Execution Issues Hamper NetApp's 4Q; Growth Headwinds Expected; Lowering FVE to $51
No-moat NetApp's revenue, operating margin, and earnings missed our expectations for its fourth quarter and next quarter revenue is expected to decline year over year. Sales declined by 3% year over year while GAAP gross margin expanded by 190 basis points to 64.4% and GAAP operating margin grew by 426 basis points to 23.2%. NetApp was hindered by sales and marketing execution issues, a poor job of capturing renewals, and the OEM business declining significantly. We decreased our growth expectat...NetApp is the data authority for the hybrid cloud. The company's product, services and solutions portfolio include: cloud data services, which include the NetApp Data Fabric, which manages, secures, and protects the data of its customers from on-premises to public to hybrid cloud; cloud infrastructure, which helps customers build cloud-architected data centers; storage systems and software, which enables customers to modernize their IT architectures with cloud-connected flash to free the resources necessary; and support services, which enable a portfolio of technical services including independent support services, support account managers, residency services, and managed services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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