The latest trading session saw NetApp (NTAP) ending at $81.34, denoting a -1.02% adjustment from its last day's close. This move was narrower than the S&P 500's daily loss of 2.24%. Elsewhere, the Dow saw a downswing of 1.73%, while the tech-heavy Nasdaq depreciated by 3.07%.

Shares of the data storage company have depreciated by 10.93% over the course of the past month, underperforming the Computer and Technology sector's loss of 6.31% and the S&P 500's loss of 4.17%.

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 5%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.73 billion, indicating a 3.45% increase compared to the same quarter of the previous year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $7.23 per share and a revenue of $6.57 billion, signifying shifts of +11.92% and +4.75%, respectively, from the last year.

Any recent changes to analyst estimates for NetApp should also be noted by investors. 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 company's business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.11% decrease. At present, NetApp boasts a Zacks Rank of #3 (Hold).

Looking at valuation, NetApp is presently trading at a Forward P/E ratio of 11.37. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 11.37.

It's also important to note that NTAP currently trades at a PEG ratio of 1.33. 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. As of the close of trade yesterday, the Computer- Storage Devices industry held an average PEG ratio of 1.45.

The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 57, finds itself in the top 23% echelons of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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

This article originally published on Zacks Investment Research (zacks.com).

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