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NTAP

NetApp Inc

NASDAQ: NTAP · TECHNOLOGY · SOFTWARE - INFRASTRUCTURE

$108.65
+0.34% today

Updated 2026-04-29

Market cap
$21.52B
P/E ratio
18.23
P/S ratio
3.21x
EPS (TTM)
$5.96
Dividend yield
1.92%
52W range
$89 – $125
Volume
2.3M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

NetApp Inc (NTAP) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$108.65
Consensus
$118.25
+8.84%
2030 Target
$514.59
+373.62%
DCF
$79.07
-33.93% MoS
24 analysts:
4 Buy16 Hold1 Sell

Management guidance

No specific CEO revenue targets for 2026-2030 disclosed in available materials. Most recent guidance embedded in analyst consensus: FY2026 revenue $6.98B (+6.2% YoY), FY2027 revenue $7.32B (+4.9% YoY). Management emphasis on AI data platform, all-flash arrays, and Keystone subscription model as growth drivers, but no explicit multi-year revenue targets published.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$847.56
$8.6B Rev × 20x P/S
Base case (2030)
$514.59
$8.6B Rev × 12x P/S
Bear case (2030)
$343.06
$8.6B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$6.4B$6.3B$6.6B$7.0B$7.3B$7.7B$8.1B$8.6B
Revenue growth—-1.5%4.9%6.2%4.9%4.9%5.7%6.1%
EPS—$6.47$3.60$8.12$8.73$9.35$10.05$10.82
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$413.69$433.87$454.05$484.32$514.59

Catalysts & risks

Growth catalysts
+ AI data platform acceleration with NVIDIA partnership momentum
+ Keystone Storage-as-a-Service subscription model driving recurring revenue and deferred revenue growth
+ Cyber resilience alliances (Elastio, Commvault) expanding TAM in ransomware protection market
+ All-flash array market share gains as enterprises migrate from hybrid storage
+ Public cloud services expansion (Azure, AWS integration) capturing hybrid cloud workloads
Key risks
- Hardware valuation compression and IT capex budget weakness (Morgan Stanley downgrade Jan 2026 citing 15-year low in hardware budget growth)
- Component cost inflation and supply chain pressure on gross margins
- Competitive intensity from Pure Storage, Dell EMC, and HPE in flash arrays
- Macro slowdown reducing enterprise storage capex commitments
- Customer concentration risk in hyperscaler segment dependent on Meta/Microsoft spending cycles

Methodology

NetApp Inc's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 24 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.