NetApp shares jump over 6% after unveiling AI‑focused Novus storage architecture and new cloud partnerships
NetApp announced its Novus AI storage architecture at the Insight 2026 conference, promising ultra‑high data throughput for AI workloads. The company also revealed a fully managed cloud storage service on Oracle Cloud and expanded ties with SAP and Supermicro. The news sent the stock up more than 6% to fresh record levels. Analysts lifted price targets, citing the expanded AI storage opportunity.
Why it matters
The stock rally reflects investor confidence that NetApp can capture a larger share of the enterprise AI infrastructure market, which may support higher future revenue. BofA Securities raised its price target to $220, indicating an upgraded valuation outlook.
Key facts
- 1NetApp’s shares rose 6.2% to a record high of $231.90. investing.com
- 2The company unveiled Novus, an AI storage architecture that can provide over 100 terabytes per second of total throughput and handle zettabyte‑scale file systems. investing.com
- 3BofA Securities increased its price target on NetApp to $220 from $200. investing.com
- 4NetApp reported non‑GAAP earnings of $2.58 per share for fiscal Q1 2027 on revenue of approximately $2.03 billion. investing.com
- 5The company announced a fully managed cloud storage service integrated with Oracle Cloud Infrastructure. investing.com
Open questions
- Material 1 lists Q1 revenue as $2.03 billion, while material 2 reports $1.95 billion.
- Material 1 gives non‑GAAP EPS of $2.58, whereas material 2 cites adjusted EPS of $2.43.
Summary written by AlphAI from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.