Netapp Inc [NASDAQ: NTAP] surged by $1.09 during the normal trading session on while it closed the day at $89.12. The company report on February 29, 2024 at 4:01 PM that NetApp Reports Third Quarter of Fiscal Year 2024 Results.
Net revenues of $1.61 billion for the third quarter; 5% growth year-over-year.
Record All-flash array annualized revenue run rate1 of $3.4 billion, an increase of 21% year-over-year.
Netapp Inc stock has also gained 3.59% of its value over the past 7 days. However, NTAP stock has inclined by 14.10% in the 3 months of the year. Over the past six months meanwhile, it has gained 16.62% and gained 1.09% year-on date.
The market cap for NTAP stock reached $18.36 billion, with 212.00 million shares outstanding and 205.32 million shares in the current float. Compared to the average trading volume of 1.93M shares, NTAP reached a trading volume of 4681655 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Netapp Inc [NTAP]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NTAP shares is $90.69 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NTAP stock is a recommendation set at 2.86. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Raymond James have made an estimate for Netapp Inc shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on January 16, 2024. While these analysts kept the previous recommendation, JP Morgan dropped their target price from $89 to $87. The new note on the price target was released on January 08, 2024, representing the official price target for Netapp Inc stock. Previously, the target price had yet another raise from $90 to $100, while TD Cowen kept a Outperform rating on NTAP stock.
The Average True Range (ATR) for Netapp Inc is set at 1.57, with the Price to Sales ratio for NTAP stock in the period of the last 12 months amounting to 3.02. The Price to Book ratio for the last quarter was 23.84, with the Price to Cash per share for the same quarter was set at 12.72. Price to Free Cash Flow for NTAP in the course of the last twelve months was 17.83 with Quick ratio for the last quarter at 1.02.
NTAP stock trade performance evaluation
Netapp Inc [NTAP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.59. With this latest performance, NTAP shares gained by 0.19% in over the last four-week period, additionally plugging by 16.62% over the last 6 months – not to mention a rise of 38.06% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NTAP stock in for the last two-week period is set at 57.67, with the RSI for the last a single of trading hit 62.03, and the three-weeks RSI is set at 56.13 for Netapp Inc [NTAP]. The present Moving Average for the last 50 days of trading for this stock 87.63, while it was recorded at 87.83 for the last single week of trading, and 79.25 for the last 200 days.
Netapp Inc [NTAP]: An insightful look at the core fundamentals
Netapp Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.02 and a Current Ratio set at 1.05.
Earnings per share (EPS) analysis for Netapp Inc [NTAP] stock
With the latest financial reports released by the company, Netapp Inc posted 1.37/share EPS, while the average EPS was predicted by analysts to be reported at 1.31/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 4.60%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NTAP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Netapp Inc go to 6.70%.
Netapp Inc [NTAP]: Institutional Ownership
The top three institutional holders of NTAP stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in NTAP stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in NTAP stock with ownership which is approximately 5.8325%.
