NETSKOPE INC

Netskope Inc (NTSK), the cloud-security and secure-access service edge (SASE) platform still building out its institutional shareholder base from its late-stage venture origins, now has 164 holders across roughly $1.2 billion in institutional value — a population that reflects the transitional moment a software company occupies between its venture backers and its public-market anchor holders. The most prominent name in the file is ICONIQ Capital, which holds 66.3 million shares — nearly 47% of the entire institutional book — unchanged in share count from the prior quarter, a pattern that signals lockup-driven vesting rather than a trading decision; ICONIQ's mark-to-market value has roughly halved from year-end as the stock declined, but the mechanical hold means the fund is not a seller, merely a patient holder waiting for unrestricted liquidity windows. Against that immovable anchor, new names established first positions during the quarter: SCGE Management and Sapphire Ventures — both venture/early-stage specialists — opened new $93 million and $48 million positions respectively, consistent with secondary-market or transfer-restricted share purchases tied to the company's pre-IPO funding history. At the institutional-adoption layer, Millennium opened a new $23.3 million position (a massive scratch-ticket-sized bet from a quant fund), Jump Financial put $13 million to work, and Morgan Stanley, Clearbridge, JPMorgan, and State Street all established or meaningfully increased their stakes. Vanguard's dual-entry (Portfolio Management $24.3M and Capital Management $21.3M) signals index-inclusion eligibility and suggests the name may have crossed the float-and-liquidity threshold for at least one broad-market index during Q1 2026. The exits — Franklin Resources, New York Life, Goldman Sachs — reflect older positions being reduced or closed in favor of the new systematic and venture-adjacent cohort.