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NetApp (NTAP) & Google Roll Out New Managed Storage Service
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NetApp (NTAP - Free Report) recently unveiled a new managed Storage Service in collaboration with Google Cloud known as Google Cloud NetApp Volumes. The new service, now available, is based on NetApp ONTAP data management software and cloud services.
Google Cloud NetApp Volumes is a fully-managed, first-party service available on Google Cloud. NetApp added that the service will aid businesses in migrating critical workloads across Windows and Linux environments to Google Cloud, without the need for “refactoring code or redesigning processes”.
NTAP further added that through Google Cloud NetApp Volumes service, it is extending ONTAP storage and data management capabilities to Google Cloud customers. ONTAP storage and data management capabilities will make it easier for clients to use “enterprise-grade” storage for their workloads, coupled with file storage optimization and support workloads across various environments (Windows, Linux, SAP and VMware).
The newly introduced service offers enterprise-grade and multiprotocol file shares with both SMB and NFS protocol support for Windows or Linux workloads. The service has an in-built data protection layer. This layer creates block-level incremental backups that do not affect the service’s uptime/performance while adhering to RTO/RPO parameters for optimal application availability, added NetApp.
The service also has in-built support for “instant capacity additions” as well as changes between performance tiers without any interruption, highlighted NTAP. This will aid in the managing investment/performance in real-time.
The company provides enterprise storage as well as data management software and hardware products and services. It recently reported first-quarter fiscal 2024 non-GAAP earnings of $1.15 per share, which surpassed the Zacks Consensus Estimate by 7.5%. Yet, the bottom line decreased 4.2% year over year.
Revenues of $1.432 billion declined 10% year over year. NTAP projected revenues in the $1.325-$1.475 billion band. Weak IT spending due to tough macro environment affected performance.
The company continues to expect fiscal 2024 revenues to decline in the mid-to-low single digit range on a year-over-year basis. However, management now suggests Public Cloud revenue growth to be lower than the earlier expectation owing to a softness in subscription services.
The company forecasts non-GAAP earnings per share for fiscal 2024 to be between $5.65 and $5.85. The Zacks Consensus Estimate is pegged at $5.68. NetApp currently carries a Zacks Rank #3 (Hold)
The Zacks Consensus Estimate for Badger Meter’s 2023 earnings has risen 6.3% in the past 60 days to $2.86 per share. BMI’s earnings beat estimates in the last four quarters, the average surprise being 6.7%. Shares of BMI have surged 65.9% in the past year.
The Zacks Consensus Estimate for Salesforce’s fiscal 2024 earnings is pegged at $7.44 per share, unchanged in the past 60 days. The long-term earnings growth rate is anticipated to be 19.3%.
CRM’s earnings surpassed estimates in the last four quarters, the average beat being 15.5%. Shares of CRM have grown 24.4% in the past year.
The Zacks Consensus Estimate for Pegasystems’ 2023 earnings has improved 6.6% in the past 60 days to $1.46 per share. PEGA’s earnings has an average surprise of 166.2% in the trailing four quarters. Shares of PEGA have jumped 32.7% in the past year.
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NetApp (NTAP) & Google Roll Out New Managed Storage Service
NetApp (NTAP - Free Report) recently unveiled a new managed Storage Service in collaboration with Google Cloud known as Google Cloud NetApp Volumes. The new service, now available, is based on NetApp ONTAP data management software and cloud services.
Google Cloud NetApp Volumes is a fully-managed, first-party service available on Google Cloud. NetApp added that the service will aid businesses in migrating critical workloads across Windows and Linux environments to Google Cloud, without the need for “refactoring code or redesigning processes”.
NTAP further added that through Google Cloud NetApp Volumes service, it is extending ONTAP storage and data management capabilities to Google Cloud customers. ONTAP storage and data management capabilities will make it easier for clients to use “enterprise-grade” storage for their workloads, coupled with file storage optimization and support workloads across various environments (Windows, Linux, SAP and VMware).
The newly introduced service offers enterprise-grade and multiprotocol file shares with both SMB and NFS protocol support for Windows or Linux workloads. The service has an in-built data protection layer. This layer creates block-level incremental backups that do not affect the service’s uptime/performance while adhering to RTO/RPO parameters for optimal application availability, added NetApp.
NetApp, Inc. Price and Consensus
NetApp, Inc. price-consensus-chart | NetApp, Inc. Quote
The service also has in-built support for “instant capacity additions” as well as changes between performance tiers without any interruption, highlighted NTAP. This will aid in the managing investment/performance in real-time.
The company provides enterprise storage as well as data management software and hardware products and services. It recently reported first-quarter fiscal 2024 non-GAAP earnings of $1.15 per share, which surpassed the Zacks Consensus Estimate by 7.5%. Yet, the bottom line decreased 4.2% year over year.
Revenues of $1.432 billion declined 10% year over year. NTAP projected revenues in the $1.325-$1.475 billion band. Weak IT spending due to tough macro environment affected performance.
The company continues to expect fiscal 2024 revenues to decline in the mid-to-low single digit range on a year-over-year basis. However, management now suggests Public Cloud revenue growth to be lower than the earlier expectation owing to a softness in subscription services.
The company forecasts non-GAAP earnings per share for fiscal 2024 to be between $5.65 and $5.85. The Zacks Consensus Estimate is pegged at $5.68.
NetApp currently carries a Zacks Rank #3 (Hold)
Stocks to Consider
Some better-ranked stocks worth consideration in the broader technology space are Badger Meter (BMI - Free Report) , Salesforce (CRM - Free Report) and Pegasystems (PEGA - Free Report) . Each stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Badger Meter’s 2023 earnings has risen 6.3% in the past 60 days to $2.86 per share. BMI’s earnings beat estimates in the last four quarters, the average surprise being 6.7%. Shares of BMI have surged 65.9% in the past year.
The Zacks Consensus Estimate for Salesforce’s fiscal 2024 earnings is pegged at $7.44 per share, unchanged in the past 60 days. The long-term earnings growth rate is anticipated to be 19.3%.
CRM’s earnings surpassed estimates in the last four quarters, the average beat being 15.5%. Shares of CRM have grown 24.4% in the past year.
The Zacks Consensus Estimate for Pegasystems’ 2023 earnings has improved 6.6% in the past 60 days to $1.46 per share. PEGA’s earnings has an average surprise of 166.2% in the trailing four quarters. Shares of PEGA have jumped 32.7% in the past year.