NetApp (NTAP)


May 20, 2024

NTAP: More Product Development Aimed at Supporting AI

By Steven Fox

Last week, NetApp (NTAP; $110.47; E/W) announced a new AFF A-Series all-flash array (AFA) storage system aimed at increasing enterprise needs to “re-think” storage infrastructure strategies for the accelerated development of artificial intelligence (AI) applications….

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March 6, 2024

NTAP: Some AI Developments to Consider

By Steven Fox

Yesterday, NetApp (NTAP; $104.80; E/W) announced some incremental developments on the artificial intelligence (AI) front. Although we assume AI-workloads are not a significant sales driver of storage systems until customers start to deploy models capable…

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March 1, 2024

NTAP: Demonstrates AFA Advantages

By Steven Fox

NetApp (NTAP; $108.44; E/W) shares are surging 20%+ this morning on the heels of a solid “beat and raise” off further momentum with its revamped all-flash array (AFA) product line that is driving an unexpected…

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February 22, 2024

NTAP: Expect Puts and Takes from FQ3 Print to Basically Offset

By Steven Fox

We think FQ3 (Jan) results and FQ4 (Apr) guidance from NetApp (NTAP; $86.03; E/W), scheduled for next Thursday (2/29 after market), are unlikely to change our F2024/F2025E (Apr) EPS thinking much given further evidence of…

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November 29, 2023

NTAP: Execution Improves Further

By Steven Fox

We raise F2024/F2025E (Apr) EPS for NetApp (NTAP; $90.15; E/W) from $5.75/$6.25 to $6.18/$6.70 after a solid “beat and raise” in the face of what it still sees as a soft IT spending environment with…

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November 28, 2023

NTAP: First Look at FQ2 (Oct) Results and Outlook

By Steven Fox

NetApp (NTAP; $78.11; E/W) reported FQ2 (Oct) non-GAAP EPS of $1.58, which comfortably beat our $1.37 and the Street’s $1.39 on somewhat better than expected sales ($1,562mm vs. our $1,525mm and the Street’s $1,528mm). As…

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November 20, 2023

NTAP: Looking for Some FQ2 Green Shoots

By Steven Fox

We think the EPS bar for NetApp (NTAP; $77.52; E/W) is set at a reasonable level ahead of its FQ2 (Oct) results and outlook, which are set for Tuesday, November 28th (after market). We think…

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October 25, 2023

NTAP: Insight Highlights Competitive Advantages

By Steven Fox

On Monday (10/23), we attended NetApp’s (NTAP; $73.84; E/W) first in-person Insight Conference in four years in Las Vegas. Our time at the company’s user conference included Financial Analysts Tech Sessions, where NTAP walked through…

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August 24, 2023

NTAP: Still No Signs of a Storage Demand Recovery

By Steven Fox

NetApp’s (NTAP; $76.53; E/W) FQ1 (July) EPS was $1.15 (-4% YoY), which beat our $1.05 and the Street’s $1.07, on basically as expected sales and upside from some higher gross margins and tighter opex controls,…

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August 23, 2023

NTAP: First Look at FQ1 (Jul) Results and Outlook

By Steven Fox

NetApp (NTAP; $76.53; E/W) reported FQ1 (Jul) non-GAAP EPS of $1.15, which was ahead of our $1.05 and the Street’s $1.07 on basically as expected sales ($1,432mm vs. our $1,425mm and the Street’s $1,413mm). As…

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August 17, 2023

NTAP: Not Expecting Much Top Line Enthusiasm

By Steven Fox

The shares of NetApp (NTAP; $75.03; E/W) are up 13% (vs. +5% for the S&P 500) post FQ4 (Apr) results on 5/31 despite ongoing top line pressures (e.g., down low-to-mid-single digits in F2024E) and limited…

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June 6, 2023

NTAP: CFO Meeting Details Controllables

By Steven Fox

Last Thursday (6/1), we hosted an investor meeting at NetApp’s (NTAP; $70.28; E/W) headquarters in San Jose, CA where we had the opportunity to follow up with the company’s CFO Mike Berry following its FQ4…

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June 1, 2023

NTAP: Better Controlling What It Can

By Steven Fox

We raise F2024E (Apr) EPS for NetApp (NTAP; $66.35; E/W) from $5.30 to $5.68 (+1% YoY) after a solid FQ4 (Apr) beat and EPS guide for the new fiscal year ($5.65-5.85 vs. the Street’s $5.58),…

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May 31, 2023

NTAP: First Look at FQ4 (Apr) Results and Outlook

By Steven Fox

NetApp (NTAP; $66.35; E/W) reported FQ4 (Apr) non-GAAP EPS of $1.54, which was comfortably ahead of our $1.34 and the Street’s $1.35 on some sales upside ($1,581mm vs. our $1,544mm and the Street’s $1,543mm) and…

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May 24, 2023

NTAP: More Guidance Worries into FQ4 Print

By Steven Fox

We believe out-quarter consensus thinking for NetApp (NTAP; $66.46; E/W) once again proves too optimistic, especially on the top line, when the company reports FQ4 (Apr) results and outlook next Wednesday (5/31 after market). On…

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