George Kurian, CEO of NetApp, Inc. (NASDAQ:NTAP), executed a sale of company shares totaling approximately $1.05 million, according to a recent SEC filing. The transactions, which took place on January 21, 2025, were carried out under a pre-established Rule 10b5-1 trading plan. The sale comes as NetApp, now valued at $25.66 billion, has delivered an impressive 45.5% return over the past year. According to InvestingPro analysis, the stock currently appears slightly overvalued despite its strong performance.
Kurian sold a total of 8,500 common shares in two separate transactions. The first transaction involved the sale of 4,474 shares at a weighted average price of $122.81, with the actual prices received ranging from $122.62 to $122.94. The second transaction saw 4,026 shares sold at a weighted average price of $123.28, with prices ranging from $123.00 to $123.69.
Following these sales, Kurian retains direct ownership of 271,282 shares of NetApp.
In other recent news, NetApp has reported a year-over-year revenue increase of 6%, reaching $1.66 billion in Q2 of fiscal year 2025. The company also raised its full-year revenue outlook to between $6.54 and $6.74 billion, with earnings per share expected to increase by 13% to fall between $7.20 and $7.40. In a strategic move, Flexera has acquired NetApp's Spot FinOps business, aiming to bolster its multi-cloud cost management offerings. JPMorgan has upgraded NetApp's stock from Neutral to Overweight, increasing the price target to $160 due to an anticipated acceleration in revenue growth. TD Cowen and Citi have also expressed confidence in NetApp's future, maintaining their Buy and Neutral ratings respectively. These recent developments highlight the ongoing momentum in NetApp's operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.