NetApp stock gains 5.22 percent as AI storage launch drives rally

Published on 10/04/2026 at 13:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NetApp stock reached a new high after Novus debuted at INSIGHT 2026 with 100 TB/s AI-factory throughput. Fiscal Q1 revenue rose 30 percent to USD 2.025 billion.

Moderner Serverraum mit Technikern zwischen beleuchteten Rechnerschränken in Rechenzentrum — Fotorealistisches Rechenzentrum symbolisiert NetApp Inc., ISIN US64120B1098, führend in Datenspeicherung und Cloud-Infrastruktur weltweit, Illustration mit AI erstellt.

NetApp stock (ISIN US64110D1046) was last at USD 226.27 on Nasdaq on October 2, 2026, up 5.22 percent as investors responded to the company’s AI storage push. Investing.com reported on October 2 that NetApp unveiled its Novus architecture at INSIGHT 2026 and expanded cloud partnerships with Oracle, SAP and Supermicro.

Novus targets AI bottlenecks

Novus is designed to deliver more than 100 terabytes per second of aggregate throughput and support zettabyte-scale file systems, according to Investing.com. The product addresses a practical constraint in AI factories: storage systems must feed large GPU clusters fast enough to prevent expensive computing capacity from sitting idle.

The event also gave NetApp a broader cloud route. The planned Oracle Cloud Infrastructure service will bring ONTAP storage natively into Oracle’s platform, while the Supermicro relationship targets enterprise, neocloud and sovereign AI deployments.

Q1 revenue climbed 30 percent

NetApp’s fiscal Q1 2027 ended July 31, 2026, with GAAP revenue of USD 2.025 billion, up 30 percent from USD 1.559 billion a year earlier, according to Zawya. GAAP net income rose 61 percent to USD 375 million, while GAAP diluted earnings per share reached USD 1.88.

Non-GAAP earnings per share were USD 2.58, up 66 percent year over year, and non-GAAP operating margin was 31.9 percent. Management guided fiscal 2027 revenue to USD 7.975 billion-USD 8.225 billion and adjusted EPS to USD 9.73-USD 10.03, placing the AI strategy against a materially higher earnings baseline.

Consensus target trails the quote

Valuation is the counterweight to the growth story. MarketBeat listed a Hold consensus from 17 analysts, consisting of one Strong Buy, six Buy and ten Hold ratings, with an average price target of USD 194.86. That target is 13.88 percent below the USD 226.27 reference price, showing that analyst expectations have not fully caught up with the stock’s recent advance.

NetApp stock stays near its high

At USD 226.27 on October 2, 2026, NetApp stock stood 2.43 percent below its 52-week high of USD 231.90 and above its 52-week low of USD 93.69. The Nasdaq session produced a USD 11.22 gain, while volume reached 4,741,673 shares.