NTAP

NetApp, Inc.

Technology · $39.5B market cap

Share price

$226.27

close of Oct 3, 2026

Fair value

$94.41

Sticker Price

Payback Price

$37.77

buy price

Overpriced

NTAP is Overpriced: at $226.27 it trades 140% above its fair value of $94.41. Its buy price (Payback Price) is $37.77, 83% below today's price. Business quality is limited: only 1 of 5 key numbers clears the 10% bar.

How we valued it

Free Cash Flow. Sales grew 3% a year over the last 3 years, below the 15% we look for in a fast grower, so we value it on its free cash flow instead of an earnings forecast.

Business quality

1 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth7.5% a year✗

Equity per share growth-3.2% a year✗

Sales growth2.6% a year✗

Free cash flow growth3.1% a year✗

Return on invested capital17.0%✓

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Superinvestors

1 of the investors we track holds NTAP. In Q2 2026, 1 opened a position. Who we track

Lee Ainslie

Maverick Capital · as of Q2 2026

$677K

4,375 shares

Moves in Q2 2026

New position: Lee Ainslie

Insider activity

Since Jun 23, 2026: no open-market purchases, 10 sales worth $8.6M and 46 other filings (stock awards, tax withholding and similar). Why purchases matter

Sales

CERNUDA CESAR

President · 2026-08-17

Sold

$21K

CERNUDA CESAR

President · 2026-08-17

Sold

$169K

CERNUDA CESAR

President · 2026-08-17

Sold

$101K

CERNUDA CESAR

President · 2026-08-17

Sold

$243K

O'Callahan Elizabeth M

EVP, Chief Admin. Officer · 2026-08-10

Sold

$194K

Show all 10 sales

O'Callahan Elizabeth M

EVP, Chief Admin. Officer · 2026-07-10

Sold

$171K

CERNUDA CESAR

President · 2026-06-23

Sold

$2.1M

CERNUDA CESAR

President · 2026-06-23

Sold

$2.4M

CERNUDA CESAR

President · 2026-06-23

Sold

$2.3M

CERNUDA CESAR

President · 2026-06-23

Sold

$861K

Other filings

Pelzer Francis J.

director · 2026-09-09

Award

1,542 shares

Palin Carrie

director · 2026-09-09

Award

1,542 shares

NEVENS THOMAS MICHAEL

director · 2026-09-09

Award

1,948 shares

KERR DEBORAH

director · 2026-09-09

Award

1,542 shares

HELD GERALD

director · 2026-09-09

Award

1,542 shares

Show all 46 other filings

Fipps Paul

director · 2026-09-09

Award

1,542 shares

Ahuja Deepak

director · 2026-09-09

Award

1,542 shares

GUSTAFSSON ANDERS

director · 2026-09-09

Award

1,542 shares

Yang June

director · 2026-09-09

Award

1,542 shares

Pelzer Francis J.

director · 2026-09-08

Option exercise

2,307 shares

Palin Carrie

director · 2026-09-08

Option exercise

2,307 shares

NEVENS THOMAS MICHAEL

director · 2026-09-08

Option exercise

2,914 shares

KERR DEBORAH

director · 2026-09-08

Option exercise

2,307 shares

HELD GERALD

director · 2026-09-08

Option exercise

2,307 shares

Fipps Paul

director · 2026-09-08

Option exercise

2,646 shares

GUSTAFSSON ANDERS

director · 2026-09-08

Option exercise

2,307 shares

Nair Syam

EVP, Chief Product Officer · 2026-08-15

Tax withholding

$3.4M

Nair Syam

EVP, Chief Product Officer · 2026-08-15

Option exercise

42,739 shares

Kurian George

CEO · 2026-08-15

Option exercise

2,885 shares

Kurian George

CEO · 2026-08-15

Option exercise

1,999 shares

Kurian George

CEO · 2026-08-15

Option exercise

2,681 shares

Kurian George

CEO · 2026-08-15

Tax withholding

$782K

Kurian George

CEO · 2026-08-15

Option exercise

7,565 shares

De Lorenzo Daniel

SVP, Chief Accounting Officer · 2026-08-15

Option exercise

147 shares

De Lorenzo Daniel

SVP, Chief Accounting Officer · 2026-08-15

Option exercise

175 shares

De Lorenzo Daniel

SVP, Chief Accounting Officer · 2026-08-15

Tax withholding

$55K

De Lorenzo Daniel

SVP, Chief Accounting Officer · 2026-08-15

Option exercise

743 shares

De Lorenzo Daniel

SVP, Chief Accounting Officer · 2026-08-15

Option exercise

421 shares

O'Callahan Elizabeth M