On May 29, NetApp (NTAP) rose 12.5% in after-hours trading, trading at $159.09/share, with trading volume of $7.209 million. The surge was driven by the company's fiscal fourth-quarter results that substantially exceeded Wall Street estimates.

NetApp reported adjusted earnings per share of $2.43, beating the analyst consensus of $2.27 by 7.05%, representing a 25.91% year-over-year increase from $1.93 in the same period last year. Revenue came in at $1.948 billion, surpassing the expected $1.872 billion. Wedbush Securities had previously noted that higher pricing and potential artificial intelligence-related deal wins would drive an upside quarter for the company.

The earnings beat follows a period of positive momentum for the stock. Earlier, multiple investment banks raised their target prices on NetApp after a third-quarter revenue beat, with Bank of America lifting its target to $129 and JPMorgan raising its target from $125 to $130. The combination of strong AI storage demand tailwinds and consecutive earnings beats reinforced bullish sentiment in after-hours trading.

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