NetApp, Inc. (NASDAQ:NTAP) shares are trading higher on Thursday after the company reported strong first-quarter results and an upbeat outlook on Wednesday.
Today, NetApp, along with Amazon Web Services (AWS), disclosed that AWS Transform will now support Amazon FSx for NetApp ONTAP. It will enable enterprises to simplify application and data migration to AWS.
Expand Storage Migration Tools
The generally available AWS Transform, an agentic AI service that automates workload discovery, planning and cloud migration, allows customers to move attached storage from on-premises and cloud environments directly to Amazon FSx for ONTAP.
The integration enables block storage to be migrated alongside compute and networking in the same migration wave, eliminating intermediate storage platforms and separate migration tools while reducing related costs and risks.
Customers migrating from NetApp ONTAP or other on-premises block storage can move to a fully managed, production-ready service combining ONTAP capabilities with AWS scalability and resiliency.
Post-migration benefits include built-in data protection, rapid cloning for development and testing, support for multiple application types and storage-efficiency features.
Earnings Snapshot
The company reported fiscal 2027 first-quarter adjusted earnings of $2.58 per share, up 66% year over year. That beat the consensus estimate of $2.12. Revenue rose 30% to $2.03 billion, topping the $1.84 billion Street estimate.
NetApp raised its fiscal 2027 adjusted earnings guidance to $9.73 to $10.03 per share. The range topped the $9.01 analyst estimate. The company now expects revenue of $7.98 billion to $8.23 billion, compared with the $7.54 billion consensus estimate.
Following the earnings release, a couple of analysts made changes to their price targets on NetApp.
- Wedbush analyst Matt Bryson maintained the stock with a Neutral rating and raised the price forecast from $150 to $170.
- Susquehanna analyst Mehdi Hosseini maintained the stock with a Neutral and raised the price forecast from $185 to $195.
Top ETFs Holding NetApp Stock
- GraniteShares 2x Long NTAP Daily ETF (NASDAQ:NTAL): 66.75% Weight
- SEI QiM US Large Cap Value Active ETF (NASDAQ:SEIV): 2.34% Weight
- Counterpoint Quantitative Equity ETF (NYSE:CPAI): 2.45% Weight
Significance: Because NTAP carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
NTAP Price Action: NetApp shares were up 1.38% to $183.26 at the time of publication on Thursday, according to Benzinga Pro data.
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