Netskope (NASDAQ:NTSK) Trading Down 9.9% – Here’s What Happened

Shares of Netskope Inc. (NASDAQ:NTSK) dropped 9.9% during mid-day trading on Friday . The stock traded as low as $10.45 and last traded at $10.50. Approximately 2,232,731 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 2,556,987 shares. The stock had previously closed at $11.66.

Wall Street Analyst Weigh In

NTSK has been the subject of several research reports. KeyCorp cut their price objective on Netskope from $24.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday. Royal Bank Of Canada reiterated an “outperform” rating on shares of Netskope in a research report on Wednesday, February 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Netskope in a report on Monday, December 29th. Mizuho lowered their target price on shares of Netskope from $26.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $26.00 target price on shares of Netskope in a research report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Netskope has an average rating of “Moderate Buy” and an average price target of $25.88.

Netskope Trading Down 9.7%

The company has a debt-to-equity ratio of 5.17, a current ratio of 2.32 and a quick ratio of 2.32. The business’s fifty day simple moving average is $15.50. The company has a market cap of $4.14 billion and a P/E ratio of -105.30.

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

Insider Activity

In related news, CRO Raphael Bousquet sold 3,823 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $16.66, for a total value of $63,691.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matto Andrew H. Del sold 49,875 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $17.16, for a total value of $855,855.00. Following the sale, the chief financial officer directly owned 41,493 shares of the company’s stock, valued at approximately $712,019.88. This trade represents a 54.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,049,721 shares of company stock valued at $18,020,279 in the last 90 days.

Hedge Funds Weigh In On Netskope

Hedge funds have recently modified their holdings of the business. ICONIQ Capital LLC purchased a new stake in Netskope during the 3rd quarter worth approximately $1,506,261,000. Scge Management L.P. acquired a new position in Netskope during the 3rd quarter worth $312,104,000. Vanguard Group Inc. acquired a new stake in Netskope in the 3rd quarter valued at about $80,006,000. Public Sector Pension Investment Board acquired a new position in shares of Netskope during the fourth quarter worth about $60,882,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of Netskope during the third quarter worth approximately $72,463,000.

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. But, with it has come collateral damage-traditional security and networking are now broken. We founded Netskope to address this revolution. We built Netskope One, our unified, cloud-native platform from the ground up to solve the challenge of securing and accelerating the digital interactions of enterprises in this new era.