NetApp’s Earnings Report to Settle Market Debate

As NetApp prepares to release its quarterly financial results, a clear divergence of opinion has emerged among major market participants. While institutional investors have been accumulating shares, Wall Street analysts are locked in a fundamental dispute over the company's near-term prospects. The upcoming report is poised to determine which narrative prevails.

The data storage specialist is scheduled to announce its Q3 FY2026 earnings after the U.S. market closes on Thursday, February 26. These figures will cover the company's performance through January 23. In recent trading, NetApp's stock closed at $99.59, a level reflecting the broader sell-off in technology shares that has particularly impacted software and semiconductor equities.

Research notes from January reveal a stark contrast in analyst outlooks, setting the stage for potential volatility following the earnings release.

Should investors sell immediately? Or is it worth buying NetApp?

• Goldman Sachs initiated coverage with a Buy rating, assigning a $128 price target. Their bullish thesis centers on NetApp's commanding position within the high-growth all-flash data storage market.
• Morgan Stanley adopted the opposing view, downgrading the stock to Underweight and slashing its price target to $89. The firm's analysis points to survey data from IT decision-makers suggesting the weakest budget growth for hardware spending in 15 years.

Major Investors Show Conviction

Despite this analytical disagreement and recent sector-wide pressure, significant institutional holders have demonstrated confidence by expanding their stakes. Regulatory filings show that BI Asset Management increased its position by 19.3% in the third quarter, bringing its holdings to nearly 300,000 shares. Other institutional entities, including Harbour Investments and CVA Family Office, have also been recent buyers of the stock.

Key Data Points: NetApp (NTAP)

• Earnings Date: February 26, 2026 (Q3 FY2026 Results)
• Previous Closing Price: $99.59 USD
• Analyst Price Target Range: $89 (Morgan Stanley) to $128 (Goldman Sachs)
• Notable Investment Activity: BI Asset Management raised its stake by 19.3% in Q3.

The February 26th earnings release will provide critical evidence to determine whether the optimistic view on flash storage demand or concerns over constrained hardware budgets is more accurate. Management will host a webcast following the announcement to discuss the quarterly performance, its strategy for the remainder of the fiscal year, and provide initial commentary for FY2027.