NetApp's stock is soaring 24.08% in intraday trading on Friday, following the release of its fiscal fourth-quarter results that significantly exceeded Wall Street expectations.

The data storage company reported adjusted earnings per share of $2.43, beating the analyst consensus estimate. Revenue for the quarter also surpassed expectations, driven by record performance and robust demand linked to artificial intelligence infrastructure. Investor sentiment was further bolstered by NetApp's upbeat guidance for the full fiscal year, which was raised above market forecasts, and the announcement of a new $1 billion share repurchase program.

Analysts attribute the powerful rally to NetApp capitalizing on the AI-driven demand for data storage, positioning the company in what some have termed an "AI storage super cycle." The strong earnings beat and raised outlook prompted multiple Wall Street firms to significantly increase their price targets on the stock.