Pacific Crest Downgrades ChannelAdvisor, Hewlett-Packard And NetApp

Pacific Crest cut ratings on a trio of technology companies Tuesday.

ChannelAdvisor Corp ECOM was downgraded from Outperform to Sector Perform and its $29 price target was removed after it reported disappointing preliminary results from Q4.

The stock was down 37.59 percent to $21.15 in Tuesday’s premarket.

Hewlett-Packard Company HPQ and NetApp Inc. NTAP were also downgraded from Outperform to Sector Perform.

Analyst Brent Bracelin felt HP and NetApp were facing increased competition with NetApp needing to make acquisitions to remain competitive.

Bracelin also noted that HP significantly outperformed in 2013 and 2014 and it may be worth revisiting the stock after it splits.

Hewlett-Packard closed Monday at $39.92, down 1.84 percent.

NetApp traded at $40.06 in Tuesday’s premarket, up 0.49 percent.