NetApp (NTAP)

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…

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…

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…

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…

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…

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…

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…

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,…

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…

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…

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…

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),…

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…

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…

NetApp’s (NTAP; $65.83; E/W) sales, product gross margins and Public Cloud annualized revenue run rates (ARR) continued to disappoint in an increasingly tough IT spending environment, which we warned about. NTAP noted further customer scrutiny…