Who Owns NetApp Company?

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Who Owns NetApp?

Understanding NetApp's ownership is key to grasping its strategic direction and accountability. The company's journey to public ownership began with its IPO on November 21, 1995, on the NASDAQ.

Founded in 1992 by David Hitz, James Lau, and Michael Malcolm, NetApp, initially Network Appliance, Inc., revolutionized data storage with its Data ONTAP operating system and the filer. This innovation laid the groundwork for its future growth and public offering.

As of fiscal year 2025, NetApp reported $6.57 billion in revenue, a 4.8% increase year-over-year, supported by its approximately 11,700 employees. The company's evolution from its founding to its current status as a global cloud-led, data-centric software company reflects significant shifts in its ownership landscape, moving from founder stakes to a broad public shareholder base.

The company's offerings, such as its unified data management solutions, are central to its market position. A deeper dive into its competitive environment can be found in a NetApp Porter's Five Forces Analysis.

NetApp was founded in 1992 by David Hitz, James Lau, and Michael Malcolm. Their initial focus was on creating a simplified data storage solution, a departure from the complex systems of the time. The company's early innovation, the 'Toaster,' a foundational NFS server, paved the way for its proprietary ONTAP operating system.

Founding Vision The founders aimed to simplify data storage, offering a more accessible alternative to existing complex computing systems. Key Innovation David Hitz and James Lau developed the 'Toaster,' an NFS server that became the basis for NetApp's ONTAP operating system. Early Funding In 1994, Sequoia Capital provided crucial venture capital funding, supporting the company's growth leading up to its IPO. Leadership Changes Michael Malcolm stepped down in October 1994, with Dan Warmenhoven taking over his role. Founder Emeritus David Hitz transitioned to a 'Founder Emeritus' role in January 2019, after a long association with the company. Co-Founder's Role James Lau continues to be associated with the company as a co-founder.

While specific initial equity distributions are not publicly disclosed, the founders' collective vision was to streamline data storage. The company's journey, detailed in a Brief History of NetApp, highlights its evolution from a startup to a significant player in the data management industry.

Early Ownership Dynamics

The early ownership structure of NetApp was primarily shaped by its three co-founders and the venture capital firm that supported its initial growth.

• Founders: David Hitz, James Lau, and Michael Malcolm
• Early Investor: Sequoia Capital
• Founding Year: 1992
• Key Technology: 'Toaster' NFS server

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NetApp transitioned from private to public ownership on November 21, 1995, with its initial public offering (IPO) on the NASDAQ exchange. This move marked a significant step in its journey, allowing for broader investment and capital growth.

As of July 22, 2025, NetApp, Inc. (NTAP) has a substantial base of institutional investors, with 1785 entities holding approximately 215,367,662 shares. This represents a significant 93.64% of the total shares outstanding, which are estimated to be around 200 million. The largest among these institutional shareholders are Vanguard Group Inc. and BlackRock, Inc. Vanguard Group Inc., in particular, increased its stake by 1.7% in the fourth quarter of fiscal year 2025, acquiring an additional 429,343 shares. This strategic acquisition brought their total holdings to 26,443,974 shares, valued at an impressive $3,069,617,000. The company's fiscal year 2025, ending April 25, 2025, saw total revenue reach $6.57 billion, a 4.8% increase from the previous year, with $1.57 billion returned to stockholders through share repurchases and dividends, underscoring a robust financial performance and commitment to shareholder value, even amidst a dynamic market. Understanding these ownership trends is crucial for grasping the Competitors Landscape of NetApp.

NetApp's Shareholder Landscape

Institutional investors play a dominant role in NetApp's ownership structure. These large entities significantly influence the company's direction and stock performance.

• Vanguard Group Inc. is a leading shareholder.
• BlackRock, Inc. also holds a substantial stake.
• Institutional ownership accounts for over 93% of shares.
• NetApp returned $1.57 billion to stockholders in FY25.

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NetApp's leadership is spearheaded by George Kurian, who serves as both CEO and a member of the Board of Directors. Mike Nevens holds the position of Chairman of the Board. The Board of Directors is instrumental in guiding the company's strategic path and ensuring sound governance. Shareholders can direct their communications to the Board through NetApp's Corporate Secretary.

NetApp operates with a standard voting structure where each share of common stock typically carries one vote. This is a common practice for publicly traded corporations. As of October 25, 2024, the total market value of voting stock held by non-affiliates was approximately $16.6 billion. It is important to note that shares owned by executive officers, directors, and significant shareholders (those holding 5% or more of outstanding common stock) are not included in this non-affiliate calculation, as these individuals may be considered company affiliates.

Understanding NetApp's Governance

NetApp's commitment to corporate governance is detailed in its proxy statement. This document provides comprehensive information regarding director independence and any transactions involving related parties.

• The proxy statement is a key resource for understanding NetApp's governance.
• It outlines director independence criteria.
• Information on related-party transactions is also included.
• Shareholders can find details on how to communicate with the Board.
• Understanding these aspects is crucial for grasping NetApp ownership and control dynamics.

The company typically mails its proxy statement to stockholders around July, with the annual meeting of stockholders usually taking place in September. This provides shareholders with timely information for their participation in corporate decision-making. To date, there have been no widely reported significant proxy contests or activist investor campaigns that have substantially altered NetApp's decision-making processes. For those interested in the company's strategic direction and market positioning, understanding the Target Market of NetApp can offer valuable context.

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In recent years, NetApp has seen significant financial performance and strategic leadership shifts. For fiscal year 2025, the company achieved record total revenue of $6.57 billion, with substantial contributions from its all-flash storage solutions and expanding storage services. This growth has been accompanied by a commitment to returning value to shareholders, with $1.57 billion distributed through share repurchases and dividends in the same fiscal year.

Leadership at NetApp has also seen recent changes, with Syam Nair appointed as Chief Product Officer on July 7, 2025, taking over from Harv Bhela. Daniel De Lorenzo joined as Controller and Chief Accounting Officer on April 4, 2024. CEO George Kurian continues to hold significant direct ownership, though he sold 8,500 shares on July 21, 2025, valued at $918,680.00, leaving him with 288,305 shares.

Leadership Appointments

Syam Nair is the new Chief Product Officer. Daniel De Lorenzo serves as Controller and Chief Accounting Officer.

Executive Stock Transactions

CEO George Kurian sold shares valued at $918,680.00 in July 2025.

Institutional Ownership Trends

As of July 24, 2025, institutional investors own 92.17% of NetApp stock. Vanguard Group Inc. increased its stake by 1.7% in Q4 FY25.

Strategic Initiatives and Workforce Adjustments

The company is focusing on AI innovation and has reduced its global workforce by approximately 4% in the first nine months of fiscal year 2025. This aligns with their Mission, Vision & Core Values of NetApp.

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