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Why NetApp (NTAP) Stock Is Down Today

Investivoq PriceTracker

NetApp (NTAP) is down 3.8% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is a fresh Barclays downgrade that hit the stock after a very strong run, with the analyst arguing valuation had become harder to justify and that a major AI-driven demand inflection is still not clearly visible. The pullback also appears to reflect some profit-taking after a sharp rally, even though NetApp’s recent operating results and guidance have remained strong.

Details:

  • Barclays lowered its rating on NetApp to Equal Weight from Overweight and kept a $219 price target, which signaled more limited upside after the stock’s surge this year.
  • The analyst’s caution extended beyond valuation, with concern that enterprise hardware names tied to AI spending have not yet shown the kind of broad acceleration investors had hoped for.
  • NetApp’s latest quarterly update was fundamentally solid, including record first-quarter fiscal 2027 revenue of $2.03 billion and higher full-year guidance, so today’s decline looks more tied to sentiment and valuation than to a new operational setback.
  • NetApp also recently announced its planned acquisition of PEAK:AIO, reinforcing its AI infrastructure strategy, but that longer-term positive story was not enough to offset the downgrade pressure in today’s trading.

    • Sources:

    SEC, NetApp Investor Relations, 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 Insider Trades

    $NTAP insiders have traded $NTAP stock on the open market 33 times in the past 6 months. Of those trades, 0 have been purchases and 33 have been sales.

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

    • GEORGE KURIAN (CEO) has made 0 purchases and 12 sales selling 150,000 shares for an estimated $30,252,980.
    • CESAR CERNUDA (President) has made 0 purchases and 8 sales selling 52,072 shares for an estimated $8,191,170.
    • GERALD HELD has made 0 purchases and 2 sales selling 12,889 shares for an estimated $2,504,244.
    • DEEPAK AHUJA has made 0 purchases and 2 sales selling 6,976 shares for an estimated $1,374,185.
    • THOMAS MICHAEL NEVENS sold 5,940 shares for an estimated $1,159,547
    • CARRIE PALIN sold 5,000 shares for an estimated $1,082,150
    • ELIZABETH M O'CALLAHAN (EVP, Chief Admin. Officer) has made 0 purchases and 6 sales selling 6,000 shares for an estimated $1,068,110.
    • LORENZO DANIEL DE (VP, Controller & CAO) sold 275 shares for an estimated $33,000

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

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    $NTAP Hedge Fund Activity

    We have seen 480 institutional investors add shares of $NTAP stock to their portfolio, and 422 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 Investivoq's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Investivoq API 13F 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 Investivoq's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.