By: Marc Sperling
And: Gary Smith and Jason Berger
Coming off an impressive quarter, enterprise storage and data management technology company NetApp Inc.’s market share has jumped to 11.1% from 8.8% moving ahead of competitors Hewlett-Packard and Dell. The stock has responded particularly well, up 10.4% year-to-date and making a new high of $39.41 on Friday. Despite NTAP’s recent strength, if there is continued downside pressure we believe that the stock will make a move back down to $34.00. This trade will require patience as it may take time to develop, but if the downside pressure continues look to get short in the $37.69 area with a target of $34.00.
