NetApp, Inc.
In the published model solve dated 2026-Q2, anchored at $187.00, NetApp, Inc. (NTAP) is priced for +18.8% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
• NetApp sells enterprise data storage, increasingly weighted to high-margin all-flash systems and cloud and subscription offerings, with overall gross margin around 70% and all-flash revenue reaching $1.2 billion in the most recent quarter, up 18% year over year. • The defining risk is that storage hardware is cyclical and competitive, so the price depends on the AI-driven data-storage demand and the cloud and Keystone subscription mix continuing to lift growth and margins. • The next markers a
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830 institutional managers reported holding NTAP in 13F filings for the quarter ended 2026-03-31. 81 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 17.2M shares were sold short as of the 2026-06-15 count, about 9% of shares outstanding (5.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NTAP has cut its share count 11.2% over the past five years, spending $4.45B on repurchases. It pays a dividend, and has for 13 years running, raised 2 years straight; the current rate is $2.08 a share annually. Cash returned over the past three years: $1.25B in dividends and $3.00B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at NTAP over the trailing three years: 2025: 3 buys totaling $500k. 15 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NTAP's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-06-15 | +4.1% | +1.7% |
| 2023-08-30 | -1.3% | -4.0% |
| 2023-12-01 | +14.7% | -3.8% |
| 2024-03-01 | +19.6% | -0.6% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
NTAP's latest 8-K filings: 2026-05-28 (items 2.02, 8.01, 9.01); 2026-02-26 (items 2.02, 9.01); 2026-01-12 (items 5.02, 7.01, 9.01); 2025-11-25 (items 2.02, 9.01); 2025-09-15 (items 5.02, 5.07, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.