NetApp Analysts Boost Their Forecasts After Upbeat Earnings

NetApp, Inc. NTAP reported better-than-expected earnings for its first quarter on Wednesday.

NetApp reported quarterly earnings of $1.56 per share which beat the analyst consensus estimate of $1.45 per share. The company reported quarterly sales of $1.541 billion which beat the analyst consensus estimate of $1.526 billion.

NetApp said it sees second-quarter adjusted earnings of $1.73 to $1.83 per share on net revenues of $1.565 billion to $1.715 billion.

“We started fiscal year 2025 on a high note, delivering strong revenue growth and setting records for first quarter operating margin and EPS. These results are a testament to our strong execution in a continued uncertain macroeconomic environment, our unwavering confidence in the customer benefits of the highly differentiated NetApp intelligent data infrastructure platform, and our disciplined management of the business,” said George Kurian, chief executive officer. “I am confident in our ability to capitalize on this momentum, as we address new market opportunities, extend our leadership position in existing markets, and deliver increasing value for all our stakeholders.”

NetApp shares fell 8% to trade at $121.40 on Thursday.

These analysts made changes to their price targets on NetApp following earnings announcement.

• B of A Securities analyst Wamsi Mohan maintained NetApp with an Underperform and raised the price target from $105 to $110.
• UBS analyst David Vogt maintained the stock with a Neutral and raised the price target from $121 to $134.
• Barclays analyst Tim Long maintained NetApp with an Equal-Weight and raised the price target from $116 to $119.
• JP Morgan analyst Samik Chatterjee maintained the stock with a Neutral and raised the price target from $146 to $147.
• Stifel analyst Matthew Sheerin maintained NetApp with a Buy and boosted the price target from $138 to $140.

Considering buying NTAP stock? Here’s what analysts think: