Figma Shares Indicated To Open $105/$110
George Kurian, CEO of NetApp, Inc. (NASDAQ:NTAP), recently sold a significant number of company shares, according to a regulatory filing. The technology storage company, which maintains a solid market capitalization of $19.1 billion and boasts a strong financial health score according to InvestingPro, continues to demonstrate resilient performance with a 70.6% gross profit margin. On March 17, Kurian sold a total of 8,500 common shares, generating proceeds of approximately $787,277. The shares were sold at prices ranging from $92.48 to $92.87. These transactions were executed under a pre-established trading plan adopted by Kurian in December 2023. Following these sales, Kurian holds 258,265 shares of NetApp. The company has maintained dividend payments for 13 consecutive years, currently offering a 2.25% yield, while trading near its 52-week low of $89.88. For comprehensive insider trading analysis and 12 additional exclusive insights, visit InvestingPro.
In other recent news, NetApp reported a 2% increase in revenue year-over-year 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, with an annualized revenue run-rate hitting $3.8 billion. The company is also seeing robust demand in AI infrastructure, securing over 100 wins in AI-driven workloads. In financial developments, NetApp priced $1.25 billion in senior notes, with plans to use part of the proceeds to repay existing debt and for general corporate purposes. Loop Capital Markets lowered its price target for NetApp shares to $130 from $150, maintaining a Buy rating, while Citi cut its target to $110 from $135, maintaining a Neutral rating. Citi noted revenue shortfalls due to delayed deals and foreign exchange impacts, but highlighted NetApp’s long-term potential in Advanced Software (ETR:SOWGn) Architecture and new product developments in Flash and AI. Additionally, NetApp has partnered with NVIDIA (NASDAQ:NVDA) to enhance AI data management, integrating its storage systems with NVIDIA’s AI platforms to support high-performance AI workloads.
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