Investors focused on the Computer and Technology space have likely heard of NetApp (NTAP), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of NTAP and the rest of the Computer and Technology group's stocks.
NetApp is one of 594 companies in the Computer and Technology group. The Computer and Technology group currently sits at #4 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. NTAP is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for NTAP's full-year earnings has moved 11.14% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, NTAP has returned 29.83% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 0.43% on a year-to-date basis. As we can see, NetApp is performing better than its sector in the calendar year.
Breaking things down more, NTAP is a member of the Computer- Storage Devices industry, which includes 7 individual companies and currently sits at #49 in the Zacks Industry Rank. On average, this group has lost an average of 10.36% so far this year, meaning that NTAP is performing better in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on NTAP as it attempts to continue its solid performance.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
