Netapp Inc Stock Price, News & Analysis

NetApp (NASDAQ: NTAP) announced strong financial results for Q4 and FY2021. Q4 net revenues reached $1.56 billion, up from $1.40 billion YoY, with GAAP net income of $334 million. For FY2021, revenues were $5.74 billion, a rise from $5.41 billion, although GAAP net income decreased to $730 million from $819 million. For FY2022, NetApp projects revenue growth of 6-7% and expects to increase its dividend by 4% to $0.50 per share. Additionally, share repurchase authority was increased by $500 million. The company continues to innovate with new products and partnerships in cloud and data management.

NetApp (NASDAQ: NTAP), a leader in data-centric cloud solutions, announced its participation in several upcoming virtual fireside chats at major conferences. Key events include:

• Cowen TMT Conference: June 3, 2021, 10:50 AM PT
• Evercore TMT Conference: June 8, 2021, 11:00 AM PT
• BofA Tech Conference: June 10, 2021, 10:00 AM PT
• NASDAQ Investor Conference: June 17, 2021, 7:30 AM PT

Live audio webcasts will be available on investors.netapp.com.

NetApp (NASDAQ: NTAP) has announced updates to its Unified Partner Program for FY'22, aimed at enhancing partner engagement and profitability. Key enhancements include an expanded partner ecosystem, simplified financial incentives, new partner rewards, and specialized training tracks in areas like AI/ML and Data Protection. The program is designed to facilitate a more predictable sales experience and improve partner alignment with NetApp’s strategic goals. The updates are effective immediately, establishing a roadmap for future enhancements.

NetApp will announce its financial results for the fourth quarter and fiscal year 2021, ending April 30, 2021, on June 2, 2021, after market close. A conference call with the executive management is scheduled for 2:00 p.m. Pacific Time to discuss the results and market dynamics. Investors can access the live Webcast at investors.netapp.com. Future earnings release dates include August 25, 2021 (Q1 FY 2022), November 30, 2021 (Q2 FY 2022), February 23, 2022 (Q3 FY 2022), and June 1, 2022 (Q4 FY 2022).

NetApp (NASDAQ: NTAP) announced its relocation to new offices in San Jose, California, enhancing its hybrid work model. This move to a 303,000-square-foot headquarters in Santana Row reflects the company's transformation strategy post-pandemic. The modern office aims to foster collaboration, employee wellness, and community integration. NetApp has sold its Sunnyvale campus for $365 million, further customizing the new space throughout 2021. CEO George Kurian emphasized the focus on creating a differentiated employee experience to optimize productivity in a flexible work environment.

NetApp (NASDAQ: NTAP) has launched Spot Wave, a new solution that automates the provisioning and optimization of Apache Spark applications on Kubernetes. This innovative product can reduce cloud costs by up to 90% by employing a cost-effective mix of spot, on-demand, and reserved instances. Additionally, Spot Ocean now supports Microsoft Azure Kubernetes Service, enhancing its compatibility with major cloud services. The aim is to streamline infrastructure management for big data applications, allowing organizations to focus on utilizing their data efficiently.

NetApp (NASDAQ: NTAP), under President César Cernuda, is evolving its go-to-market model to enhance customer engagement and adapt to a cloud-led future. The new strategy emphasizes deeper specialization and hybrid cloud expertise. Key appointments include Rick Scurfield as Chief Commercial Officer, Max Long as SVP of North America, and Alex Wallner as SVP of International. These changes aim to drive sales consistency and address key market segments, starting in Q1 FY22, aligning with customer needs for rapid data utilization and service delivery.

NetApp (NASDAQ: NTAP) has launched NetApp Astra, an application-aware data management service designed for Kubernetes workloads. This tool simplifies data protection, recovery, and migration allowing organizations to focus on application development rather than infrastructure management. Key features include snapshot capabilities for local data protection, remote backups for disaster recovery, and simplified application portability. Initially supporting Google Cloud, Astra will expand to Microsoft Azure and AWS.

NetApp (NASDAQ: NTAP) has entered a multi-year partnership with Aston Martin Cognizant Formula One to support their return to Formula One racing. This collaboration aims to leverage data-driven insights to enhance performance on and off the track. The partnership will focus on real-time data availability, improving car performance, and streamlining operations. NetApp’s data fabric will help eliminate inefficiencies and promote data security. The initiative underscores Aston Martin's commitment to continuous improvement in a highly competitive environment.