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The Sunnyvale, Calif.-based maker of data storage systems announced that its board approved the buyback of up to $1 billion in common stock. This comes in addition to the $96.3 million remaining from their previous repurchase plans. As of July 25, 2008 the company had about 327 million outstanding shares.

On August 13, 2008 NetApp reported strong first quarter results with revenues surging 26% to $869 million. The company earned $37.7 million, or 11 cents a share, up from $34.3 million, or 9 cents a share earned in the year earlier period.

Despite sluggish macroeconomic conditions, the company expects increasing business in storage infrastructures in the upcoming quarters. In the second quarter NetApp anticipates revenue in the
range of $910 million to $940 million and it expects to earn 16 cents to 19 cents a share.

"Our new fiscal year got off to a good start, and our efforts to increase awareness and sales capacity in order to secure new customers are delivering results," said Dan Warmenhoven, chairman and
CEO. "Despite economic uncertainty, customers have continued to expand and evolve their storage infrastructure and are looking to NetApp to help them reduce costs and enable new capabilities."

Needham analyst Glenn Hanus has a buy rating and $30 target price for NetApp noting the healthy quarter and new buyback. He said, "NTAP is executing well and remains an exceptionally strong and well managed company. We generally view any substantial pullbacks as buying opportunities."

The Sunnyvale, Calif.-based maker of data storage systems announced that its board approved the buyback of up to $1 billion in common stock. This comes in addition to the $96.3 million remaining from their previous repurchase plans. As of July 25, 2008 the company had about 327 million outstanding shares.

On August 13, 2008 NetApp reported strong first quarter results with revenues surging 26% to $869 million. The company earned $37.7 million, or 11 cents a share, up from $34.3 million, or 9 cents a share earned in the year earlier period.

Despite sluggish macroeconomic conditions, the company expects increasing business in storage infrastructures in the upcoming quarters. In the second quarter NetApp anticipates revenue in the
range of $910 million to $940 million and it expects to earn 16 cents to 19 cents a share.

"Our new fiscal year got off to a good start, and our efforts to increase awareness and sales capacity in order to secure new customers are delivering results," said Dan Warmenhoven, chairman and
CEO. "Despite economic uncertainty, customers have continued to expand and evolve their storage infrastructure and are looking to NetApp to help them reduce costs and enable new capabilities."

Needham analyst Glenn Hanus has a buy rating and $30 target price for NetApp noting the healthy quarter and new buyback. He said, "NTAP is executing well and remains an exceptionally strong and well managed company. We generally view any substantial pullbacks as buying opportunities."

$130,000 avearge annual pay

He also likes Network Appliance (NTAP), an enterprise-storage play that has endured a similar period of doubt after comments on enterprise demand.

Network Appliance (NTAP) was upgraded from Underperform to Peer Perform, Bear Stearns said. Company posted a strong quarter. Estimates also raised, and the risk/reward looks more balanced at current levels.

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Network Appliance recently announced a $1 billion dollar buyback.

The maker of data storage devices posted first-quarter results that topped Wall Street's forecast last week. The company posted adjusted earnings of $76 million, or 20 cents a share, on revenue of $689 million. Analysts polled by Thomson Financial expected earnings of 19 cents a share.

The stock has a PE of 17.

loser

FRIEND TOLD ME TO SELL.
STOCK WENT WAY UP.

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