NetApp, Inc - NTAP STOCK NEWS

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.

NetApp (NASDAQ: NTAP) announced its participation in virtual fireside chats at various upcoming conferences, showcasing its commitment to engaging with investors. Key events include the Morgan Stanley TMT Conference on March 2, 2021, featuring CEO George Kurian; the Susquehanna Technology Conference on March 9, 2021, with Lance Berger, Director of Investor Relations; and two presentations on March 11, 2021, at the Loop Capital Markets TMT Conference and William Blair Technology Conference.

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

NetApp (NASDAQ: NTAP) reported strong Q3 FY21 financial results, with net revenues of $1.47 billion, a year-over-year increase from $1.40 billion. GAAP net income was $182 million ($0.80 per share), down from $277 million ($1.21 per share) in Q3 FY20. The company forecasts Q4 FY21 revenues between $1.44 billion and $1.54 billion and EPS ranging from $0.78 to $0.86 (GAAP). Cash flow from operations was $373 million. Shareholder returns included $157 million through buybacks and dividends. NetApp continues to expand its product offerings and partnerships with major cloud providers.

NetApp (NASDAQ: NTAP) has appointed Carrie Palin, former CMO of Splunk, to its Board of Directors, enhancing its commitment to diversity and board refreshment. This brings the total board members to nine, with eight being independent. CEO George Kurian emphasized Palin’s expertise in customer-focused marketing, aligning with NetApp's growth strategy. Palin's background includes significant roles at SendGrid and IBM's Cloud Data Services, positioning her to contribute to NetApp’s mission of empowering organizations through data.

On February 24, 2021, NetApp will announce its financial results for Q3 FY 2021, which ended January 29, 2021. Management will host a conference call at 2:30 PM PT to discuss results and market dynamics. Stakeholders can access the live Webcast through investors.netapp.com. Future targeted release dates include:

• Q4 FY 2021: June 2, 2021
• Q1 FY 2022: August 25, 2021
• Q2 FY 2022: November 30, 2021
• Q3 FY 2022: February 23, 2022