Is NetApp Stock Outperforming the Dow?

With a market cap of $31.5 billion, NetApp, Inc. (NTAP) is a global intelligent data infrastructure company that provides software, systems, and cloud services designed to help enterprises store, manage, protect, and optimize their data across on-premises and hybrid cloud environments. Headquartered in San Jose, California, NetApp serves customers in industries ranging from financial services and healthcare to government and telecommunications.

Companies valued at $10 billion or more are generally considered “large-cap” stocks, and NetApp fits this criterion perfectly. Its key competitive advantage lies in its ability to provide a unified intelligent data infrastructure platform that enables enterprises to seamlessly manage, protect, and optimize data across on-premises environments and multiple public clouds. Powered by its ONTAP software, the company offers consistent data services, strong cyber resilience, and AI-ready storage solutions while maintaining deep partnerships with major cloud providers. 

However, shares of the data storage company have fallen 16.8% from its 52-week high of $192.83 touched on May 29. Shares of NetApp have soared 64.5% over the past three months, outperforming the broader Dow Jones Industrial Average Index’s ($DOWI) 7.2% return over the same time frame.

Longer term, NTAP stock is up 49.8% on a YTD basis, outpacing DOWI's 5.8% increase. Shares of the company have climbed 56.4% over the past 52 weeks, compared to the index’s 18.6% rise over the same time frame.

From a technical standpoint, the stock has been trading above its 50-day and 200-day moving averages since April, indicating an uptrend.

On May 28, NetApp released its FY2026 Q4 earnings, and its shares jumped 22.4% in the next trading session. Its revenue rose 12% year over year to $1.95 billion, driven by robust demand for all-flash storage and cloud services. Record all-flash array revenue increased 18% to $1.2 billion, while public cloud revenue climbed 11% to $182 million. On a non-GAAP basis, NetApp earned $2.43 per share, surpassing analysts’ expectations, as enterprises increasingly adopted its hybrid cloud and AI-focused data infrastructure solutions.

In comparison, rival Western Digital Corporation (WDC) has significantly outperformed NTAP stock. Shares of Western Digital have soared 850.8% over the past 52 weeks and 207.2% on a YTD basis.

Nevertheless, analysts remain moderately optimistic about its prospects. Among the 21 analysts covering the stock, there is a consensus rating of “Moderate Buy,” and the mean price target of $171.81 suggests a premium of 7.1% to its current levels.