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NTAP

NetApp Stock Jumps Over 24% After Solid Quarterly Earnings NetApp's ( NASDAQ:NTAP ) shares surged over 24% in premarket trading on Friday, following the announcement of its quarterly earnings report that exceeded analysts' expectations. The cloud storage firm raised its full-year fiscal 2024 outlook and stated that it foresees continued strength in its all-flash products and marketplace services. NetApp's ( NASDAQ:NTAP ) Hybrid Cloud segment witnessed a 6% increase in revenue from the previous year, primarily driven by the company's recently introduced all-flash products, which accounted for 60% of the unit's sales during the quarter. The company's cloud storage solutions also saw good momentum in artificial intelligence (AI) during the quarter, with "several large Nvidia ( NASDAQ:NVDA ) SuperPOD and BasePOD deployments." NetApp CEO George Kurian said, "Our modern approach to unified data storage, spanning all-flash and cloud environments, is clearly resonating with customers." Looking ahead, NetApp ( NASDAQ:NTAP ) lifted its full-year fiscal 2024 adjusted earnings guidance to between $6.40 and $6.50 per share, up from its prior forecast of $6.05 to $6.25 a share, and raised its revenue outlook for the period to between $6.185 billion and $6.335 billion. Additionally, the company reiterated its outlook for the fiscal fourth quarter, projecting adjusted earnings of between $1.73 and $1.83 per share and revenue of $1.585 billion to $1.735 billion. NetApp's CFO, Mike Berry, said, "We expect to see continued strength in all-flash products and hyperscaler first party and marketplace services" in the coming quarters. After making several legs higher, NetApp's ( NASDAQ:NTAP ) share price has coiled within a pennant since early December. This chart pattern typically indicates a continuation of the prevailing trend. Upon an earnings-driven breakout above the pennant, look for a potential measured move up to around $110. NetApp's shares were up 17.3% at $104.50 about 90 minutes before Friday's opening bell.
NASDAQ:NTAPLong
by DEXWireNews
NTAP | Informative before the ERNASDAQ:NTAP Based on my observations, the stock has been consolidating within the orange box since the last earnings report up to now. In the coming days, it could move either up or down within this defined range. Personally, I expect a bullish price movement towards the $92 area, potentially forming a double top before the earnings announcement. Moreover, according to Elliott Wave Theory, it's likely that after the earnings, the price could drop back to the previous key level at $75. The chart suggests that the stock could move in either direction. If I were in a position, I'd prefer to be in cash. However, if it breaches the $92 mark, it could swiftly move to an all-time high (ATH). Therefore, the upcoming earnings announcement will be crucial in determining the direction.
NASDAQ:NTAP
by shkspr
NTAP | Informative | ER DayNASDAQ:NTAP Technical Analysis for NTAP: If NTAP breaks above the bullish line of 69.75$, it may indicate a bullish signal, suggesting potential upward price movement. In this scenario, the first target price (TP1) could be set at 71.69$, while the second target price (TP2) could be set at 74.32$. Conversely, if NTAP breaks below the bearish line of 67.61$, it may suggest a bearish signal, implying potential downward price movement. In this case, the first target price (TP1) could be set at 64.20$, and the second target price (TP2) could be set at 61.04$. Fundamental Analysis for NTAP: NTAP is a leading provider of data storage and management solutions, catering to enterprise customers globally. The company's expertise in storage systems, software, and cloud services positions it as a key player in the industry. NTAP benefits from a strong customer base, long-standing relationships with enterprise clients, and a diversified product portfolio. NTAP's financial performance has been consistently robust, with steady revenue growth and solid profit margins. The company's ability to adapt to evolving technology trends, such as cloud computing and data analytics, has been instrumental in sustaining its competitive advantage. NTAP's focus on innovation and strategic partnerships has allowed it to address the increasing demand for scalable and efficient data storage solutions. It is essential to consider potential risks, including intense competition from both established players and emerging startups in the storage industry. Moreover, changes in technology and customer preferences could impact NTAP's market position. However, the company's strong financials, market expertise, and commitment to innovation position it favorably for long-term growth.
NASDAQ:NTAP
by shkspr
2
NTAP has begun the algorithmic projected declineBased on historical movement, the peak could occur anywhere in the larger red box. The final targets are in the green boxes. The pending bottom should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated SELL on September 1, 2021 with a closing price of 89.32. If this instance is successful, that means the stock should decline to at least 87.96 which is the top of the larger green box. Three-quarters of all successful signals have the stock decline 5.667% from the signal closing price. This percentage is the top of the smaller green box. Half of all successful signals have the stock decline 11.224% which is the end point of the black dotted arrow. One-quarter of all successful signals have the stock decline 14.18% from the signal closing price which is the bottom of the smaller green box. The maximum decline on record would see a move to the bottom of the larger green box. These are the same concepts for the levels in the red boxes as well. The ends/vertical sides of the boxes are determined in a similar fashion. The trough of the decline can occur as soon as the next trading bar after signal close, while the max decline occurs within the limit of study at 35 trading bars after the signal. A 1% decline must occur over the next 35 trading bars in order to be considered a success. Three-quarters of successful movement occur after at least 7 trading bars; half occur within 19 trading bars, and one-quarter require at least 31 trading bars. The black dotted arrow represents median historical movement. Medians are a good metric, but they are just one of many I use when forecasting future movement. Currently the stock moved up two bars after signal which is the median reversal point. The stock could be on the decline toward the smaller green box already.
NASDAQ:NTAPShort
by StockSignaler
NTAP Head & Shoulders Top Gaps DownNTAP on the Weekly View chart shows a traditional Head & Shoulders Topping Formation. This type of top is far less common these days. This is due to changes in Dark Pool transaction activity off the public exchanges, new routing, and new order types. The gap down is above the traditional Head & Shoulders completion level. However, there is some technical evidence that this could be the conclusion and completion level for this top at this time.
NASDAQ:NTAP
by MarthaStokesCMT-TechniTrader
Swing trade $NTAP to all time high. 20%+ upside!As indicated price has bounced off 9 day avg line on the monthly chart; giving us a have a safe entry for swing trade to our price target of $88+. $NTAP will be reporting Q4 report on May 22nd: "Q4 has historically proven to be a strong seasonal period for free cash flow conversion, as such we remain committed to driving free cash flow of 19% to 21% of revenues for the full fiscal year. Our confidence in our long-term vision and execution is reflected in our capital allocation strategy." - Ron Pasek: Q3 earnings calls.
NASDAQ:NTAPLong
by Litwolf
NTAP Earnings: Short-term Bottom, HFT, Pro Traders, BuybacksNetApp is a Data Storage company for Cloud Technology. The Financial Services Industry is reporting a huge increase in Cloud Services usage that is starting in 2019 after a very conservative interest in Cloud Based Storage and services. This could potentially help NTAP complete this short term bottom and begin a new business cycle for the next couple of years. NTAP topped around $88 and declined to a low of about $56 before starting this first attempt at a bottom. HFTs are likely to be targeting this stock tomorrow as it reports its earnings. NTAP technically has stopped just below resistance for a completion of bottom. It is technically in a sideways pattern at this level. BOP shows HFTs were the drivers for the stock to drop in price to the short term bottom low of $56. BOP is not yet showing any quiet accumulation. Some pro traders are in the mix. The stock may also be under buyback mode as well.
NASDAQ:NTAPEducation
by MarthaStokesCMT-TechniTrader