Netskope Q3 Results Show Durable Growth, Upside Potential, RBC Says

MT Newswires Live12-13

Netskope's (NTSK) strong fiscal Q3 results as a public company point to durable growth and potential for upward estimate revisions, RBC Capital Markets said.

The brokerage said in a Thursday note that the cloud security platform is well positioned to capitalize on trends around Secure Access Service Edge and emerging AI security opportunities.

RBC said the broad-based strength across geographies and verticals, coupled with improving go-to-market execution and continued hiring, underpinned the solid performance. The company reported annual recurring revenue of $754 million, up 34% year-over-year, and revenue of $184 million, up 33%, both above analyst expectations.

The investment firm highlighted that Netskope's first results as a public company reflect accelerating ARR growth for the third consecutive quarter, while revenue accelerated for the second consecutive quarter.

The brokerage sees upside potential given the conservative guidance and continued ramping of sales representatives.

RBC maintained its outperform rating and raised its price target to $27 from $26.

Shares of Netskope were down nearly 12% in recent Friday trading.

Price: 20.77, Change: -2.73, Percent Change: -11.62

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