NetApp (NTAP)

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…

NetApp (NTAP; $65.83; E/W) reported FQ3 (Jan) non-GAAP EPS of $1.37, which was above our $1.32 and the Street’s $1.31 despite lower than expected sales ($1,526mm vs. our $1,613mm and the Street’s $1,609mm). Gross profits…

We expect a “mixed bag” from NetApp (NTAP; $68.36; E/W) with its FQ3 (Jan) print on Wednesday (2/22 after market). We think FQ3E sales, operating margin and EPS come in around our $1,613mm (+5% YoY…