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Why NetApp (NTAP) Dipped More Than Broader Market Today
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NetApp (NTAP - Free Report) ended the recent trading session at $108.15, demonstrating a -0.32% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.02%. Meanwhile, the Dow experienced a drop of 0.21%, and the technology-dominated Nasdaq saw an increase of 0.29%.
Coming into today, shares of the data storage company had gained 6.57% in the past month. In that same time, the Computer and Technology sector gained 1.39%, while the S&P 500 gained 1.29%.
Market participants will be closely following the financial results of NetApp in its upcoming release. The company's upcoming EPS is projected at $1.80, signifying a 16.88% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.66 billion, up 5.05% from the prior-year quarter.
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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. NetApp currently has a Zacks Rank of #2 (Buy).
In the context of valuation, NetApp is at present trading with a Forward P/E ratio of 16.32. This denotes a discount relative to the industry's average Forward P/E of 25.15.
One should further note that NTAP currently holds a PEG ratio of 1.86. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Computer- Storage Devices industry had an average PEG ratio of 1.53.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 17, this industry ranks in the top 7% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks 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.
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Why NetApp (NTAP) Dipped More Than Broader Market Today
NetApp (NTAP - Free Report) ended the recent trading session at $108.15, demonstrating a -0.32% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.02%. Meanwhile, the Dow experienced a drop of 0.21%, and the technology-dominated Nasdaq saw an increase of 0.29%.
Coming into today, shares of the data storage company had gained 6.57% in the past month. In that same time, the Computer and Technology sector gained 1.39%, while the S&P 500 gained 1.29%.
Market participants will be closely following the financial results of NetApp in its upcoming release. The company's upcoming EPS is projected at $1.80, signifying a 16.88% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.66 billion, up 5.05% from the prior-year quarter.
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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. NetApp currently has a Zacks Rank of #2 (Buy).
In the context of valuation, NetApp is at present trading with a Forward P/E ratio of 16.32. This denotes a discount relative to the industry's average Forward P/E of 25.15.
One should further note that NTAP currently holds a PEG ratio of 1.86. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Computer- Storage Devices industry had an average PEG ratio of 1.53.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 17, this industry ranks in the top 7% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks 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.