Netskope (NASDAQ:NTSK) Shares Gap Down – Here’s Why

Netskope Inc. (NASDAQ:NTSK)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $23.50, but opened at $21.40. Netskope shares last traded at $21.05, with a volume of 2,164,866 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NTSK shares. Independent Research set a $27.00 price objective on shares of Netskope in a research report on Monday, October 13th. Piper Sandler restated an “overweight” rating on shares of Netskope in a report on Friday. Oppenheimer set a $28.00 price objective on Netskope and gave the stock an “outperform” rating in a report on Monday, October 13th. Royal Bank Of Canada lifted their target price on Netskope from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Wells Fargo & Company started coverage on Netskope in a research report on Monday, October 13th. They set an “overweight” rating and a $28.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, seventeen 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.18.

Netskope Price Performance

The company has a 50 day moving average of $21.23.

Netskope (NASDAQ:NTSK) last released 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 during the quarter, compared to the consensus estimate of $175.81 million. Netskope’s revenue was up 33.0% compared to the same quarter last year.

Insider Buying and Selling at Netskope

In other news, Director William J.G. Griffith acquired 2,000,000 shares of the stock in a transaction dated Friday, September 19th. The shares were bought at an average cost of $19.00 per share, for a total transaction of $38,000,000.00. Following the purchase, the director directly owned 11,238,175 shares of the company’s stock, valued at approximately $213,525,325. This trade represents a 21.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Hedge Funds Weigh In On Netskope

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP bought a new stake in Netskope in the third quarter valued at approximately $41,000. Assetmark Inc. acquired a new position in shares of Netskope during the 3rd quarter worth approximately $83,000. RiverPark Advisors LLC acquired a new position in shares of Netskope during the 3rd quarter worth approximately $87,000. SBI Securities Co. Ltd. bought a new stake in Netskope in the 3rd quarter valued at $89,000. Finally, Ameriflex Group Inc. acquired a new stake in Netskope during the 3rd quarter valued at $127,000.

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.