Netskope (NASDAQ:NTSK) Trading 9% Higher – Time to Buy?

Netskope Inc. (NASDAQ:NTSK)’s stock price rose 9% during trading on Tuesday . The company traded as high as $20.91 and last traded at $20.77. Approximately 1,296,289 shares were traded during trading, a decline of 47% from the average daily volume of 2,459,470 shares. The stock had previously closed at $19.05.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Oppenheimer set a $28.00 price objective on Netskope and gave the stock an “outperform” rating in a research report on Monday, October 13th. Robert W. Baird assumed coverage on shares of Netskope in a research report on Monday, October 27th. They set an “outperform” rating and a $27.00 target price for the company. TD Cowen began coverage on shares of Netskope in a report on Monday, October 13th. They set a “buy” rating and a $30.00 price target for the company. Weiss Ratings began coverage on shares of Netskope in a research note on Thursday, December 11th. They issued a “sell (d)” rating on the stock. Finally, Piper Sandler reiterated an “overweight” rating on shares of Netskope in a research report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $27.18.

Netskope Price Performance

The business’s 50 day moving average is $20.98.

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

Insider Activity

In other news, Director William J.G. Griffith bought 2,000,000 shares of Netskope stock in a transaction dated Friday, September 19th. The stock was 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 in the company, valued at approximately $213,525,325. This represents a 21.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Chicago Capital LLC bought a new stake in shares of Netskope during the third quarter valued at approximately $2,056,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Netskope during the third quarter worth approximately $72,463,000. Federated Hermes Inc. acquired a new stake in Netskope in the 3rd quarter valued at $18,184,000. New York State Common Retirement Fund bought a new stake in Netskope during the 3rd quarter valued at $943,000. Finally, Principal Financial Group Inc. bought a new stake in Netskope during the 3rd quarter valued at $27,239,000.

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.