In the latest market close, NetApp (NTAP) reached $122.09, with a +1.76% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 1%. Meanwhile, the Dow gained 0.78%, and the Nasdaq, a tech-heavy index, added 1.51%.

The data storage company's stock has climbed by 2.92% in the past month, exceeding the Computer and Technology sector's loss of 4.13% and the S&P 500's loss of 2.14%.

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 $1.90 per share. This would mark a year-over-year decline of 2.06%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.69 billion, indicating a 5.16% increase compared to the same quarter of the previous year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $7.31 per share and a revenue of $6.65 billion, representing changes of +13.16% and +6.06%, respectively, from the prior year.

It's also important for investors to be aware of any recent modifications to analyst estimates for NetApp. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

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 past month, the Zacks Consensus EPS estimate has moved 0.12% higher. NetApp is holding a Zacks Rank of #2 (Buy) right now.

Investors should also note NetApp's current valuation metrics, including its Forward P/E ratio of 16.4. This indicates a premium in contrast to its industry's Forward P/E of 13.17.

It is also worth noting that NTAP currently has a PEG ratio of 2.29. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. NTAP's industry had an average PEG ratio of 2.08 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 231, putting it in the bottom 8% 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.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Want 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 Report

To read this article on Zacks.com click here.

Zacks Investment Research