Netapp Inc - NTAP STOCK NEWS

NetApp (NASDAQ: NTAP) has announced its acquisition of Fylamynt, a CloudOps automation technology company. The deal aims to enhance cloud operations for organizations by offering low-code, no-code automation solutions. Though financial details remain undisclosed, this acquisition is projected to integrate seamlessly with NetApp's existing services, particularly Spot by NetApp. NetApp has previously expanded its CloudOps portfolio through strategic acquisitions, strengthening its leadership in this space. The collaboration with Fylamynt is expected to optimize cloud operations while reducing costs for customers.

NetApp reported a strong third quarter for fiscal year 2022, with net revenues reaching $1.61 billion, up 10% year-over-year. Public Cloud annualized revenue run rate surged 98% to $469 million. Product revenue increased 9% to $846 million, marking the fourth consecutive quarter of growth. The company returned $236 million to shareholders. GAAP net income hit $252 million, with EPS at $1.10. For Q4, net revenues are expected between $1.635 billion and $1.735 billion, with EPS guidance at $0.90 - $1.00.

NetApp (NASDAQ: NTAP) will announce its third-quarter fiscal results for 2022 on February 23, 2022, after market close. The results will detail the performance up to January 28, 2022. Following the announcement, executive management will lead a conference call at 2:00 p.m. Pacific Time to discuss the outcomes and market dynamics. Upcoming targeted release dates for future financial results include Q4 FY 2022 on June 1, 2022, Q1 FY 2023 on August 24, 2022, Q2 FY 2023 on November 29, 2022, and Q3 FY 2023 on February 22, 2023.

NetApp has appointed Elizabeth O’Callahan as its new Chief Legal Officer and General Counsel, previously serving as Senior Vice President. This change aims to enhance the company’s focus on its cloud transformation and growth strategy. O’Callahan's appointment allows Matt Fawcett to concentrate solely on strategy as Chief Strategy Officer. NetApp reports strong growth in its Public Cloud business, exceeding expectations for six consecutive quarters, particularly in Azure NetApp Files, Spot, and Cloud Insights.

NetApp (NASDAQ: NTAP) has announced that its ONTAP platform is the first enterprise storage system to achieve Commercial Solutions for Classified (CSfC) validation for data-at-rest security. This recognition by the U.S. National Security Agency emphasizes ONTAP's robust capabilities in protecting sensitive data against threats like ransomware. As cyber attacks increase, organizations can now store top-secret data confidently, benefiting from easier procurement processes and cost savings. NetApp aims to bolster cybersecurity across industries relying on secure data management.

Level Equity Management announced the final closings of Level Equity Growth Partners V and Level Equity Opportunities Fund 2021, raising $775 million and $350 million respectively, totaling $1.125 billion in commitments. Since 2011, Level has raised $3.0 billion across 10 funds. Key promotions include Gautam Gupta to Partner and Chris Isaac to Principal. In 2021, Level made investments in various tech companies and sold CloudCheckr to NetApp (NASDAQ: NTAP) and PassFort to Moody's (NYSE: MCO). The firm continues to focus on growth investments.

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.