On July 15, NetApp fell 5.7% in regular trading, trading at $165.59/share, with turnover of $80.69 million. The decline came amid broad-based selling across the Technology Hardware, Storage & Peripherals sector, with storage peers experiencing significant losses.

Within the sector, SanDisk dropped 11.15%, Dell Technologies fell 9.99%, Seagate Technology declined 7.75%, and Western Digital lost 7.74%, while Apple bucked the trend with a 3.07% gain. The pronounced sector-wide weakness dragged NetApp lower despite the company announcing a new fully managed cloud storage service in partnership with Oracle on the same day, designed to support AI and enterprise workloads on Oracle Cloud Infrastructure. The service is currently in customer preview with general availability planned within the next 12 months.

NetApp is a leader in hybrid cloud data services, offering enterprise software and storage infrastructure solutions across hybrid and public cloud environments. The company reported strong fiscal Q4 results in late May, with revenue of $1.95 billion and adjusted EPS of $2.43, both exceeding estimates.

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