NetApp, IncNasdaq: NTAP
Information Technology · Technology Hardware, Storage & Peripherals
$112.01
+1.12%
Vol: 775K
Research Digest
Friday, May 1, 2026
NetApp wins Google Cloud partner award; strengthens AI-driven storage collaboration
NetApp deepened Google Cloud partnership on unified storage for file and block operations, winning 2026 Google Cloud Infrastructure Modernization Partner of the Year for Storage. Partnership includes AI-driven operations adoption. Recent investor activity: Vest Financial increased stake 63.9% in Q4, while Mitsubishi UFJ Trust trimmed holdings 32.2%. Stock up 6.5% over past month vs S&P 500's 12.2%. Analyst consensus "Hold" with average 12-month PT $122.64. Company shows strong operating margins and growth potential, buoyed by Nutanix partnership. Earnings report expected with promising estimates, though valuations raise caution vs competitors.
Previous Market Intelligence
13 daysApr 30NetApp reported Q3 FY2026 EPS of $2.12 beating estimates of $2.07 and revenue of $1.71B topping $1.70B forecast, with All Flash Array revenue up 11% YoY and operating margin of 31.1%.Positive▶
NetApp exceeded Q3 expectations with EPS of $2.12 (vs. $2.07 est.) and revenue of $1.71B (vs. $1.70B est.), driving 3.06% after-hours gain. All Flash Array hit record revenue up 11% YoY with strong 31.1% operating margin. Revenue grew 4% YoY (6% excluding Spot divestiture). Company expanded Google Cloud partnership with new sovereign AI agreement and launched EF50/EF80 storage systems co-engineered with NVIDIA for AI/HPC workloads. Q4 guidance projects $2.27 EPS. Average 12-month PT is $117.93 with 9 Buy and 1 Sell recommendation.
Apr 29NetApp named 2026 Google Cloud Infrastructure Modernization Partner of the Year; stock gains 4.7% on partnership recognitionPositive▶
NetApp shares rose 4.7% on April 21 after company was named 2026 Google Cloud Infrastructure Modernization Partner of the Year for Storage. Recognition highlights NetApp's role in helping enterprises modernize infrastructure and run workloads on Google Cloud through joint solution Google Cloud NetApp Volumes. Vest Financial LLC raised its stake in NetApp by 63.9% in Q4, purchasing additional 21,498 shares. FY26 Q4 earnings scheduled with analysts expecting profit of $1.88 per share, up 20.5% from $1.56 prior year. Wall Street analysts rate NTAP as "Moderate Buy" overall, with 7 analysts recommending Strong Buy, 13 suggesting Hold, 1 recommending Strong Sell; mean price target $118.06. Stock trades at $108.69 with $21.37B market cap.
Apr 16NetApp partnered with Nutanix and launched Amazon S3 integration for FSx ONTAP to connect data to AWS AI and ML services.Neutral▶
NetApp announced strategic partnership with Nutanix while launching Amazon S3 Access Points for FSx NetApp ONTAP to connect ONTAP data to AWS AI, ML, and Analytics services. Company won 2025 Americas Partner of the Year Software Development Company award. Recent analyst adjustments included Morgan Stanley lowering target to $88 from $89 and UBS lowering to $113 from $120 in late February. Stock shows strong operating margins and growth potential driven by hybrid cloud strategy addressing AI and enterprise digitization demands. Subscription-based services provide recurring revenue, stabilizing cash flows. Robeco lowered position 24.4% in Q4. NetApp positioned as defensive growth play for enterprise tech spend amid economic shifts.
Apr 15NetApp announced strategic alliance with Nutanix to integrate storage with cloud platform.Positive▶
Nutanix and NetApp announced a strategic partnership on April 7 to integrate NetApp Intelligent Data Infrastructure with Nutanix Cloud Platform using AHV hypervisor. NetApp President received HITEC 100 recognition for 2026. EVP sold 1,000 shares on April 10 at $96.25. Next cash dividend of $0.52 per share payable April 22.
Apr 14NetApp upgraded to Buy by Wall Street Zen; Nutanix partnership announced April 7 to modernize cloud platforms.Mixed▶
Wall Street Zen upgraded from Hold to Buy April 12. NetApp and Nutanix announced strategic collaboration April 7 integrating data infrastructure with Nutanix Cloud Platform. Unveiled new EF50/EF80 storage systems and co-engineered AI Data Engine with NVIDIA. Citigroup raised target from $110 to $114 Neutral. Morgan Stanley downgraded citing IT spending slowdown.
Apr 13NetApp and Nutanix announced strategic hybrid cloud partnership on April 7; CEO recognized on HITEC 100 list.Positive▶
NetApp and Nutanix announced strategic collaboration on April 7 to integrate NetApp Intelligent Data Infrastructure with Nutanix Cloud Platform by year-end. Partnership extends to AI with Nutanix Agentic AI platform. CEO César Cernuda named to 2026 HITEC 100 list. Declared quarterly dividend of $0.52 payable April 22. Consensus Hold from 13 analysts with PT $118.25.
