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NETAPP

(NTAP)
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NetApp : How We're Creating a Holistic Approach to Win in Hybrid Multicloud

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08/14/2019 | 06:22pm EDT

Have you ever had one of those days where you're both sad and excited at the same time? I'm having one of those mixed emotion days.

Today, Joel Reich announced his decision to retire after almost 18 years at NetApp. He leaves an amazing legacy at NetApp. Early on, he was a major contributor to creating the world's first unified storage platform. Later, as the head of our Products and Operations team, he drove the Data Fabric strategy and integrated the portfolio, laying the groundwork for our market leadership in hybrid multicloud. Most recently, he led our Storage Systems and Software business unit to deliver leading flash solutions, including many industry firsts like end-to-end NVMe. Customers will benefit from Joel's pioneering innovation and his steadfast leadership for years to come. Thank you, Joel.

While I'm sad to see Joel leave -happy for him of course - I'm also excited to assume the leadership mantle for the Storage Systems and Software business unit alongside the Cloud Infrastructure business unit. Each business unit remains laser focused on the important transitions that customers are prioritizing. Storage Systems and Software helps customers modernize IT by enabling the move from disk to flash while focused on flash-enabled business-critical SAN environments. Cloud Infrastructure helps customers build private and hybrid clouds to deliver the same services and experiences as public clouds. Bringing the two business units together under one roof means we can take an even more holistic approach to making NetApp easier to do business with and to accelerating our hybrid multicloud strategy. On top of this, our Cloud Data Services business unit fuels innovation with a rich data services portfolio running in the world's biggest clouds to accelerate customers' cloud-first strategies.

With a year and a half at NetApp under my belt, I'm more confident than ever in NetApp's opportunity. Our private cloud solutions are growing, and the world's biggest cloud providers have chosen to partner with NetApp. We offer flash solutions with the industry's leading guaranteed storage efficiency, the highest performance and the most complete cloud integration. While our Q1 results weren't what we had hoped, we are committed to taking our learnings and driving them back into the business.

We have an incredible portfolio and a team of high achievers. No other company can help customers build their data fabrics to support data-driven digital transformation. The NetApp team is all in and energized by the opportunity to build NetApp's new legacy!

Disclaimer

NetApp Inc. published this content on 14 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2019 22:21:07 UTC

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Sales 2020 5 662 M
EBIT 2020 1 133 M
Net income 2020 841 M
Finance 2020 1 743 M
Yield 2020 4,07%
P/E ratio 2020 14,1x
P/E ratio 2021 11,9x
EV / Sales2020 1,68x
EV / Sales2021 1,62x
Capitalization 11 233 M
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Mean consensus HOLD
Number of Analysts 30
Average target price 52,17  $
Last Close Price 47,01  $
Spread / Highest target 48,9%
Spread / Average Target 11,0%
Spread / Lowest Target -14,9%
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George Kurian President, Chief Executive Officer & Director
Thomas Michael Nevens Chairman
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William H. Miller SVP & Chief Information Officer
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