SAN JOSE, CA—Michael J. Berry, Executive Vice President and Chief Financial Officer of NetApp, Inc. (NASDAQ:NTAP), recently sold a substantial number of the company’s shares. According to a filing with the Securities and Exchange Commission, Berry sold a total of 25,000 common shares over the course of two days, February 4 and February 5, 2025. The shares were sold at prices ranging from $119.37 to $123.32, amounting to a total transaction value of approximately $3.04 million. The transaction comes as NetApp maintains a market capitalization of $25.2 billion and has demonstrated strong financial health, according to InvestingPro data.
These sales were conducted under a pre-established Rule 10b5-1 trading plan, which Berry adopted on September 5, 2024. Following these transactions, Berry now holds 110,743 shares indirectly through The Berry Family Trust.
Investors often watch insider transactions closely, as they can provide insight into the executive’s views on the company’s current valuation and future prospects.
In other recent news, NetApp has seen significant developments that have caught the attention of investors. The company announced the appointment of Wissam Jabre as its new Executive Vice President and Chief Financial Officer, succeeding Mike Berry. Jabre, with his extensive financial expertise, is expected to contribute to NetApp’s future growth and profitability.
In a strategic move, Flexera acquired the Spot by NetApp FinOps business from NetApp. This acquisition is set to enhance Flexera’s capabilities in managing multi-cloud cost and FinOps needs, thus expanding its services.
In the realm of analyst notes, JPMorgan (NYSE:JPM) upgraded NetApp’s stock from Neutral to Overweight, indicating an anticipated acceleration in revenue growth. Similarly, TD Cowen maintained a Buy rating on NetApp, highlighting the potential growth opportunities presented by Generation AI technologies. Citi also maintained a Neutral rating on NetApp but increased the stock’s price target, following NetApp’s recent performance where the company’s revenues and earnings per share surpassed expectations.
These developments underline the recent momentum that NetApp has been experiencing. However, it’s important to note that these are just recent events, and future performance will depend on a variety of factors, including broader market conditions and the company’s ability to execute its strategies effectively.
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