Why Is NetApp Stock Shooting Higher Today?
Portfolio Pulse from Lekha Gupta
NetApp (NASDAQ:NTAP) shares surged after reporting Q3 FY24 results with a 5% Y/Y revenue increase to $1.61 billion, surpassing estimates. Adjusted EPS was $1.94, beating the consensus of $1.69. The company also raised its FY24 adjusted EPS guidance to $6.40-$6.50, above the consensus of $6.15. Analysts have updated their ratings, with several raising their price targets. NTAP shares are up 23.11% at $109.72.
March 01, 2024 | 5:09 pm
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POSITIVE IMPACT
NetApp reported strong Q3 FY24 results with revenue and adjusted EPS beating estimates, leading to a significant share price increase. The company also raised its FY24 guidance, positively impacting investor sentiment.
NetApp's better-than-expected Q3 FY24 earnings and raised FY24 guidance indicate strong financial health and growth prospects, leading to positive analyst revisions and a sharp increase in stock price. The company's performance and optimistic outlook are likely to sustain investor interest and support stock momentum in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100