We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
NetApp (NTAP) Ascends But Remains Behind Market: Some Facts to Note
Read MoreHide Full Article
The most recent trading session ended with NetApp (NTAP - Free Report) standing at $131.70, reflecting a +0.92% shift from the previouse trading day's closing. The stock lagged the S&P 500's daily gain of 0.97%. Elsewhere, the Dow gained 0.58%, while the tech-heavy Nasdaq added 1.39%.
The data storage company's stock has climbed by 3.39% in the past month, exceeding the Computer and Technology sector's loss of 5.36% and the S&P 500's loss of 1.85%.
Market participants will be closely following the financial results of NetApp in its upcoming release. The company plans to announce its earnings on August 28, 2024. The company is forecasted to report an EPS of $1.46, showcasing a 26.96% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.53 billion, indicating a 7.13% increase compared to the same quarter of the previous year.
NTAP's full-year Zacks Consensus Estimates are calling for earnings of $6.86 per share and revenue of $6.55 billion. These results would represent year-over-year changes of +6.19% and +4.43%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for NetApp. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about 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, 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. Currently, NetApp is carrying a Zacks Rank of #2 (Buy).
From a valuation perspective, NetApp is currently exchanging hands at a Forward P/E ratio of 19.04. Its industry sports an average Forward P/E of 18.77, so one might conclude that NetApp is trading at a premium comparatively.
Meanwhile, NTAP's PEG ratio is currently 4.21. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Computer- Storage Devices was holding an average PEG ratio of 1.66 at yesterday's closing price.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 19, this industry ranks in the top 8% 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.
To follow NTAP in the coming trading sessions, be sure to utilize Zacks.com.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
NetApp (NTAP) Ascends But Remains Behind Market: Some Facts to Note
The most recent trading session ended with NetApp (NTAP - Free Report) standing at $131.70, reflecting a +0.92% shift from the previouse trading day's closing. The stock lagged the S&P 500's daily gain of 0.97%. Elsewhere, the Dow gained 0.58%, while the tech-heavy Nasdaq added 1.39%.
The data storage company's stock has climbed by 3.39% in the past month, exceeding the Computer and Technology sector's loss of 5.36% and the S&P 500's loss of 1.85%.
Market participants will be closely following the financial results of NetApp in its upcoming release. The company plans to announce its earnings on August 28, 2024. The company is forecasted to report an EPS of $1.46, showcasing a 26.96% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.53 billion, indicating a 7.13% increase compared to the same quarter of the previous year.
NTAP's full-year Zacks Consensus Estimates are calling for earnings of $6.86 per share and revenue of $6.55 billion. These results would represent year-over-year changes of +6.19% and +4.43%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for NetApp. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about 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, 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. Currently, NetApp is carrying a Zacks Rank of #2 (Buy).
From a valuation perspective, NetApp is currently exchanging hands at a Forward P/E ratio of 19.04. Its industry sports an average Forward P/E of 18.77, so one might conclude that NetApp is trading at a premium comparatively.
Meanwhile, NTAP's PEG ratio is currently 4.21. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Computer- Storage Devices was holding an average PEG ratio of 1.66 at yesterday's closing price.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 19, this industry ranks in the top 8% 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.
To follow NTAP in the coming trading sessions, be sure to utilize Zacks.com.