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NetApp (NTAP - Free Report) closed the most recent trading day at $120.42, moving +1.43% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.37%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq gained 0.71%.
The data storage company's stock has dropped by 0.03% in the past month, falling short of the Computer and Technology sector's gain of 8.04% and the S&P 500's gain of 4.26%.
Investors will be eagerly watching for the performance of NetApp in its upcoming earnings disclosure. In that report, analysts expect NetApp to post earnings of $1.89 per share. This would mark year-over-year growth of 1.07%. At the same time, our most recent consensus estimate is projecting a revenue of $1.69 billion, reflecting a 1.68% rise from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.77 per share and revenue of $6.76 billion. These totals would mark changes of +7.17% and +2.85%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for NetApp. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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, the Zacks Consensus EPS estimate has moved 0.32% lower. Currently, NetApp is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, NetApp is presently trading at a Forward P/E ratio of 15.28. Its industry sports an average Forward P/E of 19.84, so one might conclude that NetApp is trading at a discount comparatively.
We can additionally observe that NTAP currently boasts a PEG ratio of 2.08. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. NTAP's industry had an average PEG ratio of 2.08 as of yesterday's close.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 86, finds itself in the top 35% echelons 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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NetApp (NTAP) Rises Higher Than Market: Key Facts
NetApp (NTAP - Free Report) closed the most recent trading day at $120.42, moving +1.43% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.37%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq gained 0.71%.
The data storage company's stock has dropped by 0.03% in the past month, falling short of the Computer and Technology sector's gain of 8.04% and the S&P 500's gain of 4.26%.
Investors will be eagerly watching for the performance of NetApp in its upcoming earnings disclosure. In that report, analysts expect NetApp to post earnings of $1.89 per share. This would mark year-over-year growth of 1.07%. At the same time, our most recent consensus estimate is projecting a revenue of $1.69 billion, reflecting a 1.68% rise from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.77 per share and revenue of $6.76 billion. These totals would mark changes of +7.17% and +2.85%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for NetApp. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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, the Zacks Consensus EPS estimate has moved 0.32% lower. Currently, NetApp is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, NetApp is presently trading at a Forward P/E ratio of 15.28. Its industry sports an average Forward P/E of 19.84, so one might conclude that NetApp is trading at a discount comparatively.
We can additionally observe that NTAP currently boasts a PEG ratio of 2.08. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. NTAP's industry had an average PEG ratio of 2.08 as of yesterday's close.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 86, finds itself in the top 35% echelons 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.