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NetApp (NTAP) Stock Moves -1.14%: What You Should Know
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NetApp (NTAP - Free Report) closed at $164.64 in the latest trading session, marking a -1.14% move from the prior day. The stock's change was more than the S&P 500's daily loss of 1.21%. Meanwhile, the Dow experienced a drop of 0.97%, and the technology-dominated Nasdaq saw a decrease of 2.15%.
The stock of data storage company has risen by 7.06% in the past month, leading the Computer and Technology sector's loss of 4.58% and the S&P 500's gain of 0.42%.
Analysts and investors alike will be keeping a close eye on the performance of NetApp in its upcoming earnings disclosure. The company is forecasted to report an EPS of $2.11, showcasing a 36.13% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.83 billion, indicating a 17.61% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of $8.88 per share and a revenue of $7.49 billion, demonstrating changes of +9.23% and +8.14%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for NetApp. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 0.13% lower. NetApp is currently a Zacks Rank #3 (Hold).
From a valuation perspective, NetApp is currently exchanging hands at a Forward P/E ratio of 18.76. This represents a premium compared to its industry average Forward P/E of 14.69.
We can additionally observe that NTAP currently boasts a PEG ratio of 2.46. 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. By the end of yesterday's trading, the Computer- Storage Devices industry had an average PEG ratio of 1.39.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 22, putting it in the top 9% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
View the Zacks #1 Rank List
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NetApp (NTAP) Stock Moves -1.14%: What You Should Know
NetApp (NTAP - Free Report) closed at $164.64 in the latest trading session, marking a -1.14% move from the prior day. The stock's change was more than the S&P 500's daily loss of 1.21%. Meanwhile, the Dow experienced a drop of 0.97%, and the technology-dominated Nasdaq saw a decrease of 2.15%.
The stock of data storage company has risen by 7.06% in the past month, leading the Computer and Technology sector's loss of 4.58% and the S&P 500's gain of 0.42%.
Analysts and investors alike will be keeping a close eye on the performance of NetApp in its upcoming earnings disclosure. The company is forecasted to report an EPS of $2.11, showcasing a 36.13% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.83 billion, indicating a 17.61% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of $8.88 per share and a revenue of $7.49 billion, demonstrating changes of +9.23% and +8.14%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for NetApp. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 0.13% lower. NetApp is currently a Zacks Rank #3 (Hold).
From a valuation perspective, NetApp is currently exchanging hands at a Forward P/E ratio of 18.76. This represents a premium compared to its industry average Forward P/E of 14.69.
We can additionally observe that NTAP currently boasts a PEG ratio of 2.46. 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. By the end of yesterday's trading, the Computer- Storage Devices industry had an average PEG ratio of 1.39.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 22, putting it in the top 9% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.