New York Life Insurance Co. Buys New Position in Netskope Inc. $NTSK

New York Life Insurance Co. purchased a new stake in Netskope Inc. (NASDAQ:NTSK) in the third quarter, Holdings Channel.com reports. The fund purchased 1,374,203 shares of the company’s stock, valued at approximately $31,236,000. Netskope makes up about 7.7% of New York Life Insurance Co.’s holdings, making the stock its 3rd biggest holding.

A number of other hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. bought a new stake in shares of Netskope in the 3rd quarter worth $27,239,000. New York State Common Retirement Fund purchased a new position in Netskope during the third quarter worth about $943,000. Federated Hermes Inc. bought a new stake in Netskope in the 3rd quarter worth about $18,184,000. Massachusetts Financial Services Co. MA purchased a new stake in Netskope in the 3rd quarter valued at about $72,463,000. Finally, Chicago Capital LLC purchased a new position in shares of Netskope in the 3rd quarter worth approximately $2,056,000.

Netskope Stock Performance

Shares of Netskope stock opened at $14.10 on Tuesday. The company has a market cap of $5.54 billion and a PE ratio of -141.00. Netskope Inc. has a 52-week low of $13.92 and a 52-week high of $27.99. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 5.17. The firm has a 50-day moving average price of $17.75.

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 during the quarter, compared to analysts’ expectations of $175.81 million. The company’s revenue for the quarter was up 33.0% compared to the same quarter last year.

Insider Buying and Selling at Netskope

In related news, CEO Sanjay Beri sold 31,594 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $17.58, for a total transaction of $555,422.52. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Matto Andrew H. Del sold 49,875 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $17.16, for a total value of $855,855.00. Following the completion of the transaction, the chief financial officer owned 41,493 shares of the company’s stock, valued at approximately $712,019.88. This represents a 54.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,049,721 shares of company stock valued at $18,020,279 in the last 90 days.

Analysts Set New Price Targets

A number of brokerages recently commented on NTSK. Independent Research set a $27.00 price target on Netskope in a report on Monday, October 13th. UBS Group set a $27.00 price target on shares of Netskope in a report on Monday, October 13th. BTIG Research assumed coverage on shares of Netskope in a report on Monday, October 13th. They set a “buy” rating and a $27.00 price objective for the company. Citizens Jmp started coverage on shares of Netskope in a research note on Monday, October 13th. They issued a “mkt outperform” rating and a $27.00 target price on the stock. Finally, Zacks Research upgraded shares of Netskope to a “hold” rating in a research note on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Netskope currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.71.

Netskope 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.