of course dependent on the fish you have...but on average, 7.4 PH is okay; ammonia 0 is fine; and nitrate at 40 is a little high, should be about 25-35 at most (so you may want to do a water change of about 30%)
also you will need the nitrite test
give ya a tip unless you know it already: test your tap water for ammonia, nitrite, nitrate, and ph. This will tell you how much percentage you will need to do on each water change plus if you need to add any dechlorinater.
so outside of the nitrate, it's all good (by the way, 40 ppm is not fatal...it must be steady for weeks at 50 ppm to begin to stress your fish, if it reaches to 80 ppm, your fish will literally suffocate to death). But 40 ppm, your fish could do better, but you aren't stressing the fish unless you have very sensitive fish, that is, some fish are very sensitive to chemicals in a tank
let me know how it goes