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NetApp extends partnership with Aston Martin F1 Team

EditorRachael Rajan
Published 02/05/2024, 08:52 AM
Updated 02/05/2024, 08:52 AM
© Reuters.

SAN JOSE, Calif. - NetApp (NASDAQ: NASDAQ:NTAP), a leader in intelligent data infrastructure, has renewed its partnership with the Aston Martin Aramco (TADAWUL:2222) Formula One Team, continuing its role as the team's Global Data Infrastructure Partner. The collaboration, which began when Aston Martin returned to Formula One racing in 2021, will persist into the team's fourth season, building on a foundation that has already helped the team achieve eight top-three finishes in the 2023 season.

The partnership leverages NetApp's technology to manage the vast amounts of data generated by the racing team, which is crucial for optimizing performance. Data collected from hundreds of sensors provides real-time insights into various aspects of race conditions, such as track temperature and tire degradation, allowing the team to make strategic decisions quickly.

Clare Lansley, CIO of Aston Martin Aramco, emphasized the importance of the partnership with NetApp, saying, "NetApp has been with us all the way on this journey together and are fundamental to our trackside operations and at our Headquarters at the AMRTC in Silverstone. We use data to improve our performance and go faster and NetApp™s work with the team is vital to this success."

NetApp's solutions, including the FlexPod data center solution and Cloud Volumes ONTAP, offer the team speed, reliability, observability, security, and scalability.

Gabie Boko, Chief Marketing Officer at NetApp, highlighted the shared dedication to breakthrough performance and innovation between NetApp and the Aston Martin Aramco team. She credited NetApp's intelligent data infrastructure with providing the speed necessary to compete in Formula One.

This announcement is based on a press release statement from NetApp.

InvestingPro Insights

As NetApp (NASDAQ: NTAP) solidifies its partnership with the Aston Martin Aramco Formula One Team, the company's financial metrics reflect a robust business model poised for growth. NetApp's aggressive share buyback strategy, as highlighted in one of the InvestingPro Tips, underscores management's confidence in the company's value. This is coupled with a high shareholder yield, which may appeal to investors looking for companies with a track record of returning value to shareholders.

Furthermore, NetApp's commitment to maintaining dividend payments for 12 consecutive years demonstrates a reliable income stream for investors. With a market capitalization of $18.1 billion and a Price/Earnings (P/E) ratio of 27.07, the company's valuation is noteworthy, especially considering its adjusted P/E ratio for the last twelve months as of Q2 2024 is 22.29, indicating a more favorable earnings perspective. The Price/Book ratio stands at 23.5, a metric that investors often scrutinize for understanding how a company is valued against its net assets.

In terms of growth and profitability, NetApp has shown strong returns over the last three months, with a 16.41% price total return, which aligns with the company's performance on the track through its partnership with Aston Martin. Analysts predict profitability for the year, a sentiment supported by NetApp's positive performance over the last twelve months.

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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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