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SAN JOSE, Calif. - NetApp (NASDAQ: NTAP), a company specializing in intelligent data infrastructure with a market capitalization of $18.6 billion, has announced the pricing of two sets of senior notes totaling $1.25 billion. The notes are divided equally between 5.50% Senior Notes due 2032 and 5.70% Senior Notes due 2035. The transaction is anticipated to be finalized on March 17, 2025, subject to customary closing conditions. According to InvestingPro data, NetApp operates with a moderate level of debt and maintains a strong financial health score.
The company plans to allocate a portion of the net proceeds to repay its $750 million of 1.875% Senior Notes due in 2025 upon maturity. The remaining funds will be directed towards general corporate purposes. With annual revenue of $6.5 billion and a healthy dividend yield of 2.27%, NetApp has maintained dividend payments for 13 consecutive years.
The joint book-running managers for this offering include prominent financial institutions such as Goldman Sachs & Co. LLC, J.P. Morgan, BofA Securities, Wells Fargo Securities, Citigroup, and MUFG.
This press release does not represent an offer to sell the senior notes or any other securities. The sale of these securities will not be lawful in any state or jurisdiction where prior registration or qualification under the applicable securities laws is required. The offering is made only through a preliminary prospectus supplement and accompanying prospectus.
NetApp’s press release includes forward-looking statements, which are subject to various risks and uncertainties. These risks could cause actual results to differ significantly from those projected. The company has disclaimed any obligation to update the information in the press release unless required by law.
The company is recognized for its unified data storage, integrated data services, and CloudOps solutions. NetApp’s offerings are designed to help customers navigate disruptions by creating silo-free infrastructure, utilizing observability and AI for optimal data management, and providing enterprise-grade storage services natively embedded in major cloud platforms. Currently trading near its 52-week low, InvestingPro analysis suggests NetApp is undervalued, with 14 additional exclusive insights available to subscribers through the comprehensive Pro Research Report.
This news article is based on a press release statement from NetApp.
In other recent news, NetApp Inc. reported its third-quarter fiscal year 2025 earnings, revealing mixed results with a slight earnings per share (EPS) beat of $1.91 against the forecast of $1.90, but a revenue miss at $1.64 billion compared to the expected $1.69 billion. This revenue shortfall was influenced by delayed deals and unfavorable foreign exchange rates, notably impacting the international public sector. Despite these challenges, NetApp’s public cloud revenue increased by 15% year-over-year, and its storage-as-a-service platform, Keystone, demonstrated significant growth of nearly 60% year-over-year. Analysts from Loop Capital and Citi have adjusted their price targets for NetApp, with Loop Capital reducing it to $130 while maintaining a Buy rating, and Citi lowering it to $110 with a Neutral rating, citing revenue shortfalls and execution challenges as key factors. The company’s guidance for the upcoming period fell short of expectations due to anticipated continued foreign exchange issues and the divestiture of its Spot business. However, NetApp’s all-flash storage solutions saw a 10% year-over-year increase, and the company secured over 100 wins in AI infrastructure and data lake modernization. NetApp is focusing on improving sales execution and implementing cost controls to enhance deal closures and ensure more predictable revenue streams in the future.
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