SAN JOSE, CA—Cesar Cernuda, President of NetApp, Inc. (NASDAQ:NTAP), a prominent player in technology storage solutions with a market capitalization of $23.5 billion and impressive 34.6% year-to-date returns, has sold 22,000 common shares of the company, according to a recent SEC filing. The transaction, which took place on December 30, was executed under a Rule 10b5-1 trading plan that Cernuda adopted earlier this year on March 21. The shares were sold at a weighted average price of $114.99, with actual prices ranging from $114.64 to $115.57, totaling approximately $2.53 million.
Following this transaction, Cernuda's direct ownership in NetApp amounts to 27,099 shares.
In other recent news, NetApp reported a 6% year-over-year increase in revenue for the second quarter of fiscal year 2025, totaling $1.66 billion. The company has also raised its full-year revenue outlook to between $6.54 and $6.74 billion, with earnings per share projected to increase by 13%, falling between $7.20 and $7.40. Analyst firms JPMorgan (NYSE:JPM), TD Cowen, and Citi have all shown confidence in NetApp's future performance, with JPMorgan upgrading the stock from Neutral to Overweight and raising the price target to $160. TD Cowen maintained its Buy rating, highlighting the potential growth opportunities presented by Generation AI technologies, while Citi kept a Neutral rating but increased the share price target. NetApp's diverse product portfolio, including flash-based storage and public cloud offerings, has led to market share gains, and partnerships with firms like Google (NASDAQ:GOOGL) Cloud have expanded. The company's Keystone storage-as-a-service offering witnessed approximately 55% growth year-over-year. These developments are among the recent highlights for NetApp.
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