NetApp (NTAP) closed the latest trading day at $123.72, indicating a +1.9% change from the previous session's end. This change outpaced the S&P 500's 0.39% gain on the day. Elsewhere, the Dow gained 0.71%, while the tech-heavy Nasdaq added 0.2%.

The data storage company's shares have seen an increase of 3.61% over the last month, surpassing the Computer and Technology sector's gain of 0.04% and the S&P 500's gain of 1.7%.

Investors will be eagerly watching for the performance of NetApp in its upcoming earnings disclosure. The company's upcoming EPS is projected at $1.90, signifying a 2.06% drop compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $1.69 billion, up 5.16% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.31 per share and revenue of $6.65 billion. These totals would mark changes of +13.16% and +6.06%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for NetApp. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.12% increase. NetApp is holding a Zacks Rank of #2 (Buy) right now.

In terms of valuation, NetApp is currently trading at a Forward P/E ratio of 16.6. Its industry sports an average Forward P/E of 13.56, so one might conclude that NetApp is trading at a premium comparatively.

It's also important to note that NTAP currently trades at a PEG ratio of 2.32. 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 1.9 as of yesterday's close.

The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 36, putting it in the top 15% 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.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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NetApp, Inc. (NTAP) : Free Stock Analysis Report

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