August 23, 2023
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…
August 17, 2023
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…
June 6, 2023
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…
June 1, 2023
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),…
May 31, 2023
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…
May 24, 2023
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…
February 23, 2023
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…
February 22, 2023
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…
February 16, 2023
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…
February 1, 2023
Yesterday, NetApp (NTAP; $66.23; E/W) disclosed plans in an 8-K to restructure and subsequently reduce global headcount by a surprising ~8% in order to better prioritize investments in the face of ongoing macro uncertainties and…
November 30, 2022
We are reducing our F2023E (Apr) EPS from $5.50 to $5.40 (+2% YoY) and F2024E EPS from $6.05 to $5.70 (+5% YoY) for NetApp (NTAP; $71.79; E/W) after the company delivered a “beat and lower”…
November 29, 2022
NetApp (NTAP; $71.79; E/W) reported FQ2 (Oct) non-GAAP EPS of $1.48, which was ahead of our $1.34 and the Street’s $1.33, albeit helped along by ~$0.10 of benefits from non-operating items relative to our modeling…
November 22, 2022
We assume some sort of moderate “beat and lower” from NetApp (NTAP; $73.88; E/W) reports its FQ2 (Oct) results and outlook next Tuesday (11/29 after market). We expect another gradual realization from management that macro…
November 4, 2022
Earlier this week, we virtually sat in on the keynote presentation at NetApp’s (NTAP; $68.04; E/W) Insight 2022 user conference, led by CEO George Kurian, which highlighted NTAP’s vision for the “evolved cloud” that aims…