San Jose, California-based NetApp, Inc. (NTAP) provides a range of enterprise software, systems, and services that customers use to transform their data infrastructures. Valued at $20 billion by market cap, the company's storage solutions include specialized hardware, software, and services that provide storage management for open network environments. 

Shares of NetApp have underperformed the broader market over the past year. NTAP has declined 8% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 12.7%. In 2025, NTAP stock is down 14.3%, compared to the SPX’s marginal rise on a YTD basis. 

Narrowing the focus, NTAP’s underperformance is also apparent compared to the Technology Select Sector SPDR Fund (XLK). The exchange-traded fund has gained about 12.6% over the past year. Moreover, the ETF’s marginal returns on a YTD basis outshine the stock’s double-digit losses over the same time frame.

On Feb. 27, NTAP reported its Q3 results, and its shares closed down more than 15% in the following trading session. Its adjusted EPS of $1.91 met Wall Street expectations. The company’s revenue was $1.6 billion, missing Wall Street forecasts of $1.7 billion. NTAP expects full-year adjusted EPS in the range of $7.17 to $7.27, and expects revenue to be between $6.5 billion and $6.6 billion.

For the current fiscal year, ending in April, analysts expect NTAP’s EPS to grow 13.8% to $5.76 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in two of the last four quarters while missing the forecast on two other occasions.

Among the 19 analysts covering NTAP stock, the consensus is a “Moderate Buy.” That’s based on six “Strong Buy” ratings, and 13 “Holds.”

This configuration is more bullish than a month ago, with five analysts suggesting a “Strong Buy.” 

On May 2, Evercore ISI analyst Amit Daryanani maintained a “Hold” rating on NTAP with a price target of $100, implying a potential marginal upside from current levels.

The mean price target of $113.13 represents a 13.7% premium to NTAP’s current price levels. The Street-high price target of $130 suggests a notable upside potential of 30.6%.