NetApp expands board with Spotnana COO

SAN JOSE, Calif. - NetApp (NASDAQ: NTAP), a prominent player in intelligent data infrastructure with a market capitalization of $18.9 billion, announced today the appointment of Frank Pelzer, Chief Operating Officer of Spotnana, to its Board of Directors. The addition of Pelzer increases the board’s composition to ten members, with nine serving as independent directors. According to InvestingPro analysis, NetApp maintains a strong financial health score of GOOD, positioning it well among its technology hardware peers.

George Kurian, CEO of NetApp, expressed enthusiasm for Pelzer’s arrival, highlighting his track record in scaling companies and enhancing software value at infrastructure firms. Pelzer’s expertise is expected to contribute significantly to NetApp’s growth and innovation in the data and intelligence sector. The company has demonstrated solid financial performance with a gross profit margin of 70.6% and has maintained dividend payments for 13 consecutive years.

Mike Nevens, Board Chair, also remarked on Pelzer’s financial acumen and experience with cloud and as-a-service companies, anticipating his influence on NetApp’s strategic direction and shareholder value.

Pelzer himself acknowledged the exciting phase NetApp is going through, with its intelligent data infrastructure platform placing it in a unique market position. He anticipates contributing his insights to help the company achieve its data potential unlocking goals.

Pelzer’s background includes roles as CFO of F5, President and COO of SAP’s Cloud Business Group, and CFO of Concur. He has also held senior positions at Deutsche Bank AG and Credit Suisse Group. Currently, he is a board member at Freshworks and Direct Travel and has served on the boards of Duck Creek Technologies and Benefitfocus, among others.

NetApp provides a comprehensive data management platform that combines data storage, operational services, and AI to help customers navigate a disruptive world. The company emphasizes cyber resilience, governance, and application agility through its services, aiming to optimize performance and efficiency across data types and environments.

This expansion of the board aligns with NetApp’s vision for the future, as the company continues to strengthen its market position in data infrastructure and management. Trading at a P/E ratio of 16.7 and currently near its 52-week low, NetApp shows potential for value investors. For deeper insights into NetApp’s valuation and growth prospects, InvestingPro subscribers can access comprehensive analysis and 12 additional exclusive ProTips in the detailed Pro Research Report. The information for this article is based on a press release statement and InvestingPro data.

In other recent news, NetApp reported a 2% year-over-year revenue increase for the January quarter, reaching $1.64 billion. This marks the fifth consecutive quarter of revenue growth, driven by a 10% rise in all-flash storage solutions. Additionally, NetApp’s public cloud revenue saw a 15% increase, with significant growth in its storage-as-a-service platform, Keystone, which rose nearly 60% year-over-year. In financial developments, NetApp announced the pricing of $1.25 billion in senior notes, with proceeds partly allocated to repay $750 million of senior notes maturing in 2025. The company also plans to use the remaining funds for general corporate purposes.

In terms of market analysis, Citi reduced NetApp’s stock price target to $110 from $135, citing revenue shortfalls due to delayed deals and unfavorable foreign exchange rates. Loop Capital also adjusted its price target for NetApp, lowering it to $130 from $150 but maintained a Buy rating. The firm highlighted NetApp’s success in AI infrastructure and data lake modernization, securing over 100 wins in these areas. Furthermore, NetApp’s collaboration with NVIDIA aims to enhance AI data management, with new certifications for its storage systems announced at NVIDIA GTC 2025.

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