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Why the Market Dipped But NetApp (NTAP) Gained Today
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NetApp (NTAP - Free Report) ended the recent trading session at $120.55, demonstrating a +1.42% change from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 0.16%. Elsewhere, the Dow saw an upswing of 0.44%, while the tech-heavy Nasdaq depreciated by 0.76%.
Heading into today, shares of the data storage company had lost 4.27% over the past month, lagging the Computer and Technology sector's gain of 3.34% and the S&P 500's gain of 1.14%.
The upcoming earnings release of NetApp will be of great interest to investors. The company is expected to report EPS of $1.89, up 1.07% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $1.69 billion, indicating a 1.68% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $7.77 per share and a revenue of $6.76 billion, representing changes of +7.17% and +2.85%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for NetApp. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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, there's been a 0.32% fall in the Zacks Consensus EPS estimate. Currently, NetApp is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, NetApp is presently trading at a Forward P/E ratio of 15.3. This expresses a discount compared to the average Forward P/E of 17.96 of its industry.
We can also see that NTAP currently has a PEG ratio of 2.08. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Computer- Storage Devices stocks are, on average, holding a PEG ratio of 2.08 based on yesterday's closing prices.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 165, putting it in the bottom 34% of all 250+ industries.
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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Why the Market Dipped But NetApp (NTAP) Gained Today
NetApp (NTAP - Free Report) ended the recent trading session at $120.55, demonstrating a +1.42% change from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 0.16%. Elsewhere, the Dow saw an upswing of 0.44%, while the tech-heavy Nasdaq depreciated by 0.76%.
Heading into today, shares of the data storage company had lost 4.27% over the past month, lagging the Computer and Technology sector's gain of 3.34% and the S&P 500's gain of 1.14%.
The upcoming earnings release of NetApp will be of great interest to investors. The company is expected to report EPS of $1.89, up 1.07% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $1.69 billion, indicating a 1.68% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $7.77 per share and a revenue of $6.76 billion, representing changes of +7.17% and +2.85%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for NetApp. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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, there's been a 0.32% fall in the Zacks Consensus EPS estimate. Currently, NetApp is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, NetApp is presently trading at a Forward P/E ratio of 15.3. This expresses a discount compared to the average Forward P/E of 17.96 of its industry.
We can also see that NTAP currently has a PEG ratio of 2.08. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Computer- Storage Devices stocks are, on average, holding a PEG ratio of 2.08 based on yesterday's closing prices.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 165, putting it in the bottom 34% of all 250+ industries.
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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.