Analysts are Downgrading These 5 Stocks

4. NetApp, Inc. (NASDAQ:NTAP)

Number of Hedge Fund Holders: 36

Shares of NetApp, Inc. (NASDAQ:NTAP) slipped more than two percent on Monday, September 19, 2022, after Susquehanna cut its ratings for the hybrid cloud data services company from “Positive” to “Neutral.”

Susquehanna analyst Mehdi Hosseini thinks the enterprise hardware sector will continue to underperform next year due to the absence of any growth catalyst. He expects cloud and IT spending to drop in 2023. Hosseini also cut his price target for NetApp, Inc. (NASDAQ:NTAP) from $100 per share to $75 per share.

NetApp, Inc. (NASDAQ:NTAP) shares were trading around $67.2 as of Monday morning. The stock has lost about 27 percent of its value on a year-to-date basis.