NetGear, Inc. (NASDAQ:NTGR) was the target of a large increase in short interest in July. As of July 31st, there was short interest totalling 2,729,500 shares, an increase of 14.2% from the June 30th total of 2,389,800 shares. Based on an average daily volume of 295,800 shares, the days-to-cover ratio is presently 9.2 days. Approximately 9.0% of the shares of the stock are sold short.
In other NetGear news, Director Gregory J. Rossman sold 1,787 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $25.28, for a total value of $45,175.36. Following the sale, the director now owns 38,826 shares in the company, valued at approximately $981,521.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Barbara Vaughn Scherer sold 1,308 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $25.05, for a total transaction of $32,765.40. Following the completion of the sale, the director now owns 19,040 shares in the company, valued at approximately $476,952. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,027 shares of company stock worth $1,898,227. Corporate insiders own 5.60% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System bought a new position in NetGear in the second quarter valued at $307,000. Oregon Public Employees Retirement Fund bought a new position in NetGear in the second quarter valued at $314,000. New York State Teachers Retirement System bought a new position in NetGear in the second quarter valued at $1,908,000. State of Alaska Department of Revenue bought a new position in NetGear in the second quarter valued at $271,000. Finally, NJ State Employees Deferred Compensation Plan bought a new position in NetGear in the second quarter valued at $202,000. Hedge funds and other institutional investors own 99.19% of the company’s stock.
Shares of NetGear stock traded up $0.83 during trading hours on Tuesday, reaching $33.76. The company’s stock had a trading volume of 176,000 shares, compared to its average volume of 374,941. The business’s 50 day simple moving average is $28.98. NetGear has a one year low of $24.63 and a one year high of $75.25. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.57 and a current ratio of 2.45. The stock has a market cap of $1.04 billion, a PE ratio of 19.40 and a beta of 1.72.
NetGear (NASDAQ:NTGR) last posted its earnings results on Wednesday, July 24th. The communications equipment provider reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.14). NetGear had a return on equity of 7.26% and a net margin of 0.91%. The business had revenue of $230.85 million during the quarter, compared to the consensus estimate of $224.35 million. During the same quarter last year, the firm earned $0.29 earnings per share. The business’s quarterly revenue was down 9.6% on a year-over-year basis. Research analysts anticipate that NetGear will post 1.62 earnings per share for the current fiscal year.
Several analysts have commented on the stock. Zacks Investment Research upgraded shares of NetGear from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Tuesday, April 16th. BidaskClub upgraded shares of NetGear from a “strong sell” rating to a “sell” rating in a report on Friday, July 26th. ValuEngine upgraded shares of NetGear from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Guggenheim began coverage on shares of NetGear in a report on Wednesday, June 19th. They issued a “buy” rating and a $40.00 target price on the stock. Finally, Deutsche Bank began coverage on shares of NetGear in a report on Friday, June 28th. They issued a “hold” rating and a $28.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $49.80.
NETGEAR, Inc designs, develops, and markets networking and Internet connected products for consumers, businesses, and service providers. It operates in two segments, Connected Home, and Small and Medium Business. The company offers smart home/connected home/broadband access products, such as broadband modems, WiFi gateways, WiFi hotspots, WiFi routers and home WiFi systems, WiFi range extenders, Powerline adapters and bridges, WiFi network adapters, and digital canvasses; and value added service offerings, including technical support, parental controls, and cybersecurity protection.
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