Netskope (NASDAQ:NTSK) Shares Down 8% – What’s Next?

Netskope Inc. (NASDAQ:NTSK)’s share price traded down 8% during mid-day trading on Monday . The company traded as low as $18.92 and last traded at $19.07. 2,936,486 shares traded hands during trading, an increase of 20% from the average session volume of 2,450,714 shares. The stock had previously closed at $20.72.

Analyst Ratings Changes

NTSK has been the subject of a number of research analyst reports. Citigroup initiated coverage on shares of Netskope in a report on Monday, October 13th. They issued an “outperform” rating for the company. Mizuho raised their target price on Netskope from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday. Wall Street Zen upgraded Netskope to a “hold” rating in a research note on Monday, September 29th. JPMorgan Chase & Co. started coverage on shares of Netskope in a research report on Monday, October 13th. They set an “overweight” rating and a $26.00 price target for the company. Finally, Wells Fargo & Company assumed coverage on shares of Netskope in a report on Monday, October 13th. They issued an “overweight” rating and a $28.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.18.

Netskope Stock Down 8.4%

The stock’s 50-day moving average is $21.23.

Netskope (NASDAQ:NTSK) last posted its earnings results on Thursday, December 11th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.15. The firm had revenue of $184.17 million for the quarter, compared to analysts’ expectations of $175.81 million. The firm’s revenue for the quarter was up 33.0% on a year-over-year basis.

Insider Buying and Selling at Netskope

In other news, Director William J.G. Griffith acquired 2,000,000 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was acquired at an average price of $19.00 per share, for a total transaction of $38,000,000.00. Following the completion of the transaction, the director owned 11,238,175 shares in the company, valued at approximately $213,525,325. The trade was a 21.65% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On Netskope

A number of large investors have recently bought and sold shares of NTSK. TD Asset Management Inc acquired a new stake in Netskope in the third quarter valued at approximately $5,005,000. CenterBook Partners LP purchased a new position in shares of Netskope during the 3rd quarter valued at approximately $449,000. Readystate Asset Management LP acquired a new stake in Netskope in the 3rd quarter valued at $341,000. Vanguard Group Inc. purchased a new stake in Netskope in the 3rd quarter worth $80,006,000. Finally, TimesSquare Capital Management LLC acquired a new position in Netskope during the third quarter worth $61,833,000.

Netskope Company Profile

We are redefining security and networking for the era of cloud and AI. The cloud and AI have completely revolutionized work. We are more dispersed, more productive, and more automated than ever before, and the rate of change is only accelerating. Not since the internet has there been such a transformative tectonic shift.