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George Kurian, CEO of NetApp, Inc. (NASDAQ:NTAP), recently sold a substantial portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Kurian sold a total of 8,500 common shares on February 18, 2025. The transaction comes as NetApp shows strong financial health, with InvestingPro data indicating a robust 71.1% gross profit margin and management’s continued commitment to shareholder returns through aggressive share buybacks. The sales were executed at prices ranging from $118.57 to $119.50 per share, culminating in a total transaction value of approximately $1,011,854.
These transactions were conducted under a pre-established Rule 10b5-1 trading plan, which Kurian adopted on December 19, 2023. Following these sales, Kurian retains ownership of 266,765 shares in the company.
In other recent news, NetApp has announced the appointment of Wissam Jabre as its new Executive Vice President and Chief Financial Officer, effective March 10, 2025, succeeding Mike Berry, who is retiring. In a strategic move, Flexera has acquired NetApp’s Spot FinOps business, aiming to enhance its cloud financial management offerings. This acquisition is expected to integrate Spot’s AI and ML-driven technology with Flexera’s expertise, pending customary closing conditions and regulatory approvals. Meanwhile, JPMorgan has upgraded NetApp’s stock from Neutral to Overweight, raising the price target to $160, citing anticipated revenue growth driven by enhanced IT budgets and new product innovations.
TD Cowen has also expressed confidence in NetApp, raising its price target from $145 to $160 while maintaining a Buy rating, highlighting the company’s flawless recent results and growth opportunities in Generation AI technologies. Additionally, Citi has increased NetApp’s price target from $130 to $135, maintaining a Neutral rating after the company reported earnings and revenue that surpassed expectations, with revenues of $1.66 billion and earnings per share of $1.87. NetApp’s management attributes its market share gains to the strength of its flash-based storage and public cloud offerings, with gross margins exceeding expectations.
Despite these positive developments, Citi notes potential challenges ahead, with tougher comparisons and limited significant upside until a broader recovery in enterprise storage spending or increased AI-driven storage demand materializes. These recent developments reflect a dynamic period for NetApp, with strategic changes and positive analyst outlooks shaping its trajectory.
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