What You Need to Know Ahead of NetApp's Earnings Release

Core Insights - NetApp, Inc. is valued at a market cap of $23.3 billion and is a leading provider of cloud-led, data-centric software and storage solutions, aiding enterprises in data management and protection across on-premises and cloud environments [1] - The company is set to announce its fiscal Q2 earnings for 2026 soon, with analysts expecting a profit of $1.51 per share, a decrease of 1.3% from the previous year's $1.53 per share [2] - For fiscal 2026, analysts project an EPS of $6.27, reflecting an 8.3% increase from $5.79 in fiscal 2025, with further growth expected to $7.10 in fiscal 2027 [3] Financial Performance - In Q1, NetApp reported an EPS of $1.19, meeting the forecast, and its revenue increased by 1.2% year-over-year to $1.6 billion, surpassing consensus estimates by 1.3% [5] - The adjusted EPS for Q1 was $1.55, slightly down from the previous year but exceeding analyst expectations by a penny, while adjusted billings rose 4.3%, marking the seventh consecutive quarter of year-over-year growth [5] Market Performance - Over the past 52 weeks, NetApp's stock has declined by 1.9%, underperforming the S&P 500 Index's return of 18.4% and the Technology Select Sector SPDR Fund's increase of 29.8% [4] - Following the better-than-expected Q1 earnings results, NetApp's share price rose by 4.5% in the subsequent trading session [5] Analyst Ratings - Wall Street analysts maintain a "Moderate Buy" rating for NetApp, with 19 analysts covering the stock: six recommend "Strong Buy" and 13 suggest "Hold" [6] - The mean price target for NetApp is $121.73, indicating a potential upside of 3.9% from current levels [6]