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NetApp Inc NTAP

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

NetApp’s All Flash Arrays and Public Cloud Services Lead Solid Fiscal Q2; Maintain $60 FVE

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

No-moat NetApp closed out the first half of fiscal 2022 with financial results largely in line with our expectations. With our longer-term view of concerns about NetApp's competitive positioning against larger market participants and cloud-native options, we maintain our $60 fair value estimate and continue to view NetApp shares as overvalued. Nonetheless, we continue to be optimistic on the all-flash array and public cloud services opportunities as key growth engines for NetApp as organizations update their storage products while undergoing digital transformations.

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Company Profile

Business Description

NetApp is a leading provider of enterprise data management and storage solutions. The company's three operating business units are products, software maintenance, and hardware maintenance. NetApp transitioned from a data center storage firm to a company with software data management solutions for multicloud environments. The California-headquartered company sells globally and has approximately 10,000 employees.

Contact
1395 Crossman Avenue
Sunnyvale, CA, 94089
T +1 408 822-6000
Sector Technology
Industry Computer Hardware
Most Recent Earnings Oct 31, 2021
Fiscal Year End Apr 30, 2022
Stock Type Cyclical
Employees 11,000

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