NetApp's Stock Hits 23-Year High After Surpassing Q3 Earnings Estimates and Raising FY24 Guidance

The data storage company's strong quarterly performance and optimistic full-year outlook drive investor confidence and analyst upgrades.

NetApp shares surged following a strong Q3 FY24 earnings report, with adjusted EPS of $1.94 surpassing estimates and revenue reaching $1.61 billion.
The company's all-flash array annualized revenue run rate increased by 21% year-over-year to $3.4 billion, highlighting growing demand for its cloud-based data management solutions.
NetApp raised its full-year fiscal 2024 adjusted earnings guidance to between $6.40 and $6.50 per share, up from the previous forecast.
Several analysts upgraded their price targets for NetApp, reflecting confidence in the company's performance and future prospects.
The stock reached its highest level since November 2000, indicating strong investor confidence and market response to the earnings beat and raised guidance.