Netskope (NASDAQ:NTSK) Stock Price Down 8% – Here’s What Happened

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NTSK. Weiss Ratings started coverage on shares of Netskope in a research report on Thursday, December 11th. They set a “sell (d)” rating on the stock. Citizens Jmp started coverage on shares of Netskope in a research report on Monday, October 13th. They issued a “mkt outperform” rating and a $27.00 price objective for the company. Zacks Research raised Netskope to a “hold” rating in a report on Monday, October 20th. Citigroup started coverage on Netskope in a research note on Monday, October 13th. They issued an “outperform” rating for the company. Finally, Oppenheimer set a $28.00 target price on Netskope and gave the stock an “outperform” rating in a research report on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Netskope presently has an average rating of “Moderate Buy” and a consensus price target of $27.18.

Netskope Trading Down 7.7%

The stock’s fifty day moving average is $21.12.

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

Insider Buying and Selling

In related news, Director William J.G. Griffith bought 2,000,000 shares of the business’s stock in a transaction on Friday, September 19th. The shares were purchased at an average price of $19.00 per share, with a total value of $38,000,000.00. Following the completion of the purchase, the director owned 11,238,175 shares of the company’s stock, valued at $213,525,325. This represents a 21.65% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Hedge Funds Weigh In On Netskope

Institutional investors have recently modified their holdings of the stock. ICONIQ Capital LLC acquired a new stake in shares of Netskope in the 3rd quarter valued at approximately $1,506,261,000. Scge Management L.P. bought a new stake in Netskope in the third quarter valued at approximately $312,104,000. Vanguard Group Inc. acquired a new stake in Netskope in the third quarter worth $80,006,000. Massachusetts Financial Services Co. MA acquired a new stake in Netskope in the third quarter worth $72,463,000. Finally, TimesSquare Capital Management LLC bought a new position in shares of 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.