Insider Trading Report: NetApp Inc (NTAP)

Michael Berry, EVP of Finance & Operations at NetApp (NTAP), recently picked up 5,000 shares. The buy increased his stake by 5.5 percent, and came to a total price of just over $360,000.

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  • This marks the first insider buy at the company since March 2021. Otherwise, insiders have largely been sellers at the company over the past three years, including a number of regular sales by the company CEO and the company president, among others.

    Overall, insiders own about 0.3 percent of shares.

    Shares of the cloud hardware and software services provider are down about 12 percent in the past year. Earnings are down about 23 percent, but revenue has risen about 8 percent in the same timeframe.

    Action to take: Shares have gone from 28 times earnings to about 13 times forward earnings in the last year. That makes this a somewhat attractive play for the oversold tech space, and potentially even one that’s a value play here. Patient investors can also get a 2.8 percent starting yield here, with room for growth as revenue continues to rise.

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  • Shares have started to trend higher in recent sessions, so traders may want to make a bullish bet here. On a rebound, the September $75 calls, last going for about $3.50, could offer mid-to-high double-digit returns from here.


    Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.

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