NTAP Earnings
Thursday, May 28 2026
EPS Estimate
$2.26
$2.24 – $2.30
Revenue Estimate
$1.9B
Current Price
$117.73
Our Position
neutralCiti cuts NTAP target 12% on hardware valuation reset
structured data
est. revisions stable
(-0.6pp / 30d)
The 12% target cut reflects a fundamental repricing of NetApp's hardware business amid broader sector valuation compression. While cloud-adjacent revenue streams are accelerating, Citi's stance suggests the market isn't yet rewarding these higher-growth segments enough to justify current multiples on slower traditional storage.
Watch: Watch next quarter's cloud revenue mix—if Keystone and public cloud can sustain 70%+ growth while hardware stabilizes, NTAP could re-rate higher. A Neutral rating is a tiebreaker; catalyst clarity will move the stock either way.
Data Signal Summary
1 bullish
2 bearish
Insider selling cluster
Put/call 0.1 (bullish skew)
Analysts: bearish
Key Context
Analyst Consensus
bearish
Insider Activity
selling
Price Trend
mixed
1-Month Return
+22.7%
From 52w High
-0.2%
P/E Ratio
19.5
Est. Revisions (30d)
+0.2% 1up/1dn
Analyst Target (mean)
$117 $88–$137 -1%
Options P/C Ratio
0.15
Est. Dispersion
3% 18 analysts
Insider Cluster
strong sell
Fund Convergence
strong D.E. Shaw, Citadel, Two Sigma, Bridgewater, Renaissance
Recent Activity
insider trades
2 transactions
Sell
·
O'CALLAHAN ELIZABETH M (Officer)
·1,000 shares
·$96,250
Other
·
JABRE WISSAM GEORGES (Chief Financial Officer)
·28,654 shares
analyst ratings
1 rating
JP Morgan
·down
→Neutral
27d ago
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