’Reddit is built for this moment’ - Stock soars on crushed earnings
Elizabeth M. O’Callahan, Executive Vice President and Chief Legal Officer at NetApp, Inc. (NASDAQ:NTAP), recently sold 452 shares of the company’s common stock. The shares were sold at $120.75 each, amounting to $54,579. The transaction occurred as NetApp trades near $118, with the company maintaining strong financial health according to InvestingPro analysis. Following this sale, O’Callahan retains 11,553 shares in the company. The transaction was executed as part of a pre-established trading plan under Rule 10b5-1, which O’Callahan adopted in December 2023. With a market capitalization of $24 billion and a track record of 13 consecutive years of dividend payments, NetApp continues to demonstrate strong shareholder commitment. For detailed insights and additional analysis, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, NetApp has seen a flurry of developments. The company appointed Wissam Jabre as its new CFO, succeeding Mike Berry. Jabre brings extensive financial expertise from his previous roles at Western Digital Corporation (NASDAQ:WDC), Dialog Semiconductor, and other tech firms. This leadership transition is part of NetApp’s ongoing efforts to strengthen its executive team and maintain its position in the data infrastructure industry.
In a strategic move, Flexera acquired the Spot by NetApp FinOps business from NetApp. This acquisition aims to enhance Flexera’s capabilities in managing multi-cloud cost and FinOps needs, expanding its services to include hybrid cloud, SaaS applications, and containers.
Analysts have also shown interest in NetApp’s stock. JPMorgan upgraded NetApp’s stock from Neutral to Overweight and raised the price target to $160, citing an anticipated acceleration in revenue growth. TD Cowen, too, maintained its Buy rating on the stock and increased the company’s price target to $160, highlighting the potential growth opportunities presented by Generation AI technologies.
Lastly, Citi maintained a Neutral rating on NetApp while increasing the stock’s price target from $130 to $135. This adjustment follows NetApp’s recent earnings and revenue results, which surpassed expectations, with revenues of $1.66 billion and earnings per share of $1.87. Citi’s revised estimates are based on NetApp’s strong performance and the anticipation of a more widespread recovery in enterprise storage spending.
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