NetApp, Inc. (NTAP) is a global technology company headquartered in San Jose, California, that provides enterprise data storage systems, data management software, and cloud storage solutions. Valued at a market cap of $42.3 billion, NetApp helps organizations efficiently store, protect, and move data across on-premises systems and public cloud environments.
The software titan is scheduled to announce its fiscal 2027 Q2 earnings in the near future. Ahead of this event, analysts expect this company to report a profit of $2.13 per share, up 30.7% from $1.63 per share in the year-ago quarter. The company has surpassed Wall Street’s earnings estimates in each of the last four quarters.
For fiscal 2027, analysts expect NTAP to report a profit of $8.32 per share, up 28.8% from $6.46 per share in fiscal 2026. Furthermore, its EPS is expected to grow 9.3% year over year to $9.09 in fiscal 2028.
NetApp has surged 90.4% over the past 52 weeks, outperforming both the S&P 500 Index's ($SPX) 13% return and the Technology Select Sector SPDR Fund’s (XLK) 26.9% uptick over the same time frame.
NetApp shares rose 4% on Oct. 26 after Guggenheim initiated coverage with a “Neutral” rating, citing stronger-than-expected growth and earnings prospects driven by higher storage component costs and AI infrastructure demand. The firm forecasts fiscal 2027 revenue growth of 27%, above the 18% consensus, but expects growth to moderate to mid-single digits after fiscal 2028.
Earlier this month, NetApp shares jumped 6% on Oct. 2 after the company unveiled a new AI factory architecture at its Insight conference, launched Keystone Sovereign for regulated markets, and expanded partnerships with Oracle Corporation (ORCL) and Super Micro Computer, Inc. (SMCI). The announcements strengthened investor optimism about its AI storage growth prospects, prompting analysts to raise their price targets.
Wall Street analysts are moderately optimistic about NTAP’s stock, with an overall "Moderate Buy" rating. Among 21 analysts covering the stock, eight recommend "Strong Buy," and 13 suggest "Hold.” While the stock currently trades above the mean price target for NTAP, the Street-high target of $300 indicates a 25.1% potential upside from the current levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.