Yahoo Finance NetApp (NTAP) Outpaces Stock Market Gains: What You Should Know
The latest trading session saw NetApp (NTAP) ending at $117.08, denoting a +1.27% adjustment from its last day's close. This change outpaced the S&P 500's 1.04% gain on the day. Elsewhere, the Dow gained 0.76%, while the tech-heavy Nasdaq added 1.03%.
Shares of the data storage company have depreciated by 11.15% over the course of the past month, outperforming the Computer and Technology sector's loss of 13.91% and lagging the S&P 500's loss of 6.74%.
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's upcoming EPS is projected at $1.46, signifying a 26.96% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.53 billion, up 7.13% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $6.86 per share and revenue of $6.55 billion. These totals would mark changes of +6.19% and +4.43%, respectively, from last year.
Investors should also pay attention to any latest changes in analyst estimates for NetApp. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. NetApp presently features a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that NetApp has a Forward P/E ratio of 16.86 right now. This expresses no noticeable deviation compared to the average Forward P/E of 16.86 of its industry.
We can also see that NTAP currently has a PEG ratio of 3.73. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Computer- Storage Devices was holding an average PEG ratio of 1.3 at yesterday's closing price.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 15, finds itself in the top 6% echelons 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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NetApp, Inc. (NTAP) : Free Stock Analysis Report
