NetApp (NTAP)


February 22, 2023

NTAP: First Look at FQ3 (Jan) Results and Outlook

By Steven Fox

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…

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February 16, 2023

NTAP: The Margin is the Hardest Part

By Steven Fox

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…

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February 1, 2023

NTAP: An Ominous Headcount Cut Announcement

By Steven Fox

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…

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November 30, 2022

NTAP: Beat and Lower as Expected

By Steven Fox

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”…

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November 29, 2022

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

By Steven Fox

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…

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November 22, 2022

NTAP: Expect Some Moderation in Outlook

By Steven Fox

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…

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November 4, 2022

NTAP: Insight Keynote Highlights

By Steven Fox

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…

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August 22, 2022

Too Many Wild Cards

By Steven Fox

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June 21, 2022

10-K Tidbits

By Steven Fox

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June 2, 2022

More Moving Pieces Than Expected

By Steven Fox

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