Chart Of The Day: NetApp - Computer Technology At New Highs -

Chart Of The Day: NetApp – Computer Technology At New Highs

Jun 13, 2024Jeremy ParkinsonFinance, No picture0

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100% technical buy signals

15 new highs and up 15.88% in the last month

80.09+ Weighted Alpha

The Chart of the Day belongs to the computer technology company NetApp (NTAP). I found the stock by using Barchart’s powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on 5/6 the stock gained 16.47%. NTAP Price vs Daily Moving AveragesNetApp, Inc. provides a range of enterprise software, systems, and services that customers use to transform their data infrastructures in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. It operates in two segments, Hybrid Cloud and Public Could. The company offers data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and NetApp Astra; and storage infrastructure solutions, including NetApp All-Flash FAS, NetApp All-Flash FAS with capacity flash, NetApp All-Flash SAN Array, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID. It also provides cloud storage and data services comprising NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, and Google Cloud NetApp Volumes, as well as NetApp BlueXP, BlueXP Sync, BlueXP Tiering, NetApp Backup, BlueXP Compliance, and BlueXP Cache; and cloud operations services consist of NetApp Cloud Insights, Spot by NetApp, and Instaclustr. In addition, the company offers professional and support services, such as storage-as-a-service (STaaS), strategic consulting, professional, managed, and support services, as well as assessment, design, implementation, and migration services. It serves various industries comprising energy, financial services, government, technology, internet, life sciences, healthcare services, manufacturing, media, entertainment, animation, video postproduction, and telecommunications through a direct sales force and an ecosystem of partners. NetApp, Inc. was incorporated in 1992 and is headquartered in San Jose, California.Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Barchart Technical Indicators:

100% technical buy signals

80.09+ Weighted Alpha

76.04% gain in the last year

Trend Seeker buy signal

Above its 20, 50 and 100 day moving averages

15 new highs and up 15.88% in the last month

Relative Strength Index 78.01%

Technical support level at $124.66

Recently traded at $125.75 with 50 day moving average of $109.19

Fundamental Factors:

Market Cap $25.90 billion

Revenue expected to grow 4.60% this year and another 4.40% next year

Earnings estimated to increase 6.50% this year, an additional 6.20% next year and continue to compound at an annual rate of 6.15% for the next 5 years

Analysts and Investor Sentiment — I don’t buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it’s hard to make money swimming against the tide:

Wall Street analysts issued 2 strong buy, 11 buy, 13 holds and 1 underperform recommendation

Analysts have price targets between $105 and $155 with a consensus at $126.26

Value Line rates the stock its highest rating of 1 with price targets from $115 to $170

CFRAs MarketScope has a 3 star hold rating

MorningStar gives the stock a below average 1 star rating with a Fair Value of $106 that an overvaued by 17%

29,870 investors monitor the stock on Seeking Alpha

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