Ignore the Noise and Buy This Stock Today

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After missing the Street's revenue targets in last night's second-quarter report, shares of storage systems specialist NetApp (NAS: NTAP) fell to levels not seen since May 2010.

Before we go any further, let me stop you right there. Add NetApp to your Foolish watchlist right now. And if you're not quite ready to commit real cash to NetApp at this ridiculous discount, for the love of money please give the stock a thumbs-up in our CAPS system. These are the calls that create fortunes and All-Star CAPS ratings.

Ready to move on? Cool.

Sales jumped 28% year-over-year, to $1.46 billion, and non-GAAP earnings rose to $0.55 per share. That's in line with analyst expectations on the bottom line and a 3% miss in terms of sales. A "challenging macroeconomic environment" caused minor damage to revenues, but the good times keep rolling: Sales are expected to grow more than 20% year-over-year in the next quarter as well. Hardly proper inspiration for a 15% haircut, if you ask me.

Looking deeper into the numbers, you'll notice that the stock probably was undervalued to begin with -- $140 million of net income masked the arrival of $241 million in operating cash flows.

In short, NetApp keeps growing faster than close rivals EMC (NYS: EMC) , Hewlett-Packard (NYS: HPQ) , and IBM (NYS: IBM) without sacrificing margins or cash generation. That means stealing market share in a profitable way.

Moreover, the company keeps showing up on lists of the best companies to work for and that would help make it a Freestyle Love Supreme investment in Motley Fool co-founder Tom Gardner's view. Happy employees and customers coming back for more are two sure signs of a great business, and NetApp has both in spades.

So go ahead and jump on this rare opportunity any way you can, from watchlists to Monopoly money portfolios, or a real investment. The money-making discount staring in my face ranks right up there with such ridiculously undervalued growth stocks as LED leader Cree (NAS: CREE) and audio-chip maker Cirrus Logic (NAS: CRUS) . You can't go wrong with any of these right now. This is the "buy low" part of that old money-making adage. You'll be able to "sell high" when Mr. Market comes to his senses.

At the time this article was published Fool contributor Anders Bylund holds no position (yet!) in any of the companies discussed here. The Motley Fool owns shares of International Business Machines, EMC, and Cirrus Logic. Try any of our Foolish newsletter servicesfree for 30 days. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. You can check outAnders' holdings and a concise bio, follow him onTwitterorGoogle+, or peruseour Foolish disclosure policy.

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