George Kurian, the CEO of NetApp, Inc. (NASDAQ:NTAP), a prominent player in technology storage solutions with a market cap of $24.2 billion and "GOOD" financial health according to InvestingPro, recently sold a total of 8,500 common shares in a series of transactions on December 16, 2024. The sales were executed under a Rule 10b5-1 trading plan, with prices ranging from $123.24 to $124.80 per share. The total value of these transactions amounted to approximately $1.06 million. Following these sales, Kurian now owns 279,782 shares of NetApp directly. While this insider sale occurred, InvestingPro data shows the company trading near its Fair Value, with management actively buying back shares and maintaining dividend payments for 12 consecutive years. For deeper insights into insider trading patterns and 11 additional ProTips, explore NetApp's comprehensive Pro Research Report.
In other recent news, NetApp has reported significant growth in its recent earnings and revenue results. The company posted a 6% year-over-year increase in revenue for Q2 of fiscal year 2025, reaching $1.66 billion. Furthermore, NetApp raised its full-year revenue outlook to between $6.54 and $6.74 billion, with earnings per share expected to increase by 13%, falling between $7.20 and $7.40.
JPMorgan has upgraded NetApp's stock from Neutral to Overweight, raising the price target to $160, driven by an anticipated acceleration in revenue growth. TD Cowen and Citi, two prominent analyst firms, have also expressed confidence in NetApp's future performance. TD Cowen maintained its Buy rating on NetApp, while Citi maintained a Neutral rating but increased the share price target.
These recent developments indicate a bullish outlook for the company. NetApp's diverse product portfolio and expanded partnerships, including those with Google (NASDAQ:GOOGL) Cloud, along with the introduction of new offerings, have contributed to its current success and are expected to drive future growth.
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