NetApp, Inc. [NTAP] Stock Forecast

Despite macroeconomic headwinds and supply chain troubles, momentum in cloud computing, IoT, auto, connected devices, VR and AI will likely favor the prospects of the Zacks Computer - Storage Devices industry players like NTAP, PSTG and TDC.

Markets gained on Thursday, June 1, 2023 as bipartisan plan to raise the debt ceiling advances in Congress.

NetApp's (NTAP) fourth-quarter fiscal 2023 performance hurt by weak IT spending environment.

NetApp, Inc. NASDAQ: NTAP reported earnings for their fourth quarter ending April 2023 yesterday after the close and topped consensus estimates. While the outlook for the storage systems and data management solutions company was mixed, the slight uptick in the extended session and set up on a higher timeframe leads me to believe that NTAP could be a strong breakout candidate.

NetApp, Inc. (NASDAQ:NTAP ) Q4 2023 Earnings Conference Call May 31, 2023 5:30 PM ET Company Participants Kris Newton - VP, IR George Kurian - CEO Mike Berry - CFO Conference Call Participants Samik Chatterjee - JPMorgan Meta Marshall - Morgan Stanley Steven Fox - Fox Advisors Irvin Liu - Evercore ISI Shannon Cross - Credit Suisse Ananda Baruah - Loop Capital Robert Mertens - Cowen Tim Long - Barclays Nehal Chokshi - Northland Capital Markets Simon Leopold - Raymond James David Vogt - UBS Sidney Ho - Deutsche Bank Louis Miscioscia - Daiwa Capital Markets Operator Good day and welcome to the NetApp Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. All participants will be in a listen-only mode.

While the top- and bottom-line numbers for NetApp (NTAP) give a sense of how the business performed in the quarter ended April 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

NetApp (NTAP) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.35 per share. This compares to earnings of $1.42 per share a year ago.

NetApp Inc. shares NTAP rallied in the extended session Wednesday after the cloud-data software company topped Wall Street estimates for the quarter and offered a conservative near-term outlook. NetApp shares rose 6% after hours, following a 4% decline in the regular session to close at $66.35.

Weakness in global macroeconomic conditions and softening IT spending environment might have hurt NetApp's (NTAP) earnings in fourth-quarter fiscal 2023.

NetApp (NTAP) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

NetApp, Inc. is a US stock , located in San jose of Ca and trading under the symbol NTAP

37 stock analysts have 37 predictions with a medium analyst target price of $86.27. The lowest prediction is $58 and the highest is $120

With a median analyst target price of $73.33, 3 stock analysts have made 3 forecasts in last 90 days. $71 is the lowest and $75 is the greatest projection.

NetApp, Inc. stock price is $70.281 today.

Yes, NetApp, Inc. is a publicly traded company.