NetApp Shares Slip as Investors Appear to Turn Cautious Ahead of Earnings

NetApp, Inc. (NTAP) is down 3.4% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely explanation is a mix of profit-taking and a more cautious setup ahead of NetApp’s next earnings report, which is targeted for September 2, 2026. There does not appear to be a fresh major negative corporate announcement tied directly to today’s drop, so this could be because investors are locking in gains after a strong run and reassessing near-term expectations.

Details:

NetApp’s investor relations calendar lists first-quarter fiscal 2027 results for September 2, 2026, which can make traders more defensive as the report approaches.

The company’s latest quarterly release in May included first-quarter fiscal 2027 revenue guidance of $1.75 billion to $1.90 billion and non-GAAP EPS guidance of $2.05 to $2.15, keeping the market focused on execution against that range.

NetApp announced the acquisition of DataPelago in July to strengthen its AI data infrastructure offerings, but acquisitions can also raise questions about integration, costs, and the timing of payoff.

A recent filing showed Executive Vice President Elizabeth O’Callahan sold 1,000 shares on August 10 under a Rule 10b5-1 plan, which may have added to a cautious tone even though the sale was planned.

Sources:

NetApp Investor Relations, SEC, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$NTAP Insider Trading Activity

$NTAP insiders have traded $NTAP stock on the open market 12 times in the past 6 months. Of those trades, 0 have been purchases and 12 have been sales.

Here’s a breakdown of recent trading of $NTAP stock by insiders over the last 6 months:

CESAR CERNUDA (President) has made 0 purchases and 4 sales selling 49,464 shares for an estimated $7,657,880.
GERALD HELD sold 7,132 shares for an estimated $1,283,760
ELIZABETH M O'CALLAHAN (EVP, Chief Admin. Officer) has made 0 purchases and 6 sales selling 6,000 shares for an estimated $842,870.
LORENZO DANIEL DE (VP, Controller & CAO) sold 275 shares for an estimated $33,000

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$NTAP Hedge Fund Activity

We have seen 495 institutional investors add shares of $NTAP stock to their portfolio, and 499 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

JANE STREET GROUP, LLC added 2,380,592 shares (+28401.2%) to their portfolio in Q2 2026, for an estimated $368,420,417
CITIGROUP INC removed 1,765,740 shares (-46.8%) from their portfolio in Q2 2026, for an estimated $273,265,922
BEUTEL, GOODMAN & CO LTD. removed 1,717,086 shares (-47.1%) from their portfolio in Q2 2026, for an estimated $265,736,229
JPMORGAN CHASE & CO added 1,580,284 shares (+inf%) to their portfolio in Q2 2026, for an estimated $244,564,751
SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 1,355,607 shares (+inf%) to their portfolio in Q2 2026, for an estimated $209,793,739
AMERIPRISE FINANCIAL INC removed 1,323,487 shares (-22.1%) from their portfolio in Q2 2026, for an estimated $204,822,848
BLACKROCK, INC. removed 1,006,506 shares (-5.1%) from their portfolio in Q2 2026, for an estimated $155,766,868

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$NTAP Congressional Stock Trading

Members of Congress have traded $NTAP stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $NTAP stock by members of Congress over the last 6 months:

SENATOR JOHN BOOZMAN purchased up to $15,000 on 02/27.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades endpoint.

$NTAP Price Targets

Multiple analysts have issued price targets for $NTAP recently. We have seen 11 analysts offer price targets for $NTAP in the last 6 months, with a median target of $170.0.

Here are some recent targets:

Jim Kelleher from Argus Research set a target price of $200.0 on 06/01/2026
Erik Woodring from Morgan Stanley set a target price of $137.0 on 05/29/2026
Mehdi Hosseini from Susquehanna set a target price of $185.0 on 05/29/2026
Matt Bryson from Wedbush set a target price of $150.0 on 05/29/2026
Nehal Chokshi from Northland Capital Markets set a target price of $171.0 on 05/29/2026
Aaron Rakers from Wells Fargo set a target price of $180.0 on 05/29/2026
Amit Daryanani from Evercore ISI Group set a target price of $170.0 on 05/29/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.