Principal Financial Group Inc. Takes $27.24 Million Position in Netskope Inc. $NTSK

Principal Financial Group Inc. bought a new position in shares of Netskope Inc. (NASDAQ:NTSK) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 1,198,389 shares of the company’s stock, valued at approximately $27,239,000. Principal Financial Group Inc. owned about 0.31% of Netskope at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in NTSK. New York State Common Retirement Fund purchased a new stake in shares of Netskope during the third quarter worth about $943,000. Chicago Capital LLC acquired a new stake in Netskope in the 3rd quarter worth approximately $2,056,000. Federated Hermes Inc. purchased a new stake in Netskope during the 3rd quarter worth approximately $18,184,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in Netskope during the 3rd quarter worth approximately $72,463,000.

Insider Activity at Netskope

In other Netskope news, CFO Matto Andrew H. Del sold 77,207 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $16.92, for a total transaction of $1,306,342.44. Following the transaction, the chief financial officer owned 41,493 shares in the company, valued at approximately $702,061.56. This represents a 65.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Beri sold 346,061 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $16.91, for a total value of $5,851,891.51. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,049,721 shares of company stock worth $18,020,279 in the last 90 days.

Analysts Set New Price Targets

Several equities research analysts have recently commented on NTSK shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $26.00 price objective on shares of Netskope in a research note on Friday, December 12th. Wells Fargo & Company began coverage on Netskope in a research note on Monday, October 13th. They issued an “overweight” rating and a $28.00 target price for the company. KeyCorp dropped their price target on Netskope from $28.00 to $24.00 and set an “overweight” rating on the stock in a research note on Monday, January 12th. BTIG Research started coverage on Netskope in a report on Monday, October 13th. They issued a “buy” rating and a $27.00 price objective on the stock. Finally, Zacks Research raised Netskope to a “hold” rating in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Netskope currently has an average rating of “Moderate Buy” and a consensus price target of $26.71.

Netskope Price Performance

NTSK opened at $12.00 on Friday. The company has a fifty day moving average price of $17.30. Netskope Inc. has a 1 year low of $11.36 and a 1 year high of $27.99. The firm has a market cap of $4.72 billion and a PE ratio of -120.00. The company has a debt-to-equity ratio of 5.17, a quick ratio of 2.32 and a current ratio of 2.32.

Netskope (NASDAQ:NTSK) last released its quarterly earnings data on Thursday, December 11th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.15. The firm had revenue of $184.17 million during the quarter, compared to analysts’ expectations of $175.81 million. The firm’s revenue for the quarter was up 33.0% compared to the same quarter last year.

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. 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.