Netskope (NASDAQ:NTSK) Raised to Strong-Buy at Wells Fargo & Company

Netskope (NASDAQ:NTSK) was upgraded by equities researchers at Wells Fargo & Company to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other analysts have also issued reports on NTSK. Oppenheimer lowered their target price on shares of Netskope from $28.00 to $23.00 and set an “outperform” rating for the company in a research note on Monday. FBN Securities began coverage on shares of Netskope in a report on Wednesday, February 25th. They set an “outperform” rating and a $15.00 price objective for the company. BTIG Research dropped their target price on shares of Netskope from $27.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday. TD Cowen reduced their target price on shares of Netskope from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Netskope in a research note on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Netskope presently has an average rating of “Moderate Buy” and a consensus price target of $23.47.

Netskope Stock Performance

NTSK opened at $10.25 on Monday. Netskope has a one year low of $9.13 and a one year high of $27.99. The company has a debt-to-equity ratio of 5.17, a quick ratio of 2.32 and a current ratio of 2.32. The company has a market capitalization of $4.03 billion and a PE ratio of -102.50. The company’s 50 day simple moving average is $14.28.

Netskope (NASDAQ:NTSK) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $175.81 million. The firm’s revenue was up 33.0% on a year-over-year basis.

Insiders Place Their Bets

In other news, CEO Sanjay Beri sold 346,061 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $16.91, for a total value of $5,851,891.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matto Andrew H. Del sold 77,207 shares of Netskope stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $16.92, for a total transaction of $1,306,342.44. Following the transaction, the chief financial officer directly owned 41,493 shares in the company, valued at approximately $702,061.56. The trade was a 65.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,049,721 shares of company stock worth $18,020,279 in the last three months.

Institutional Trading of Netskope

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC purchased a new position in shares of Netskope in the 4th quarter valued at $25,000. Quarry LP bought a new stake in Netskope during the third quarter valued at about $41,000. Triumph Capital Management grew its stake in Netskope by 380.0% in the fourth quarter. Triumph Capital Management now owns 2,400 shares of the company’s stock valued at $42,000 after purchasing an additional 1,900 shares during the last quarter. Wells Fargo & Company MN grew its stake in Netskope by 261.7% in the fourth quarter. Wells Fargo & Company MN now owns 3,617 shares of the company’s stock valued at $63,000 after purchasing an additional 2,617 shares during the last quarter. Finally, Assetmark Inc. bought a new position in Netskope in the third quarter worth about $83,000.

About Netskope

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.