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NetApp, Inc. (NASDAQ:NTAP), a prominent player in technology hardware and storage solutions with a market capitalization of $25.3 billion, saw its Vice President, Controller, and Chief Accounting Officer Daniel De Lorenzo recently execute a sale of company stock. According to InvestingPro data, the company’s stock has gained nearly 50% over the past year. According to a Form 4 filing with the Securities and Exchange Commission, De Lorenzo sold 299 common shares on February 19, 2025, at a price of $121.28 per share, totaling $36,262.
The transaction was conducted under a Rule 10b5-1 trading plan, which De Lorenzo adopted on June 25, 2024. Following this sale, De Lorenzo holds no remaining shares of NetApp stock.
This transaction was signed off by Michael Schultz, acting as Attorney-in-Fact for Daniel De Lorenzo, and filed with the SEC on February 21, 2025. For comprehensive insider trading analysis and additional insights, investors can access NetApp’s detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, NetApp reported earnings and revenue that exceeded expectations, posting revenues of $1.66 billion and earnings per share (EPS) of $1.87, surpassing the forecast of $1.64 billion in revenue and an EPS of $1.78. This strong performance was attributed to the success of its flash-based storage and public cloud offerings, which contributed to market share gains and robust gross margins. In addition, Flexera announced the acquisition of NetApp’s Spot FinOps business, aiming to enhance its cloud financial management offerings, although financial details remain undisclosed.
NetApp also announced a leadership change, appointing Wissam Jabre as the new Chief Financial Officer, succeeding Mike Berry. This transition is part of the company’s strategy to strengthen its executive team. Analyst firms have shown varied responses; JPMorgan upgraded NetApp’s stock to Overweight, raising the price target to $160, citing anticipated revenue growth from IT budget increases and product innovations. TD Cowen also raised its price target to $160, maintaining a Buy rating due to NetApp’s "flawless" results and growth potential from Generation AI technologies. Meanwhile, Citi maintained a Neutral rating but increased the price target to $135, acknowledging strong performance yet cautioning about future market challenges.
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