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In the latest market close, NetApp (NTAP - Free Report) reached $131.59, with a +0.93% movement compared to the previous day. This change outpaced the S&P 500's 0.64% gain on the day. Meanwhile, the Dow experienced a rise of 1.85%, and the technology-dominated Nasdaq saw an increase of 0.2%.
Shares of the data storage company have appreciated by 3.44% over the course of the past month, outperforming the Computer and Technology sector's gain of 1.06% and lagging the S&P 500's gain of 3.82%.
Market participants will be closely following the financial results of NetApp in its upcoming release. It is anticipated that the company will report an EPS of $1.46, marking a 26.96% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $1.53 billion, showing a 7.13% escalation compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $6.86 per share and revenue of $6.55 billion, indicating changes of +6.19% and +4.43%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for NetApp. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 0.38% fall in the Zacks Consensus EPS estimate. NetApp currently has a Zacks Rank of #3 (Hold).
Digging into valuation, NetApp currently has a Forward P/E ratio of 19.02. This denotes no noticeable deviation relative to the industry's average Forward P/E of 19.02.
It's also important to note that NTAP currently trades at a PEG ratio of 4.21. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Computer- Storage Devices industry had an average PEG ratio of 1.58.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 177, this industry ranks in the bottom 30% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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NetApp (NTAP) Laps the Stock Market: Here's Why
In the latest market close, NetApp (NTAP - Free Report) reached $131.59, with a +0.93% movement compared to the previous day. This change outpaced the S&P 500's 0.64% gain on the day. Meanwhile, the Dow experienced a rise of 1.85%, and the technology-dominated Nasdaq saw an increase of 0.2%.
Shares of the data storage company have appreciated by 3.44% over the course of the past month, outperforming the Computer and Technology sector's gain of 1.06% and lagging the S&P 500's gain of 3.82%.
Market participants will be closely following the financial results of NetApp in its upcoming release. It is anticipated that the company will report an EPS of $1.46, marking a 26.96% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $1.53 billion, showing a 7.13% escalation compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $6.86 per share and revenue of $6.55 billion, indicating changes of +6.19% and +4.43%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for NetApp. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 0.38% fall in the Zacks Consensus EPS estimate. NetApp currently has a Zacks Rank of #3 (Hold).
Digging into valuation, NetApp currently has a Forward P/E ratio of 19.02. This denotes no noticeable deviation relative to the industry's average Forward P/E of 19.02.
It's also important to note that NTAP currently trades at a PEG ratio of 4.21. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Computer- Storage Devices industry had an average PEG ratio of 1.58.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 177, this industry ranks in the bottom 30% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.