2%. We continue to monitor NTAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades NetApp

Ticker(s): NTAP