NetApp Stock: Is Wall Street Bullish or Bearish?

Headquartered in San Jose, California, NetApp, Inc. (NTAP) is a technology company that helps businesses store, manage, protect, and access their data. Founded in 1992, NetApp operates across Hybrid Cloud and Public Cloud segments. Its offerings include enterprise storage systems, data management software, cloud storage solutions, and services for data backup, recovery, and ransomware protection.

The company helps organizations manage data across on-premises systems and multiple cloud platforms, including Amazon Web Services, Microsoft Azure, and Google Cloud. NetApp serves customers across industries such as healthcare, financial services, manufacturing, technology, telecommunications, and government, supporting their growing data storage and infrastructure needs. Its market capitalization currently stands at around $36.55 billion.

Investors have taken notice of NetApp’s growing role in the AI infrastructure space. Shares of the data storage company have had a strong run, gaining 66.8% over the past 52 weeks and nearly 73.8% in 2026 alone. That puts the stock comfortably ahead of the S&P 500 Index ($SPX), which surged 10.8% over the past year and 10.9% YTD. Even the technology-heavy State Street Technology Select Sector SPDR ETF (XLK) has struggled to keep up, rising 18.2% over the past year and 20.7% in 2026. 

A big part of the rally comes from growing demand for data storage and infrastructure as AI workloads become more demanding. NetApp has also been strengthening its portfolio through acquisitions. In August, it acquired JetStream Software, adding disaster recovery, workload mobility, and cyber-resilience capabilities.

Before that, its July acquisition of DataPelago expanded its AI data infrastructure capabilities, with the aim of making AI deployments faster and simpler. The company has also been building its AI ecosystem through partnerships with Nvidia and SK Telecom. Together, these moves are helping NetApp position itself for growing enterprise demand for AI-ready infrastructure. Adding its steady financial performance over recent quarters, it is easier to see why investors have warmed up to the stock.

Looking ahead, Wall Street expects NetApp’s earnings momentum to continue. For fiscal 2027, which ends in April 2027, analysts forecast diluted EPS of $8.32, representing year-over-year (YOY) growth of 28.8%. The company has also maintained a consistent earnings track record, meeting or beating consensus EPS estimates in each of the past four quarters.

On the Street, sentiment remains positive but not overwhelmingly bullish. Among 22 analysts covering NTAP, the consensus rating is a “Moderate Buy,” comprising seven “Strong Buy” ratings and 15 “Hold” ratings. 

The configuration is slightly less bullish than a month ago when NTAP stock had nine “Strong Buy” ratings.

Guggenheim initiated coverage of NTAP stock with a “Neutral” rating, citing questions about its long-term growth. While higher NAND flash costs and AI-driven infrastructure upgrades are supporting revenue, the firm believes this momentum may not last. New products such as AFX, Novus, and AIDE target growing AI workloads.

Guggenheim forecasts 27% revenue growth in fiscal 2027 and non-GAAP EPS of $11.50, above consensus. However, it expects growth to settle back to mid-single digits beyond fiscal 2028 as pricing benefits fade and capacity demand remains uncertain.

NTAP’s mean price target of $215.00 suggests upside potential of 15.5%. Its Street-high target of $300 implies that the stock could rise as much as 61.2% from here.

On the date of publication, Sristi Suman Jayaswal did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.