Netskope (NASDAQ:NTSK) Coverage Initiated at Wells Fargo & Company

Investment analysts at Wells Fargo & Company started coverage on shares of Netskope (NASDAQ:NTSK) in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The firm set an “overweight” rating and a $13.00 price target on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 22.76% from the stock’s current price.

Several other research analysts have also recently issued reports on NTSK. FBN Securities began coverage on shares of Netskope in a report on Wednesday, February 25th. They issued an “outperform” rating and a $15.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Netskope in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $26.00 price objective on shares of Netskope in a report on Friday, December 12th. Oppenheimer reduced their target price on Netskope from $28.00 to $23.00 and set an “outperform” rating for the company in a report on Monday. Finally, BTIG Research dropped their price target on Netskope from $27.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.47.

Netskope Stock Performance

NASDAQ:NTSK opened at $10.59 on Tuesday. Netskope has a 1 year low of $9.13 and a 1 year high of $27.99. The firm has a market cap of $4.16 billion and a PE ratio of -105.90. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 5.17. The business’s 50-day simple moving average is $14.12.

Netskope (NASDAQ:NTSK) last posted its earnings results 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 business had revenue of $184.17 million for the quarter, compared to analysts’ expectations of $175.81 million. The business’s revenue for the quarter was up 33.0% compared to the same quarter last year.

Insider Activity

In related news, CFO Matto Andrew H. Del sold 49,875 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $17.16, for a total transaction of $855,855.00. Following the completion of the transaction, the chief financial officer directly owned 41,493 shares of the company’s stock, valued at $712,019.88. This represents a 54.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sanjay Beri sold 31,594 shares of Netskope stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $17.58, for a total value of $555,422.52. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,049,721 shares of company stock valued at $18,020,279 over the last quarter.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Farther Finance Advisors LLC purchased a new stake in shares of Netskope during the 4th quarter worth $25,000. Quarry LP purchased a new position in shares of Netskope in the 3rd quarter valued at about $41,000. Triumph Capital Management lifted its stake in shares of 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 period. Wells Fargo & Company MN boosted its holdings in Netskope by 261.7% during the fourth quarter. Wells Fargo & Company MN now owns 3,617 shares of the company’s stock worth $63,000 after buying an additional 2,617 shares in the last quarter. Finally, Leonteq Securities AG acquired a new position in Netskope during the fourth quarter worth about $64,000.

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.