Netapp Inc Stock Price, News & Analysis

NetApp (NASDAQ: NTAP) appointed Harvinder Bhela as the new Chief Product Officer to boost its transformation into a multi-cloud leader, effective January 2022. This follows the retirement of Brad Andersen in June 2021. Bhela comes from Microsoft, where he generated over $10 billion in annual revenue in his last role. His leadership aims to enhance NetApp's cloud storage and data services, particularly as the company targets $1 billion in Cloud ARR. CEO George Kurian emphasizes the significance of this appointment for accelerating innovation and growth.

NetApp (NASDAQ: NTAP) was honored as the 2021 AWS ISV Design Partner of the Year during AWS re:Invent for its joint innovations with AWS, including the Amazon FSx for NetApp ONTAP service. This recognition underscores NetApp’s role in enhancing CloudOps for organizations utilizing AWS. The company also introduced updates to its Spot by NetApp product portfolio, enhancing capabilities in cloud-native operations. New offerings include Spot Ocean for Apache Spark, Spot Ocean Continuous Delivery, and CloudCheckr Well-Architected Readiness Advisor.

NetApp reported a strong second quarter with net revenues of $1.57 billion, up 11% year-over-year. The company achieved significant growth in public cloud ARR, increasing 80% to $388 million, and all-flash array revenue rose 22% to $3.1 billion. GAAP net income reached $224 million, up from $137 million a year prior, with EPS at $0.98. The company raised its full-year guidance for revenue and EPS, reflecting a robust demand and execution. Cash flow from operations totaled $298 million, and shareholder returns were $237 million through buybacks and dividends.

NetApp (NASDAQ: NTAP), a cloud-led data-centric software company, will participate virtually in several upcoming conferences. Key presentations include Wells Fargo TMT Summit on December 1, 2021, at 2:00 PM PT with Kris Newton, and NASDAQ Investor Conference on December 2, 2021, at 7:30 AM PT with Mike Berry. Additional events include the Raymond James Technology Conference on December 6 and the Barclays TMT Conference on December 7. Live audio webcasts will be available on investors.netapp.com.

NetApp (NASDAQ: NTAP) has extended its partnership with Ducati Corse, focusing on accelerating digital transformation in motorcycle racing. This collaboration, ongoing since 2018, aims to enhance performance through data utilization. The two-year extension includes optimizing 3D product design and automating data workflows. Ducati's General Manager expressed excitement about the partnership's success, as the team secured three top placements in the 2021 MotoGP standings. This initiative highlights NetApp's commitment to data-driven strategies in competitive environments.

NetApp (NASDAQ: NTAP) has successfully completed the acquisition of CloudCheckr, enhancing its Spot by NetApp offerings with improved cloud optimization capabilities. CloudCheckr's platform integrates cost visibility, analytics, and continuous optimization services, allowing organizations to better manage cloud resources while ensuring security and compliance. This acquisition is expected to drive innovation and growth within the Spot by NetApp portfolio, enabling customers to leverage cloud benefits more efficiently and effectively.

NetApp (NASDAQ: NTAP) will announce its financial results for Q2 FY 2022 after market close on November 30, 2021. The results cover the quarter ending October 29, 2021. A conference call will be held at 2:30 p.m. Pacific Time to discuss the results and market dynamics. Interested parties can access the live Webcast at investors.netapp.com. Future earnings report dates include Q3 FY 2022 on February 23, 2022, Q4 FY 2022 on June 1, 2022, Q1 FY 2023 on August 24, 2022, and Q2 FY 2023 on November 29, 2022.

NetApp (NASDAQ: NTAP) continues to expand its cloud services, enhancing partnerships with the three largest public clouds: AWS, Azure, and Google Cloud. The company’s ONTAP data management software powers cloud file services, facilitating high-performance shared storage solutions. Recent acquisitions of Data Mechanics and the planned acquisition of CloudCheckr aim to strengthen its cloud optimization capabilities. The partnerships have led to significant customer growth and financial momentum, positioning NetApp as a leader in the hybrid multicloud market.

NetApp (NASDAQ: NTAP) announced key updates to its hybrid cloud portfolio at INSIGHT 2021, aiming to enhance digital transformation for organizations. New features include improved ONTAP software capabilities that bolster ransomware protection, NVMe/TCP support for enhanced performance, and flexible consumption options for cloud services to optimize costs. The company emphasizes the growing demand for modernization among IT departments, with 70% planning infrastructure upgrades within two years. NetApp's solutions are designed to streamline data management across on-premises and cloud environments.