SAN JOSE, CA — NetApp, Inc. (NASDAQ:NTAP) recently disclosed that Daniel De Lorenzo, the company's Vice President, Controller, and Chief Accounting Officer, executed a series of stock transactions, including a significant sale. According to the latest SEC filing, De Lorenzo sold 326 common shares on November 18, 2024, generating proceeds of $38,285 at a price of $117.44 per share.
Earlier, on November 15, 2024, De Lorenzo acquired 499 common shares through multiple transactions involving restricted stock units. Additionally, he disposed of 173 shares at a price of $117.21 per share, amounting to $20,277, to cover tax obligations. These transactions were executed as part of a pre-established Rule 10b5-1 trading plan, which provides executives a means to sell stock at predetermined intervals to avoid accusations of insider trading.
In other recent news, NetApp, a data infrastructure company, has been making notable strides in its financial performance and strategic partnerships. The company reported an 8% year-over-year increase in revenue for the first quarter of fiscal year 2025, accompanied by record-breaking operating margin and earnings per share. BofA Securities anticipates NetApp's Q2 earnings to be $1.78 per share with revenues of $1.64 billion.
NetApp has also announced strategic collaborations with Google (NASDAQ:GOOGL) Cloud, NVIDIA (NASDAQ:NVDA), and Amazon (NASDAQ:AMZN) Web Services to enhance AI security, AI-driven data management, and cloud operations. Loop Capital upgraded NetApp's stock from Hold to Buy, while TD Cowen reiterated a Buy rating.
NetApp's shareholders approved a significant amendment to its 2021 Equity Incentive Plan, aligning it with current compensation governance standards. In leadership developments, Gus Shahin has been appointed as NetApp's Executive Vice President of Business Technology and Operations, while CFO Mike Berry announced his retirement effective at the end of the fiscal year. These are the recent developments at NetApp.
InvestingPro Insights
NetApp's recent insider transactions occur against a backdrop of strong financial performance and market positioning. According to InvestingPro data, NetApp boasts a market capitalization of $25.0 billion, reflecting its substantial presence in the technology sector. The company's revenue for the last twelve months stands at $6.377 billion, with a notable revenue growth of 7.61% in the most recent quarter.
InvestingPro Tips highlight NetApp's financial strength and shareholder-friendly policies. The company has maintained dividend payments for 12 consecutive years, demonstrating a commitment to returning value to shareholders. This is further underscored by management's aggressive share buyback program, which aligns with the insider transactions reported in the article.
NetApp's profitability is also noteworthy, with a gross profit margin of 71.11% and an operating income margin of 21.34% for the last twelve months. These figures suggest efficient operations and strong pricing power in the competitive Technology Hardware, Storage & Peripherals industry where NetApp is a prominent player.
The company's stock has shown impressive performance, with a one-year price total return of 56.86% as of the latest data. This aligns with the InvestingPro Tip indicating high returns over the last year and decade, potentially influencing insider decisions on stock transactions.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips on NetApp, providing deeper insights into the company's financial health and market position.
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