NetApp, Inc. (NASDAQ:NTAP) reported better-than-expected second-quarter results on Thursday.
NetApp reported quarterly earnings of $1.87 per share, which beat the analyst consensus estimate of $1.78. Quarterly revenue came in at $1.65 billion, which beat the analyst consensus estimate of $1.64 billion and is an increase over revenue of $1.56 billion from the same period last year.
"Our strong Q2 performance was driven by another record-breaking quarter in all-flash storage and strong performance in first party and marketplace cloud storage services," said George Kurian, CEO of NetApp. "Broad-based customer preference for our intelligent data infrastructure platform and visionary approach for a data-driven future has enabled us to outgrow the market and take share from competitors. Our focus and momentum fuel my confidence in our ability to deliver outstanding results for customers and shareholders."
The company said it sees FY25 revenue of $6.54 billion to $6.74 billion and GAAP earnings of $5.48 to $5.68 per share, with non-GAAP EPS of $7.20 to $7.40.
NetApp shares fell 3.3% to trade at $122.46 on Friday.
These analysts made changes to their price targets on NetApp following earnings announcement.
- B of A Securities analyst Wamsi Mohan maintained NetApp with an Underperform and raised the price target from $115 to $121.
- Northland Capital Markets analyst Nehal Chokshi maintained NetApp with a Market Perform and raised the price target from $108 to $120.
- Morgan Stanley analyst Meta Marshall maintained NetApp with an Equal-Weight and raised the price target from $127 to $132.
- Barclays analyst Tim Long maintained NetApp with an Equal-Weight and increased the price target from $119 to $132.
- Wells Fargo analyst Aaron Rakers maintained NetApp with an Equal-Weight and raised the price target from $135 to $140.
- Stifel analyst Matthew Sheerin maintained the stock with a Buy and raised the price target from $140 to $145.
- TD Cowen analyst Karl Ackerman maintained NetApp with a Buy and raised the price target from $145 to $160.
- Citigroup analyst Asiya Merchant maintained the stock with a Neutral and raised the price target from $130 to $135.
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