NetApp (NASDAQ:NTAP) Updates FY 2026 Earnings Guidance

NetApp (NASDAQ:NTAP) updated its FY 2026 earnings guidance on Thursday. The company provided earnings per share guidance of 7.920-8.020 for the period, compared to the consensus earnings per share estimate of 7.290. The company issued revenue guidance of $6.8 billion-$6.9 billion, compared to the consensus revenue estimate of $6.8 billion. NetApp also updated its Q4 2026 guidance to 2.210-2.310 EPS.

Wall Street Analyst Weigh In

Several research analysts have recently commented on NTAP shares. UBS Group boosted their target price on NetApp from $114.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, November 26th. The Goldman Sachs Group began coverage on NetApp in a research report on Tuesday, January 13th. They issued a “buy” rating and a $128.00 price objective for the company. Barclays increased their target price on NetApp from $125.00 to $134.00 and gave the stock an “overweight” rating in a report on Wednesday, November 26th. Oppenheimer reaffirmed a “market perform” rating on shares of NetApp in a report on Wednesday, November 26th. Finally, Citigroup decreased their price objective on shares of NetApp from $125.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $123.21.

NetApp Trading Down 2.7%

Shares of NTAP traded down $2.74 on Thursday, reaching $99.14. 3,815,472 shares of the company’s stock were exchanged, compared to its average volume of 2,508,811. The business has a 50 day moving average price of $103.62 and a two-hundred day moving average price of $111.40. NetApp has a 12 month low of $71.84 and a 12 month high of $126.66. The stock has a market capitalization of $19.64 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 3.46 and a beta of 1.38. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 2.52.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Thursday, February 26th. The data storage provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.05. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.70 billion. NetApp had a net margin of 17.73% and a return on equity of 121.28%. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $1.91 earnings per share. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. Research analysts anticipate that NetApp will post 5.89 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $103.45, for a total value of $103,450.00. Following the completion of the sale, the executive vice president owned 20,075 shares in the company, valued at approximately $2,076,758.75. This represents a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.28% of the company’s stock.

Key Stories Impacting NetApp

Here are the key news stories impacting NetApp this week:

• Positive Sentiment: Q3 beat and official materials: NetApp posted EPS of $2.12 vs. the consensus ~$2.07 and revenue ~$1.71B, narrowly ahead of estimates; the company filed the press release and slide deck with details. This is the immediate fundamental driver behind upside in expectations. View Press Release
• Positive Sentiment: Raised FY‑2026 and Q4 guidance: NetApp lifted FY EPS to $7.920–8.020 (consensus ~7.29) and issued Q4 EPS $2.21–2.31 (vs. ~2.08 est), with revenue bands modestly above/inline — a clear beat-and-raise signal for the year. View Slide Deck
• Neutral Sentiment: Contextual metrics and analyst notes: Zacks and other coverage break down key Q3 metrics vs. estimates and year-ago figures — useful for modeling but not market-moving by itself. Compared to Estimates, NetApp (NTAP) Q3 Earnings
• Neutral Sentiment: Strategic angle — AI-focused cloud subscriptions: Coverage is questioning whether NetApp’s pivot toward AI-focused cloud/subscriptions changes the investment case; this is strategic upside but with timing and margin conversion uncertainty. Is NetApp’s Shift Toward AI-Focused Cloud Subscriptions Altering The Investment Case For NetApp (NTAP)?
• Neutral Sentiment: Analyst tone mixed but not bearish: Wedbush reaffirmed a neutral rating with a $115 target (implies upside from current levels) and argued some pre-earnings pessimism was overdone — supports buy-side patience but not a strong catalyst. Wedbush neutral rating / commentary
• Negative Sentiment: Competitive/sector pressure: Comparative pieces highlight Seagate (STX) as capturing stronger AI-driven demand and momentum — an investor concern that NetApp may face tougher competitive and growth comparisons in storage/AI hardware spending cycles. Seagate vs. NetApp

Institutional Trading of NetApp

Hedge funds have recently added to or reduced their stakes in the business. DV Equities LLC acquired a new stake in shares of NetApp during the fourth quarter worth $30,000. Gen Wealth Partners Inc acquired a new position in NetApp during the 4th quarter worth approximately $30,000. Measured Wealth Private Client Group LLC bought a new position in shares of NetApp during the 3rd quarter worth approximately $35,000. Zions Bancorporation National Association UT raised its holdings in shares of NetApp by 99.5% in the fourth quarter. Zions Bancorporation National Association UT now owns 385 shares of the data storage provider’s stock valued at $41,000 after purchasing an additional 192 shares during the last quarter. Finally, Sunbelt Securities Inc. lifted its position in shares of NetApp by 92.8% in the third quarter. Sunbelt Securities Inc. now owns 480 shares of the data storage provider’s stock worth $57,000 after purchasing an additional 231 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.