Form 4: NetApp Director T. Michael Nevens Sells Shares Under 10b5-1 Trading Plan

Director T. Michael Nevens sold NetApp (NTAP) shares on September 18, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• T. Michael Nevens, a director of NetApp, Inc. (NTAP), reported the sale of common shares on September 18, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on March 21, 2024.
• Nevens sold 2,087 shares at a weighted average price of $119.96, with prices ranging from $119.38 to $120.29.
• He also sold 1,246 shares at a weighted average price of $120.63, with prices ranging from $120.30 to $121.13.
• Following the transactions, Nevens directly owns no shares, but indirectly owns 13,856 shares through The Nevens Family 1997 Trust after the first transaction and 12,610 shares after the second transaction.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, indicating insider trading activity. The sales were conducted under a pre-arranged 10b5-1 trading plan, which mitigates potential negative sentiment. Overall, the sentiment is neutral.

Industry Context

Insider selling can sometimes be interpreted negatively by the market, but sales under a pre-arranged 10b5-1 plan are generally viewed as less concerning since they are planned in advance and not based on current inside information. It is common for executives and directors to utilize 10b5-1 plans for selling shares.

Stakeholder Impact

• The sale of shares by a director could have a minor negative impact on shareholder sentiment, although the existence of a 10b5-1 plan mitigates this concern.

Key Dates