Movement Alert｜NetApp Rises 12.5% in After-Hours Trading, Fiscal Q4 Earnings Significantly Beat Expectations

Market Focus

May 29

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.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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