Netskope (NASDAQ:NTSK) Trading Down 6% – Here’s What Happened

Shares of Netskope Inc. (NASDAQ:NTSK) were down 6% during mid-day trading on Tuesday . The stock traded as low as $17.88 and last traded at $18.17. Approximately 486,223 shares traded hands during trading, a decline of 80% from the average daily volume of 2,382,067 shares. The stock had previously closed at $19.33.

Analysts Set New Price Targets

Several analysts have recently weighed in on NTSK shares. Royal Bank Of Canada assumed coverage on Netskope in a report on Monday, October 13th. They issued an “outperform” rating and a $26.00 target price for the company. William Blair assumed coverage on Netskope in a research report on Monday, October 13th. They set an “outperform” rating on the stock. Baird R W raised Netskope to a “strong-buy” rating in a report on Monday, October 27th. Deutsche Bank Aktiengesellschaft began coverage on shares of Netskope in a research report on Monday, October 13th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Independent Research set a $27.00 price target on shares of Netskope in a research report on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $26.94.

Netskope Trading Up 1.4%

Insiders Place Their Bets

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

Institutional Trading of Netskope

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP purchased a new position in Netskope during the third quarter worth about $41,000. Assetmark Inc. acquired a new position in Netskope during the 3rd quarter worth approximately $83,000. RiverPark Advisors LLC purchased a new position in shares of Netskope during the 3rd quarter worth approximately $87,000. SBI Securities Co. Ltd. acquired a new stake in shares of Netskope in the 3rd quarter valued at approximately $89,000. Finally, Ameriflex Group Inc. purchased a new stake in shares of Netskope in the third quarter valued at approximately $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.