Form 4: NetApp CFO Michael Berry Sells Shares Under 10b5-1 Trading Plan

NetApp's CFO, Michael Berry, executed multiple sales of common shares between September 10th and September 11th, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Michael Berry, the EVP and CFO of NetApp, Inc., sold shares of NetApp common stock.
• The sales occurred on September 10th and 11th, 2024.
• The transactions were executed under a Rule 10b5-1 trading plan adopted on September 9, 2023.
• On September 10, 2024, 4,331 shares were sold at a weighted average price of $114.1, and 3,169 shares were sold at a weighted average price of $114.81.
• On September 11, 2024, 2,400 shares were sold at a weighted average price of $113.38, 2,962 shares were sold at a weighted average price of $114.3, and 2,138 shares were sold at a weighted average price of $115.1.
• Following these transactions, Michael Berry directly owns no shares, but indirectly owns 173,268 shares through The Berry Family Trust.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, reporting stock sales by an executive under a pre-arranged trading plan. It is neutral in sentiment as it simply reports facts.

Industry Context

Executive stock sales are a common occurrence, and the use of 10b5-1 plans allows insiders to sell shares without being accused of trading on material non-public information. Investors often monitor these filings to gauge executive sentiment, although sales under a 10b5-1 plan are typically pre-scheduled and less indicative of current sentiment.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders, potentially creating slight downward pressure on the stock price in the short term.

Key Dates