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Does NetApp (NTAP) have what it takes to be a top stock pick for momentum investors? Let's find out.
NetApp (NTAP) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
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NetApp's (NTAP) fiscal third-quarter performance benefits from solid demand across the latest all-flash products.
NetApp (NTAP) shares gained more than 17% in premarket trading Friday after the cloud storage provider breezed past Wall Street's quarterly expectations and raised its full-year outlook amid growing demand for its cloud-based data management solutions as customers streamline their IT operations.
While the top- and bottom-line numbers for NetApp (NTAP) give a sense of how the business performed in the quarter ended January 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
NetApp, Inc. (NASDAQ:NTAP) Q3 2024 Earnings Conference Call February 29, 2024 5:00 PM ET
NetApp (NTAP) came out with quarterly earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.69 per share. This compares to earnings of $1.37 per share a year ago.
NetApp raised its annual profit forecast on Thursday, as businesses spend more on cloud-based data management services for digital transformation, sending its shares up 13.6% in extended trading.
NetApp's (NTAP) fiscal third-quarter performance is likely to have gained from momentum in product, and hyperscaler first-party and marketplace services amid soft macroeconomic conditions.