NetApp (NTAP) Outperforms Broader Market: What You Need to Know

In the latest trading session, NetApp (NTAP) closed at $121.24, marking a +0.69% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.16%. Meanwhile, the Dow lost 0.37%, and the Nasdaq, a tech-heavy index, added 0.78%.The data storage company's shares have seen a decrease of 2.51% over the last month, not keeping up with the Computer and Technology sector's gain of 1.87% and the S&P 500's gain of 1.67%.The investment community will be paying close attention to the earnings performance of NetApp in its upcoming release. In that report, analysts expect NetApp to post earnings of $1.79 per share. This would mark year-over-year growth of 13.29%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.65 billion, indicating a 5.34% increase compared to the same quarter of the previous year.For the full year, the Zacks Consensus Estimates project earnings of $7.08 per share and a revenue of $6.58 billion, demonstrating changes of +9.6% and +4.95%, respectively, from the preceding year.It's also important for investors to be aware of any recent modifications 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 company's business performance and profit potential.Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. NetApp currently has a Zacks Rank of #2 (Buy).Investors should also note NetApp's current valuation metrics, including its Forward P/E ratio of 17.01. This signifies a premium in comparison to the average Forward P/E of 14.36 for its industry.We can also see that NTAP currently has a PEG ratio of 3.64. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Computer- Storage Devices industry was having an average PEG ratio of 2.19.The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 60, putting it in the top 24% 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.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NetApp, Inc. (NTAP): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks