Form 4: NetApp President Cesar Cernuda Sells Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
NetApp's President, Cesar Cernuda, executed sales of common shares on June 28, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- Cesar Cernuda, President of NetApp, sold shares of NetApp common stock on June 28, 2024.
- The sales were executed under a Rule 10b5-1 trading plan adopted on March 21, 2024.
- Two transactions occurred: the first involved the sale of 15,659 shares at a weighted average price of $129.33, and the second involved the sale of 6,341 shares at a weighted average price of $129.78.
- Following these transactions, Cernuda directly owns 64,789 shares of NetApp common stock.
- This includes 348 shares purchased at $61.166 per share under the NetApp Employee Stock Purchase Plan on May 31, 2024.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock sales by an executive, which is neither particularly positive nor negative.
Industry Context
Executive stock sales are a common occurrence and are often pre-planned to avoid accusations of insider trading. The use of a 10b5-1 plan indicates the sales were scheduled in advance.
Stakeholder Impact
- The stock sale could have a minor impact on shareholder sentiment, but is unlikely to be significant given the pre-planned nature of the transaction.
Key Dates
| Date | Description |
|---|---|
| 2024-03-21 | Date of adoption of Rule 10b5-1 trading plan. |
| 2024-05-31 | Date of purchase of 348 shares under the NetApp Employee Stock Purchase Plan. |
| 2024-06-28 | Date of stock sales. |
| 2024-07-02 | Date of Form 4 filing. |
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