Apr 10NetApp Announces Strategic Alliance with Nutanix for Hybrid CloudPositive▶
Partnership with Nutanix for hybrid cloud and AI use cases. Q3 FY2026 revenue $1.713B. Quarterly dividend of $0.52.
Apr 9NetApp partners with Nutanix for hybrid cloud integration; margin concerns persistPositive▶
NetApp announced strategic partnership with Nutanix to integrate Intelligent Data Infrastructure with Nutanix Cloud Platform and AHV hypervisor later in 2026. Q3 FY2026 beat: EPS $2.12 vs $2.07, revenue $1.71B vs $1.70B forecast. All Flash Array hit record revenue up 11% YoY. Cybersecurity alliances with Commvault and Elastio announced. Q4 guidance $1.795-1.945B revenue; FY2026 guidance $6.772-6.922B. Stock down 18.1% in 6 months amid flash growth and margin concerns.
Apr 8Nutanix and NetApp announce partnership integrating storage with cloud platform; stock fell 3.76%.Mixed▶
NTAP and Nutanix announced strategic collaboration integrating ONTAP with Nutanix Cloud Platform launching 2026. Stock dropped 3.76% to $97.10. Q4 earnings May 28.
Apr 7NetApp Strengthens Cyber Resilience with Elastio and Commvault PartnershipsPositive▶
NetApp announced alliances with Elastio and Commvault in March 2026 to embed deeper ransomware detection, immutable snapshots, and automated recovery workflows. Q3 FY2026: $1.71B net revenue (up 4% YoY), GAAP EPS $1.67, non-GAAP EPS $2.12 (record). All-flash array revenue climbed 11% to $1.0B, public cloud revenue up 27% YoY to $174M. Earnings on May 28, 2026.
Apr 6NetApp launches cyber resilience alliances and AI storage systems with NVIDIA partnership.Positive▶
NetApp announced strategic cyber resilience partnerships with Elastio and Commvault in March 2026 to enhance ransomware detection, immutable snapshots, and automated recovery workflows. The company unveiled new EF50 and EF80 storage systems and launched NetApp AI Data Engine co-engineered with NVIDIA for heavy AI and high-performance computing workloads. FY2025 revenue reached $6.57 billion (+4.85% YoY) with earnings increasing 20.28%. Q3 billings accelerated to 10% growth, indicating robust AI-related infrastructure demand. Gross margins improved to 71.2% with operating margins of 31.1%. FY26 EPS guidance is $7.92–$8.02 with 12-month stock price target of $118.25 (+16.87% upside).
Apr 3NetApp ex-dividend April 2nd with $0.52 payout; Q3 results showed strong all-flash array and cloud storage performance.Mixed▶
NetApp went ex-dividend on April 2, 2026, with $0.52 per share dividend payable April 22. Q3 fiscal 2026 results showed revenue of $1.713 billion and record all-flash array revenue. CEO highlighted accelerating revenue and growing leadership in enterprise AI. Mixed analyst signals with Morgan Stanley at $88 and UBS at $113.
Apr 2NetApp downgraded by Morgan Stanley on IT hardware slowdown; stock down 4% despite Q3 earnings beatNegative▶
NetApp exceeded Q3 CY2025 expectations but fell over 4% in early trading as investors focused on softer forward guidance amid IT hardware spending slowdown. Morgan Stanley lowered price target to $88 from $89 on February 27, 2026 citing pronounced slowdown, while UBS lowered target to $113 from $120. Current price is $103.35 (down 0.34% past 24h) with market cap of $20.39B and P/E of 17.07. Paul Fipps from ServiceNow joined board January 12, 2026. NetApp partnered with Elastio in March 2026 for cyber resilience. Analyst ratings: 13 analysts average Hold rating with $118.25 price target (16.87% upside). Dividend yield 2.0%.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| NTAPNETAPP | $112.01 | +1.12% | +9.8% | 13.0x | 1.29 | $21.9B |
| AAPLAPPLE | $280.06 | +3.21% | +4.8% | 28.9x | 1.11 | $3.98T |
| SNDKSANDISK | $1,182.72 | +7.86% | +51.3% | 9.3x | — | $161.8B |
| STXSEAGATE | $726.74 | +7.88% | +48.6% | 25.6x | 1.63 | $150.9B |
| WDCWESTERN | $430.70 | -0.88% | +42.9% | 29.7x | 1.83 | $148.6B |
| DELLDELL | $209.77 | +0.39% | +20.6% | 14.2x | 0.95 | $135.9B |
Key Fundamentals
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Price above both MAs — bullish structure.