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    The Bull Case For NetApp (NTAP) Could Change Following Upgraded VMware Support And Raised 2027 Guidance

    Simply Wall St·09/04/2026 23:21:36
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    • In early September 2026, NetApp reported a record fiscal first quarter with revenue rising to about US$2.03 billion and net income of US$375 million, raised its fiscal 2027 revenue and earnings guidance, affirmed a US$0.52 dividend, and unveiled new ONTAP capabilities validated for VMware Cloud Foundation 9.1 to support AI and hybrid cloud workloads.
    • Together with the appointment of a new Chief Partner and Ecosystem Officer and an ESOP-related shelf registration, these moves highlight NetApp’s focus on deepening cloud and partner ecosystems while tying its data infrastructure more tightly to VMware-centric and AI-driven enterprise environments.
    • We’ll now examine how NetApp’s upgraded VMware Cloud Foundation support and raised fiscal 2027 guidance affect its existing investment narrative.

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    NetApp Investment Narrative Recap

    To own NetApp today, you need to believe that its core data platform can stay central as enterprises modernize around AI, hybrid cloud and VMware-centric environments. The latest record quarter and raised fiscal 2027 guidance reinforce AI and hybrid cloud as the key near term catalyst, while continued customer migration to hyperscalers and cloud native competitors remains the biggest risk. This week’s news strengthens the AI and hybrid narrative rather than changing the overall risk profile in a material way.

    Among the announcements, the validation of ONTAP for VMware Cloud Foundation 9.1 looks most relevant. It directly ties NetApp’s storage to VMware customers that are modernizing with AI and Kubernetes while keeping existing VMware tools. For investors focused on AI and hybrid cloud growth, this integration helps connect the upgraded outlook to a concrete technical foothold inside private and multi cloud deployments.

    Yet behind the strong AI story, there is an important risk around hyperscaler dependence and pricing power that investors should be aware of...

    Read the full narrative on NetApp (it's free!)

    NetApp's narrative projects $8.5 billion revenue and $1.7 billion earnings by 2029.

    Uncover how NetApp's forecasts yield a $186.31 fair value, in line with its current price.

    Exploring Other Perspectives

    NTAP 1-Year Stock Price Chart
    NTAP 1-Year Stock Price Chart

    Before this record quarter, the most optimistic analysts were already assuming revenue around US$8.6 billion and earnings of US$1.7 billion by 2029, largely hinging on sustained AI and cloud momentum. That more bullish view leans heavily on ongoing Public Cloud and Keystone growth, whereas the latest ONTAP and VMware Cloud Foundation 9.1 news could either reinforce or challenge those assumptions depending on how AI projects and consumption based contracts actually ramp from here.

    Explore 4 other fair value estimates on NetApp - why the stock might be worth just $186.31!

    The Verdict Is Yours

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

    • A great starting point for your NetApp research is our analysis highlighting 3 key rewards that could impact your investment decision.
    • Our free NetApp research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate NetApp's overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.