Netapp Inc Stock Price, News & Analysis

NetApp (NASDAQ: NTAP), the intelligent data infrastructure company, has announced its participation in two upcoming technology conferences. CEO George Kurian will be presenting at Citi's Global TMT Conference on September 4, 2024, from 2:10 to 2:50 p.m. Eastern Time. Additionally, EVP and CFO Mike Berry will be presenting at the Goldman Sachs Communacopia & Technology Conference on September 9, 2024, from 3:45 to 4:20 p.m. Pacific Time.

Both presentations will be available as live audio webcasts on the NetApp investor relations website (investors.netapp.com). Archives of the webcasts will also be accessible after the conferences conclude. This participation in high-profile technology events underscores NetApp's commitment to engaging with investors and industry leaders.

NetApp (NASDAQ: NTAP) has announced new capabilities to support VMware Cloud Foundation deployments, enabling customers to optimize their private and hybrid cloud environments. The collaboration between NetApp and Broadcom (which recently acquired VMware) aims to enhance the efficiency of VMware workloads at scale. Key offerings include:

1. Expanded support for VMware Cloud Foundation (VCF) using NetApp ONTAP software
2. New capabilities for Azure VMware Solution (AVS) with Spot Eco by NetApp
3. Enhanced VM optimization features for NetApp Cloud Insights
4. A free 30-day trial of Cloud Insights to help customers migrate to new VMware software subscriptions

These enhancements follow recent updates to NetApp BlueXP disaster recovery service for VMware workloads across hybrid cloud environments.

NetApp (NTAP) reported strong Q1 FY2025 results, with net revenues up 8% year-over-year to $1.54 billion. The company achieved record Q1 GAAP operating margin of 18% and non-GAAP operating margin of 26%. GAAP net income per share rose to $1.17, while non-GAAP EPS reached $1.56. All-flash array annualized net revenue run rate grew 21% to $3.4 billion. Cloud storage services revenue increased approximately 40% year-over-year.

NetApp provided Q2 FY2025 guidance with net revenues expected between $1.565-$1.715 billion and non-GAAP EPS of $1.73-$1.83. For full FY2025, the company projects net revenues of $6.480-$6.680 billion and non-GAAP EPS of $7.00-$7.20. The company also announced CFO Mike Berry's planned retirement in May 2025.

NetApp (NASDAQ: NTAP) has been named the preferred data infrastructure provider for the San Jose Sharks, a premier NHL team. This partnership aims to enhance the Sharks' digital media capabilities and fan engagement strategies. The team will utilize NetApp's AFF C-Series system to expand storage capacity for valuable video content, including game footage and player interviews.

Key benefits of this collaboration include:

• Increased storage capacity for in-house video production
• Improved accessibility of video production files
• Automated cloud tiering of infrequently used data using NetApp ONTAP FabricPool
• Enhanced digital fan experiences through innovative use of video content

This partnership underscores the critical role of intelligent data infrastructure in modern sports organizations and their efforts to connect with fans globally.

NetApp (NASDAQ: NTAP) announced the winners of its North America Partner Awards for Fiscal Year 2024, recognizing partners' successes in delivering NetApp solutions and services. The awards highlight partners' achievements in various categories, including overall performance, distribution, growth, flash technology, new account acquisition, cloud services, and sector-specific excellence.

Key winners include World Wide Technology as North America Partner of the Year, TD SYNNEX as Distributor of the Year, and General Datatech (GDT) as Growth Partner of the Year. The awards also recognize partners' contributions in areas such as artificial intelligence innovation, cloud services, and public sector markets.

These partnerships are important for NetApp in providing innovative solutions to address customers' business challenges and drive digital transformation. The awards underscore NetApp's commitment to its partner ecosystem and the mutual success achieved in delivering value to customers.

NetApp (NASDAQ: NTAP) has announced it will release its first quarter fiscal year 2025 financial results on Wednesday, August 28, 2024, after market close. The company will host a conference call and Webcast at 2:30 p.m. Pacific Time to discuss the results and provide insights on market dynamics. Investors can access the live Webcast at investors.netapp.com, with an audio replay available after 4:30 p.m. Pacific Time. NetApp has also provided future targeted release dates for its quarterly results throughout fiscal years 2025 and 2026.

NetApp (NASDAQ: NTAP) has nominated June Yang for election as an independent director at its annual stockholders meeting on September 11, 2024. Yang, who recently served as Vice President of Cloud AI and Industry Solutions at Google Cloud, brings extensive experience in cloud computing, AI, and machine learning. Her background includes leadership roles at Google Cloud and VMware, focusing on compute infrastructure and product management.

Mike Nevens, NetApp's Board Chairman, expressed confidence that Yang's expertise will be invaluable for the company's growth and innovation. Yang currently serves on the boards of UiPath, Cradles to Crayons, and Ahead Technology. She stated her excitement about potentially joining NetApp's board and contributing to its strategic vision in data management.

NetApp has introduced new capabilities aimed at empowering customers to manage data-intensive workloads like GenAI and VMware environments more efficiently. Enhancements to NetApp's data and storage services aim to reduce resources and risks for managing these workloads across complex hybrid multicloud environments.

The launch includes the NetApp BlueXP Workload Factory for AWS, automating cloud resource management using industry best practices. The NetApp GenAI Toolkit integrates with Azure NetApp Files, facilitating secure retrieval-augmented generation workflows. Additionally, a joint reference architecture with Amazon Bedrock and Amazon FSx for NetApp ONTAP offers developers guidance on utilizing proprietary data in GenAI data pipelines.

Further updates feature enhanced Amazon FSx for ONTAP cloud storage, offering significant performance boosts, and expanded NetApp BlueXP disaster recovery support for VMFS datastores. These improvements aim to help users optimize deployment time, cost, performance, and data protection for strategic workloads.

NetApp (NASDAQ: NTAP) and Evercore ISI are set to host a tech talk focusing on NetApp’s AI strategy and direction. The event will feature Russell Fishman, senior director, product management global innovation, solutions, and alliances, and Hoseb Dermanilian, senior director, worldwide sales specialist, AI solutions.

Moderator Amit Daryanani, senior managing director at Evercore ISI Institutional Equities, will oversee a question and answer session following the introductory remarks from NetApp.

No new financial information will be disclosed. The tech talk will take place on July 10, 2024, at 1:00 p.m. Pacific Time / 4:00 p.m. Eastern Time and can be accessed through the NetApp Investor Relations website.