NETGEAR (NASDAQ:NTGR) Raised to “Hold” at Wall Street Zen

NETGEAR (NASDAQ:NTGR) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Sunday, Wall Street Zen reports.

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of NETGEAR in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $36.50.

NETGEAR Price Performance

NASDAQ NTGR opened at $21.31 on Friday. NETGEAR has a 12 month low of $19.00 and a 12 month high of $36.86. The firm has a market capitalization of $579.21 million, a PE ratio of -22.91 and a beta of 1.17. The company’s 50 day simple moving average is $22.77 and its 200 day simple moving average is $23.37.

NETGEAR (NASDAQ:NTGR) last released its earnings results on Thursday, August 6th. The communications equipment provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.15. The firm had revenue of $168.56 million during the quarter, compared to the consensus estimate of $157.80 million. NETGEAR had a negative return on equity of 2.79% and a negative net margin of 3.71%.The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.06 earnings per share. Sell-side analysts anticipate that NETGEAR will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at NETGEAR

In other news, insider Pramod Badjate sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $23.88, for a total transaction of $71,640.00. Following the sale, the insider owned 154,073 shares in the company, valued at $3,679,263.24. The trade was a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On NETGEAR

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its holdings in shares of NETGEAR by 77.8% during the first quarter. Renaissance Technologies LLC now owns 557,462 shares of the communications equipment provider’s stock valued at $12,175,000 after buying an additional 243,843 shares in the last quarter. Concentric Capital Strategies LP purchased a new stake in NETGEAR in the 4th quarter worth about $7,020,000. Anchor Capital Advisors LLC purchased a new stake in NETGEAR in the 4th quarter worth about $2,131,000. Empowered Funds LLC acquired a new stake in NETGEAR during the 2nd quarter worth about $3,637,000. Finally, Hara Capital LLC acquired a new stake in NETGEAR during the 2nd quarter worth about $1,456,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

NETGEAR Company Profile

NETGEAR, Inc (NASDAQ: NTGR) is a global provider of networking solutions for consumer, business and service provider markets. The company designs, develops and markets a comprehensive portfolio of products that enable high-speed connectivity, data storage and network security for homes, small to medium-sized businesses and large enterprises.

Its product lineup includes Wi-Fi routers, mesh networking systems, cable modems, mobile broadband gateways and Ethernet switches—offered in both managed and unmanaged configurations.