“Her experience will be instrumental in helping NetApp build upon the strength of our Data Fabric strategy and our leadership position in all-flash storage to accelerate our return to growth”. Fortunately for NetApp, the company has $4.4 billion in cash and equivalents. They set a “neutral” rating for the company. The analyst ratings for the stock have 2 Buy, 1 Outperform, 22 Hold, 8 Underperform and 1 Sell ratings. The stock was sold at an average price of $24.35, for a total transaction of $54,568.35.
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For the second quarter, NetApp projected revenue between $1.26 billion to $1.41 billion with non-GAAP earnings between 51 cents a share to 56 cents a share. Also, VP Joel D. Reich sold 2,241 shares of the stock in a transaction on Thursday, June 30th.
Shares of NetApp (NTAP) were higher 9.01% to $28.85 in pre-market trading on Thursday as JPMorgan upgraded its stock rating to “neutral” from “underweight” this morning, following the company’s positive first quarter results. 7,311,351 shares of the company were exchanged.
JPMorgan hiked its price target on the Sunnyvale, CA-based IT services company to $31 from $17, TheFly reports.
In a different news, on Jul 1, 2016, Joel D Reich (Exec VP, Product Operations) sold 2,241 shares at $24.35 per share price.
The Silicon Valley data storage company, which has reported lower profit for the past two years and falling sales for three years running, is trying to revamp operations as part of the latest restructuring that targets some $400 million in cost-savings.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 17th. During the same quarter in the previous year, the firm posted $0.29 earnings per share. Following the sale, the vice president now owns 2,730 shares of the company’s stock, valued at $70,870.80.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. The disclosure for this sale can be found here. Stockholders of record on Friday, October 7th will be issued a $0.19 dividend.
NetApp’s stock has climbed almost 24 percent year to date.
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About NetApp Leading organizations worldwide count on NetApp for software, systems and services to manage and store their data.
