NetApp

NTAP · NASDAQ

$209.97+$2.60 (+1.25%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $207.37

NTAP analyst rating

HoldConsensus of 16 analysts over the last 12 months. 31% rate it a buy.

Strong buy0
Buy5
Hold11
Underperform0
Sell0

12-month price target · 19 analysts

Average $199.19 (−5.1% downside)

Low: $152.74
Now: $209.97
High: $231.00

Upgrades and downgrades

The latest rating actions, newest first

NTAP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 14, 2026	Downgrade	Overweight → Equal-Weight	$219.00	58%
Evercore ISI Group	Oct 7, 2026	Upgrade	In-Line → Outperform	$210.00 → $300.00	65%
TD Cowen	Oct 6, 2026	Maintains	Buy	$200.00 → $250.00	56%
Loop Capital	Oct 2, 2026	Maintains	Buy	$215.00 → $260.00	66%
B of A Securities	Sep 30, 2026	Maintains	Neutral	$200.00 → $220.00	70%
Northland Capital Markets	Sep 3, 2026	Maintains	Outperform	$171.00 → $187.00	45%
Citigroup	Sep 3, 2026	Maintains	Neutral	$209.00 → $190.00	81%
TD Cowen	Sep 3, 2026	Maintains	Buy	$200.00	56%
UBS	Sep 3, 2026	Maintains	Neutral	$160.00 → $171.00	65%
Wells Fargo	Sep 3, 2026	Maintains	Equal-Weight	$180.00 → $190.00	73%

The case for and against

Updated Oct 17, 2026

Bull case

NetApp is supported by strong execution and a more durable demand backdrop, highlighted by FQ1’27 revenue of $2.025B, up 30% Y/Y, marking its eleventh consecutive quarter of Y/Y growth. The company’s Hybrid Cloud franchise remains the core growth engine, with All Flash Array revenue reaching a record $1.309B and public cloud accelerating 28% Y/Y, while gross margin remained a robust 70.6% and operating margins stayed near 30%. With AI pushing enterprise data retention higher, pricing actions flowing through faster, and management expecting CY26 revenue and EPS growth above 20%, the business looks increasingly like an earnings-power compounder rather than a cyclical storage vendor.

Bear case

NetApp is facing a weaker fundamental backdrop because its Hybrid Cloud franchise still generates the majority of revenue, yet enterprise storage demand is vulnerable to the ongoing shift from on-premise workloads to public cloud, which can compress the hardware and services TAM. Margin pressure is another concern: product gross margins declined 150bps sequentially in CQ2, inventories nearly doubled to $375M from $198M, and turns fell to 6 from 14 a year ago, signaling both pricing pressure and balance-sheet risk. The outlook is further clouded by fierce competition, slower-than-expected CDS growth, and a business model that is still trying to prove a software-centric repositioning after years of limited historical success in acquisitions and integration.

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