NetGear (NASDAQ:NTGR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, December 22nd.
According to Zacks, “NETGEAR, Inc. is a global networking company that delivers innovative products to consumers, businesses and service providers. For consumers, the company makes high performance, dependable and easy to use home networking, storage and digital media products to connect people with the Internet and their content and devices. For businesses, NETGEAR provides networking, storage and security solutions without the cost and complexity of big IT. The company also supplies top service providers with retail-proven, mobile broadband solutions for their customers on the go. NETGEAR products are built on a variety of proven technologies such as wireless, Ethernet and Powerline, with a focus on reliability and ease-of-use. “
A number of other equities analysts also recently commented on the company. Raymond James Financial upgraded NetGear from a “market perform” rating to an “outperform” rating and set a $62.00 price objective on the stock in a report on Monday, December 18th. BidaskClub upgraded NetGear from a “hold” rating to a “buy” rating in a report on Thursday, December 14th. Finally, BWS Financial upgraded NetGear from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $65.20.
NetGear (NTGR) traded up $1.95 during mid-day trading on Friday, reaching $65.40. 526,493 shares of the company’s stock were exchanged, compared to its average volume of 505,017. NetGear has a 52 week low of $41.50 and a 52 week high of $65.55. The stock has a market capitalization of $2,060.00, a price-to-earnings ratio of 29.73 and a beta of 1.53.
NetGear (NASDAQ:NTGR) last issued its earnings results on Wednesday, October 25th. The communications equipment provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. NetGear had a return on equity of 10.57% and a net margin of 5.33%. The company had revenue of $355.48 million for the quarter, compared to the consensus estimate of $349.36 million. During the same quarter in the prior year, the company earned $0.76 EPS. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. analysts anticipate that NetGear will post 2.24 earnings per share for the current fiscal year.
In other news, insider Mark G. Merrill sold 3,000 shares of the stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $50.70, for a total value of $152,100.00. Following the completion of the sale, the insider now directly owns 32,534 shares of the company’s stock, valued at $1,649,473.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Patrick Cs Lo sold 19,799 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $45.35, for a total value of $897,884.65. Following the completion of the sale, the chairman now directly owns 183,001 shares of the company’s stock, valued at $8,299,095.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 82,300 shares of company stock worth $4,220,161. Corporate insiders own 6.20% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. lifted its position in NetGear by 17.7% in the second quarter. Victory Capital Management Inc. now owns 3,206 shares of the communications equipment provider’s stock worth $138,000 after purchasing an additional 482 shares during the period. Amalgamated Bank bought a new position in NetGear in the third quarter worth $207,000. M&T Bank Corp lifted its position in NetGear by 31.5% in the second quarter. M&T Bank Corp now owns 5,428 shares of the communications equipment provider’s stock worth $234,000 after purchasing an additional 1,300 shares during the period. K.J. Harrison & Partners Inc bought a new position in NetGear in the third quarter worth $286,000. Finally, Crossmark Global Holdings Inc. acquired a new position in NetGear during the third quarter worth $301,000. 97.52% of the stock is owned by hedge funds and other institutional investors.
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NETGEAR, Inc designs, develops and markets networking solutions and smart connected products for consumers, businesses and service providers. The Company’s product line consists of devices, such as network attached storage, Internet protocol (IP) security cameras, and home automation devices and services.
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