Barclays Maintains Overweight Rating on NetApp (NASDAQ: NTAP) Amid Cloud Transition and Strong Financials

Font: Financial Modeling Prep  • Sep 03, 2026

• Barclays reaffirms its Overweight rating on NetApp (NASDAQ: NTAP), signaling confidence in its stock performance and cloud transition.
• The investment firm raised NetApp's price target to $219, indicating potential for significant growth from its current stock price of $180.77.
• NetApp demonstrated strong financial performance in Q1, reporting revenues of $2.03 billion and quarterly earnings of $2.58 per share, surpassing analyst estimates.

On September 3, 2026, investment firm Barclays maintains its Overweight rating on NetApp (NASDAQ: NTAP). An Overweight rating suggests that the firm believes the stock will perform better than the average return of other stocks in its sector. This positive outlook comes as NetApp continues its transition into a cloud-focused data infrastructure company.

NetApp is a key provider of storage hardware and software. The company's main offerings include its ONTAP data management software and a range of all-flash and hybrid-flash solutions. Its business strategy focuses on its Hybrid Cloud and Public Cloud segments, with a large portion of its revenue coming from the U.S. market.

In addition to the rating, Barclays also increases its price target for NetApp to $219, up from its previous target of $199. A price target is an analyst's projection of a stock's future price. At the time of the news, the stock price was $180.77, indicating Barclays sees potential for growth.

This confidence is supported by NetApp's strong financial results for its first quarter. As highlighted by Zacks Investment Research, the company reported revenues of $2.03 billion, which is a 30% increase from the $1.56 billion reported a year ago. This figure also surpassed analyst revenue estimates of $1.84 billion by a notable margin.

The company’s earnings performance is also strong. NetApp announced quarterly earnings of $2.58 per share, beating the consensus estimate of $2.13 by over 21%. This continues a trend for the company, which has now surpassed both earnings and revenue estimates in each of the last four quarters.