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NetApp (NTAP) Stock Moves 0.36%: What You Should Know
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In the latest market close, NetApp (NTAP - Free Report) reached $122.93, with a +0.36% movement compared to the previous day. Meanwhile, the Dow experienced a drop of 0.36%, and the technology-dominated Nasdaq saw an increase of 0.21%.
Coming into today, shares of the data storage company had lost 5.9% in the past month. In that same time, the Computer and Technology sector lost 11.22%, while the S&P 500 lost 4.22%.
The investment community will be paying close attention to the earnings performance of NetApp in its upcoming release. The company is slated to reveal its earnings on August 28, 2024. The company is expected to report EPS of $1.46, up 26.96% from the prior-year quarter. 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.
It's also important for investors to be aware of any recent modifications to analyst estimates for NetApp. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. NetApp currently has a Zacks Rank of #2 (Buy).
With respect to valuation, NetApp is currently being traded at a Forward P/E ratio of 17.87. For comparison, its industry has an average Forward P/E of 15.33, which means NetApp is trading at a premium to the group.
Meanwhile, NTAP's PEG ratio is currently 3.95. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. NTAP's industry had an average PEG ratio of 1.53 as of yesterday's close.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 69, putting it in the top 28% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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NetApp (NTAP) Stock Moves 0.36%: What You Should Know
In the latest market close, NetApp (NTAP - Free Report) reached $122.93, with a +0.36% movement compared to the previous day. Meanwhile, the Dow experienced a drop of 0.36%, and the technology-dominated Nasdaq saw an increase of 0.21%.
Coming into today, shares of the data storage company had lost 5.9% in the past month. In that same time, the Computer and Technology sector lost 11.22%, while the S&P 500 lost 4.22%.
The investment community will be paying close attention to the earnings performance of NetApp in its upcoming release. The company is slated to reveal its earnings on August 28, 2024. The company is expected to report EPS of $1.46, up 26.96% from the prior-year quarter. 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.
It's also important for investors to be aware of any recent modifications to analyst estimates for NetApp. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. NetApp currently has a Zacks Rank of #2 (Buy).
With respect to valuation, NetApp is currently being traded at a Forward P/E ratio of 17.87. For comparison, its industry has an average Forward P/E of 15.33, which means NetApp is trading at a premium to the group.
Meanwhile, NTAP's PEG ratio is currently 3.95. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. NTAP's industry had an average PEG ratio of 1.53 as of yesterday's close.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 69, putting it in the top 28% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.