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NetApp (NTAP) Stock Sinks As Market Gains: What You Should Know
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NetApp (NTAP - Free Report) closed the most recent trading day at $104.66, moving -1.15% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 0.07%. At the same time, the Dow lost 0.7%, and the tech-heavy Nasdaq gained 0.18%.
The data storage company's shares have seen an increase of 0.67% over the last month, not keeping up with the Computer and Technology sector's gain of 8.22% and the S&P 500's gain of 5.71%.
Market participants will be closely following the financial results of NetApp in its upcoming release. The company's upcoming EPS is projected at $1.54, signifying a 1.28% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1.54 billion, indicating a 0.11% decline compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $7.73 per share and a revenue of $6.74 billion, indicating changes of +6.62% and +2.63%, respectively, from the former year.
Any recent changes to analyst estimates for NetApp should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 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. Over the past month, the Zacks Consensus EPS estimate has moved 0.1% higher. At present, NetApp boasts a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that NetApp has a Forward P/E ratio of 13.7 right now. This valuation marks no noticeable deviation compared to its industry average Forward P/E of 13.7.
Meanwhile, NTAP's PEG ratio is currently 1.96. 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 2.01 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 63, positioning it in the top 26% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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NetApp (NTAP) Stock Sinks As Market Gains: What You Should Know
NetApp (NTAP - Free Report) closed the most recent trading day at $104.66, moving -1.15% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 0.07%. At the same time, the Dow lost 0.7%, and the tech-heavy Nasdaq gained 0.18%.
The data storage company's shares have seen an increase of 0.67% over the last month, not keeping up with the Computer and Technology sector's gain of 8.22% and the S&P 500's gain of 5.71%.
Market participants will be closely following the financial results of NetApp in its upcoming release. The company's upcoming EPS is projected at $1.54, signifying a 1.28% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1.54 billion, indicating a 0.11% decline compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $7.73 per share and a revenue of $6.74 billion, indicating changes of +6.62% and +2.63%, respectively, from the former year.
Any recent changes to analyst estimates for NetApp should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 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. Over the past month, the Zacks Consensus EPS estimate has moved 0.1% higher. At present, NetApp boasts a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that NetApp has a Forward P/E ratio of 13.7 right now. This valuation marks no noticeable deviation compared to its industry average Forward P/E of 13.7.
Meanwhile, NTAP's PEG ratio is currently 1.96. 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 2.01 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 63, positioning it in the top 26% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.