Netskope (NASDAQ:NTSK) Announces Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Netskope (NASDAQ:NTSK) announced its quarterly earnings results on Thursday. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.15, Zacks reports.

Netskope Trading Up 4.4%

Netskope stock traded up $1.00 during mid-day trading on Thursday, reaching $23.50. 4,544,530 shares of the company’s stock were exchanged, compared to its average volume of 2,360,917. The business has a fifty day simple moving average of $21.26. Netskope has a one year low of $17.32 and a one year high of $27.99.

Insider Activity

In other Netskope news, Director William J.G. Griffith bought 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Trading of Netskope

Large investors have recently added to or reduced their stakes in the stock. Scge Management L.P. bought a new stake in Netskope in the third quarter worth about $312,104,000. Alta Park Capital LP purchased a new stake in Netskope in the third quarter worth $29,840,000. Alliancebernstein L.P. purchased a new stake in Netskope in the third quarter worth $19,776,000. Franklin Resources Inc. bought a new stake in shares of Netskope in the third quarter valued at $17,460,000. Finally, Holocene Advisors LP purchased a new position in shares of Netskope during the 3rd quarter valued at $15,241,000.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NTSK. Mizuho started coverage on shares of Netskope in a research report on Monday, October 13th. They set an “outperform” rating and a $25.00 target price for the company. Morgan Stanley initiated coverage on Netskope in a report on Monday, October 13th. They set an “overweight” rating and a $27.00 price objective for the company. Zacks Research raised Netskope to a “hold” rating in a research report on Monday, October 20th. Piper Sandler started coverage on Netskope in a research report on Monday, October 13th. They issued an “overweight” rating and a $28.00 price target for the company. Finally, Cowen began coverage on Netskope in a research note on Monday, October 13th. They set a “buy” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Netskope currently has an average rating of “Buy” and an average target price of $26.94.

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.