NetApp (Nasdaq: NTAP) reported $158 million in fiscal third quarter profit on Wednesday, a 31 percent increase over its earnings performance a year ago.

Shares fluctuated Thursday on the news, dropping as low as $34 then rallying to $35.80 before dropping back deeper into negative territory.

NTAP finished the day up 4 cents at $35.86.

Shares closed at $35.82 Wednesday.

Analyst firm Piper Jaffray raised its share target price to $39 from $38 and maintained its “overweight” rating after the financial report.

The $158 million in net income, or 43 cents per share, compares to $120 million, or 32 cents per share for the same period a year ago.

The data storage equipment company generated $1.6 billion in revenue in the quarter, up 4.4 percent compared to last year. 

Sunnyvale, Calif.-based NetApp operates one of its largest sites in Research Triangle Park. 

The financial results were in line with the company’s previous guidance.

NetApp’s revenue in the first nine months of the 2013 fiscal year totaled $4.6 billion, slightly ahead of the $4.5 billion pace set in fiscal 2012. Net income for the first three fiscal quarters totaled $332 million compared to $425 million in the first nine months of the previous fiscal year. 

Separate from its financial performance, NetApp also announced that it has closed on an acquisition of ionGrid, a Mountain View, Calif. company. IonGrid offers a way for users to access large files from mobile devices.

Financial terms of the deal to acquire privately-held ionGrid were not disclosed. In a separate statement, ionGrid CEO Nick Triantos said that the company considered growth options that included raising venture capital but “we chose to become a part of NetApp because it would help us achieve our key milestones faster.”