Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – Network storage technology firm NetApp (Nasdaq: NTAP) beat Wall Street expectations for earnings by 3 cents a share in its quarterly financial report Wednesday after the markets closed.

NetApp, which maintains a major campus in Research Triangle Park and is based in Sunnyvale, Calif., reported revenues of $1.14 billion, which slightly topped Street expectations, and a profit of 49-cents a share after one-time expenses.

The report led analyst firm Jefferies & Co. to increase its target stock price for NetApp to $39 from $34. It rates the stock as a “hold.”

“NetApp is executing well with its new product cycles and gaining share,” Jefferies & Co. said in a note, according to International Business Times. “Strong revenue growth from improving demand environment will likely help sustain operating margin above 18 percent long-term target. Maintain Hold and look for better entry point.”

NetApp said earnings were $183 million, up from $76 million a year ago.

"With total revenue growth for the quarter of 36 percent and product revenue growth of 51 percent year over year, NetApp has begun our fiscal year with great momentum," said Chief Executive Officer Tom Georgens. "The NetApp value proposition allows customers to implement more flexible and efficient storage infrastructures at a lower cost. Our results indicate we are achieving clear customer preference as IT organizations transform their data centers."

For the full financial report,

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