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NetApp (NTAP) Stock Falls Amid Market Uptick: What Investors Need to Know
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The latest trading session saw NetApp (NTAP - Free Report) ending at $107.36, denoting a -0.55% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 0.13% for the day. At the same time, the Dow added 0.08%, and the tech-heavy Nasdaq lost 0.1%.
Shares of the data storage company have appreciated by 2.01% over the course of the past month, outperforming the Computer and Technology sector's gain of 0.89% and the S&P 500's loss of 0.35%.
The investment community will be paying close attention to the earnings performance 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. Our most recent consensus estimate is calling for quarterly revenue of $1.66 billion, up 5.05% from the year-ago period.
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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, NetApp boasts a Zacks Rank of #2 (Buy).
With respect to valuation, NetApp is currently being traded at a Forward P/E ratio of 16.23. This valuation marks a discount compared to its industry's average Forward P/E of 25.92.
Also, we should mention that NTAP has a PEG ratio of 1.85. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Computer- Storage Devices industry had an average PEG ratio of 1.4 as trading concluded yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 13, positioning it in the top 6% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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NetApp (NTAP) Stock Falls Amid Market Uptick: What Investors Need to Know
The latest trading session saw NetApp (NTAP - Free Report) ending at $107.36, denoting a -0.55% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 0.13% for the day. At the same time, the Dow added 0.08%, and the tech-heavy Nasdaq lost 0.1%.
Shares of the data storage company have appreciated by 2.01% over the course of the past month, outperforming the Computer and Technology sector's gain of 0.89% and the S&P 500's loss of 0.35%.
The investment community will be paying close attention to the earnings performance 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. Our most recent consensus estimate is calling for quarterly revenue of $1.66 billion, up 5.05% from the year-ago period.
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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. At present, NetApp boasts a Zacks Rank of #2 (Buy).
With respect to valuation, NetApp is currently being traded at a Forward P/E ratio of 16.23. This valuation marks a discount compared to its industry's average Forward P/E of 25.92.
Also, we should mention that NTAP has a PEG ratio of 1.85. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Computer- Storage Devices industry had an average PEG ratio of 1.4 as trading concluded yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 13, positioning it in the top 6% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.