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NetApp (NTAP) Stock Slides as Market Rises: Facts to Know Before You Trade
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NetApp (NTAP - Free Report) closed at $124.99 in the latest trading session, marking a -0.92% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.08% for the day. Elsewhere, the Dow lost 0.12%, while the tech-heavy Nasdaq added 0.07%.
Coming into today, shares of the data storage company had lost 2.06% in the past month. In that same time, the Computer and Technology sector lost 4.62%, while the S&P 500 lost 0.21%.
The investment community will be closely monitoring the performance of NetApp in its forthcoming earnings report. On that day, NetApp is projected to report earnings of $1.46 per share, which would represent year-over-year growth of 26.96%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.53 billion, up 7.13% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $6.86 per share and a revenue of $6.55 billion, representing changes of +6.19% and +4.43%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for NetApp. These recent revisions tend to reflect the evolving nature of short-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 capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Right now, NetApp possesses a Zacks Rank of #3 (Hold).
In terms of valuation, NetApp is currently trading at a Forward P/E ratio of 18.4. This valuation marks no noticeable deviation compared to its industry's average Forward P/E of 18.4.
Also, we should mention that NTAP has a PEG ratio of 4.07. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Computer- Storage Devices stocks are, on average, holding a PEG ratio of 1.43 based on yesterday's closing prices.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 35, this industry ranks in the top 14% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow NTAP in the coming trading sessions, be sure to utilize Zacks.com.
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NetApp (NTAP) Stock Slides as Market Rises: Facts to Know Before You Trade
NetApp (NTAP - Free Report) closed at $124.99 in the latest trading session, marking a -0.92% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.08% for the day. Elsewhere, the Dow lost 0.12%, while the tech-heavy Nasdaq added 0.07%.
Coming into today, shares of the data storage company had lost 2.06% in the past month. In that same time, the Computer and Technology sector lost 4.62%, while the S&P 500 lost 0.21%.
The investment community will be closely monitoring the performance of NetApp in its forthcoming earnings report. On that day, NetApp is projected to report earnings of $1.46 per share, which would represent year-over-year growth of 26.96%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.53 billion, up 7.13% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $6.86 per share and a revenue of $6.55 billion, representing changes of +6.19% and +4.43%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for NetApp. These recent revisions tend to reflect the evolving nature of short-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 capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Right now, NetApp possesses a Zacks Rank of #3 (Hold).
In terms of valuation, NetApp is currently trading at a Forward P/E ratio of 18.4. This valuation marks no noticeable deviation compared to its industry's average Forward P/E of 18.4.
Also, we should mention that NTAP has a PEG ratio of 4.07. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Computer- Storage Devices stocks are, on average, holding a PEG ratio of 1.43 based on yesterday's closing prices.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 35, this industry ranks in the top 14% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow NTAP in the coming trading sessions, be sure to utilize Zacks.com.