Yahoo Finance NetApp (NTAP) & CGI to Aid Clients Unlock Cloud Potential
NetApp NTAP and CGI have partnered to help organizations to leverage hybrid and multi-cloud environments to maximize the potential of their applications and data.
NetApp and CGI will provide clients with a unified cloud environment, centralized management and data services that offer full visibility into on-premise and cloud-based systems and data. The partnership will also help clients improve operational efficiency, modernize their environment and transform their data to prepare for the next business cycle.
As part of the partnership, CGI and NetApp will offer a hybrid cloud-managed service that combines CGI's full-stack managed services and cloud factory with NetApp's automation, Keystone offering and multi-cloud integration capabilities.
NetApp, Inc. Price and Consensus
NetApp, Inc. price-consensus-chart | NetApp, Inc. Quote
The collaboration will likely help clients increase flexibility, reduce operational complexity and risk, and securely manage, access, and analyze their data on an optimal hybrid, multi-cloud platform.
Overall, the partnership will be an asset in accelerating business transformation, driving efficiencies and sustainability, with hybrid, multi-cloud solutions. The collaboration will benefit clients and help them navigate the current environment.
NetApp provides enterprise storage, data management software and hardware products and services. The company is well-positioned to gain from data-driven digital and cloud transformations. Also, the rapid adoption of FAS hybrid flash arrays and all-flash arrays bodes well.
In February, the company announced its plans to launch NetApp AFF C-Series and NetApp AFF A150 in March 2023. These are the latest addition to the company’s flash storage product line, which lowers the total cost of ownership and reduces carbon footprint.
The company recently reported third-quarter fiscal 2023 non-GAAP earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate by 4.6% but decreased 4.9% year over year. The company anticipated non-GAAP earnings between $1.25 and $1.35 per share.
Revenues of $1.53 billion decreased 5.4% year over year and 2% at constant currency. The company projected revenues in the range of $1.525-$1.675 billion. The downtick was caused by a weakening IT spending environment and cloud cost optimization.
NTAP currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 30.9% compared with the sub-industry’s decline of 26.2% in the past year.
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Stocks to Consider
Some better-ranked stocks in the broader technology space are Arista Networks ANET, Perion Network PERI and Pegasystems PEGA, each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Arista Networks 2023 earnings is pegged at $5.79 per share, rising 11.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 14.2%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 14.2%. Shares of ANET have increased 23.3% in the past year.
The Zacks Consensus Estimate for Perion’s 2023 earnings is pegged at $2.69 per share, rising 16% in the past 60 days. The long-term earnings growth rate is anticipated to be 25%.
Perion’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 31.7%. Shares of PERI have increased 64.9% in the past year.
The Zacks Consensus Estimate for Pegasystems 2023 earnings is pegged at $1.35 per share, rising 101.5% in the past 60 days.
Pegasystems earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, the average surprise being 11.2%. Shares of the company have declined 39.4% in the past year.
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NetApp, Inc. (NTAP) : Free Stock Analysis Report
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