Netskope (NASDAQ:NTSK) Hits New 52-Week Low Following Analyst Downgrade

Netskope Inc. (NASDAQ:NTSK) shares reached a new 52-week low during mid-day trading on Tuesday after KeyCorp lowered their price target on the stock from $24.00 to $17.00. KeyCorp currently has an overweight rating on the stock. Netskope traded as low as $11.06 and last traded at $11.12, with a volume of 224371 shares traded. The stock had previously closed at $11.89.

Several other brokerages also recently weighed in on NTSK. Weiss Ratings reissued a “sell (d-)” rating on shares of Netskope in a research report on Monday, December 29th. Robert W. Baird initiated coverage on Netskope in a report on Monday, October 27th. They issued an “outperform” rating and a $27.00 target price for the company. Piper Sandler reaffirmed an “overweight” rating on shares of Netskope in a report on Friday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $26.00 target price on shares of Netskope in a research report on Friday, December 12th. Finally, Mizuho dropped their price target on shares of Netskope from $26.00 to $20.00 and set an “outperform” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Netskope has a consensus rating of “Moderate Buy” and an average target price of $25.88.

Insider Buying and Selling at Netskope

In other news, CRO Raphael Bousquet sold 3,823 shares of Netskope stock in a transaction on Monday, January 12th. The shares were sold at an average price of $16.66, for a total transaction of $63,691.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sanjay Beri sold 31,594 shares of the company’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $17.58, for a total value of $555,422.52. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,049,721 shares of company stock valued at $18,020,279.

Hedge Funds Weigh In On Netskope

Hedge funds have recently modified their holdings of the company. New York Life Insurance Co. bought a new stake in Netskope in the 3rd quarter worth approximately $31,236,000. Federated Hermes Inc. purchased a new position in shares of Netskope in the third quarter valued at $18,184,000. Massachusetts Financial Services Co. MA bought a new stake in Netskope in the third quarter worth $72,463,000. Principal Financial Group Inc. purchased a new stake in Netskope during the third quarter valued at $27,239,000. Finally, TimesSquare Capital Management LLC bought a new position in Netskope during the third quarter valued at $61,833,000.

Netskope Trading Up 1.9%

The company has a 50 day simple moving average of $15.94. 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 firm has a market capitalization of $4.53 billion and a price-to-earnings ratio of -115.30.

Netskope (NASDAQ:NTSK) last issued its quarterly earnings data on Thursday, December 11th. The company reported ($0.10) earnings per share 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 the consensus estimate of $175.81 million. Netskope’s quarterly revenue was up 33.0% compared to the same quarter last year.

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.