NetApp, Inc. (NTAP) earnings on May 28, 2026
Prior outlook: Pessimistic Outcome: Missed
The stock price surged significantly after the event, ending the day up over 22%. This happened even though there was some negative sentiment before the announcement.
NTAP price around the earnings
173.50
Change: +21.8%
2026-05-30, 00:00 UTC
- Price: green if it ends above the starting price; red if it ends below
- Start of the measured window
- End of the measured window
- Market open
- No trading (market closed)
- Starting price
Prior thesis
Prior outlook: Pessimistic Outcome: Missed
Overbought conditions, high sell-the-news risk.
The stock has surged significantly, outpacing analyst price targets. Despite a history of strong earnings, the current valuation is stretched, and there's a risk of investors selling after the news.
Context analyzed before publication
- Summary
- Overbought conditions, high sell-the-news risk.
- Playbook
- With the stock market review above analyst expectations and showing signs of being overvalued, the scenario suggests a cautious perspective.
- Trend
- Overbought conditions persist, sell-the-news risk remains.
Analysts
Drivers
-
Analysts
Negative
The average price target from analysts suggests the stock is overvalued. Recent downgrades from major firms context a shift in institutional sentiment towards caution.
Evidence
- Analyst consensus
- Buy
- Consensus average (1-5)
- 2.4
- Analysts covering the stock
- 15
- Average price target
- 117.6
- Lowest price target
- 88
- Highest price target
- 137
- Upside to price target
- -17.6%
- Quarterly earnings growth
- 11.7%
- Revenue growth
- 4.4%
- Forward EPS
- 8.53
- Trailing EPS
- 5.97
- Analyst moves in the last 60 days
- 3
- Strong buy: 2
- Buy: 6
- Hold: 11
- Sell: 1
- Strong sell: 0
- Strong buy
- 2
- Buy
- 6
- Hold
- 11
- Sell
- 1
- Strong sell
- 0
- May 20, 2026 · B of A Securities: Maintains rating (Neutral → Neutral)
- May 14, 2026 · BWG Global: Downgrades rating (Positive → Mixed)
- April 16, 2026 · JP Morgan: Downgrades rating (Overweight → Neutral)
News and sentiment
Evidence
Sentiment
- Sentiment
- Constructive
- Mention volume
- Low
- Normalized volume
- 33%
News
Sources (5)
- NetApp Likely To Report Higher Q4 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call — Benzinga
- $1000 Invested In NetApp 10 Years Ago Would Be Worth This Much Today — Benzinga
- CrowdStrike To Rally Around 7%? Here Are 10 Top Analyst Forecasts For Wednesday — Benzinga
- B of A Securities Maintains Neutral on NetApp, Raises Price Target to $125 — Benzinga
- BWG Global Downgrades NetApp to Mixed — Benzinga
Technicals
Drivers
-
Technical
Negative
The stock's price has experienced an extreme increase recently, indicating it is significantly overbought. It is market review near resistance levels, leaving little room for further gains and increasing downside risk.
Evidence
- Average true range (ATR)
- 3.6%
- Distance to 52-week high
- -0.7%
- 14-day change (14d)
- +25.7%
- 30-day change (30d)
- +41.5%
- 30-day relative strength
- +41.5%
- Benchmark change (0d)
- +0.0%
- Nearest support
- 122.95
- Nearest resistance
- 143.65
- Volume accumulation ratio (14d / 46d)
- 2.27
Trends
Drivers
-
Macro & trends
Negative
The overall analyst sentiment is leaning negative, and major financial institutions have recently downgraded their ratings. This suggests a move away from positive institutional positioning.
Evidence
- Average earnings surprise
- +3.5%
- February 26, 2026: actual EPS 2.12 vs estimate 2.06 (surprise +2.8%)
- November 25, 2025: actual EPS 2.05 vs estimate 1.88 (surprise +8.8%)
- August 27, 2025: actual EPS 1.15 vs estimate 1.14 (surprise +0.8%)
- May 29, 2025: actual EPS 1.93 vs estimate 1.9 (surprise +1.8%)
Expected move
Drivers
-
Past earnings
Positive
The company has a strong recent record of beating earnings expectations. This demonstrates consistent operational success and execution.
There is no implied-move data available for this event.
Reactions over its last 19 earnings
- Median move
- 4.5%
- 75th percentile move
- 8.2%
- 90th percentile move
- 14.9%
- Up / down moves
- 10 / 9
- Average up move
- +6.3%
- Average down move
- -4.9%
Monitoring and close
What NetApp, Inc. reported
There is no monitoring data available for this event.
Pre-market second reading after the results
There is no second reading available for this event.
How the stock reacted
- Outcome
- Missed
- Consolidated
- +22.4%
- Max favorable move (MFE)
- 0.4%
- Max adverse move (MAE)
- 35.4%