Netgear Inc. (NTGR) Downgraded by Zacks Investment Research to “Hold”
According to Zacks, “Netgear Inc designs technologically advanced, branded networking products that address the specific needs of small business and home users. The company’s suite of products enables users to share Internet access, peripherals, files, digital multimedia content and applications among multiple personal computers and other Internet-enabled devices. “
NTGR has been the topic of a number of other reports. Vetr upgraded shares of Netgear from a hold rating to a buy rating and set a $61.09 price target on the stock in a report on Wednesday, September 21st. Wunderlich upped their price target on shares of Netgear from $58.00 to $66.00 and gave the stock a buy rating in a report on Thursday, September 8th. Rosenblatt Securities cut shares of Netgear from a buy rating to a neutral rating and set a $47.50 price target on the stock. in a report on Tuesday, July 12th. Citigroup Inc. cut shares of Netgear to a neutral rating and set a $47.50 price target on the stock. in a report on Tuesday, July 12th. They noted that the move was a valuation call. Finally, BWS Financial upped their price objective on shares of Netgear from $50.00 to $64.00 and gave the stock a buy rating in a research note on Thursday, July 28th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $53.84.
Netgear (NASDAQ:NTGR) traded down 0.42% on Wednesday, reaching $59.59. 32,450 shares of the company traded hands. The company has a market capitalization of $1.95 billion, a PE ratio of 28.35 and a beta of 1.84. Netgear has a one year low of $28.52 and a one year high of $60.82. The stock’s 50 day moving average price is $57.26 and its 200 day moving average price is $47.69.
Netgear (NASDAQ:NTGR) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.12. The firm had revenue of $311.66 million for the quarter, compared to analysts’ expectations of $298.87 million. Netgear had a net margin of 5.25% and a return on equity of 12.06%. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 earnings per share. On average, equities research analysts predict that Netgear will post $2.95 EPS for the current fiscal year.
In related news, CFO Christine Marie Gorjanc sold 7,329 shares of the stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $50.07, for a total value of $366,963.03. Following the transaction, the chief financial officer now owns 80,404 shares in the company, valued at approximately $4,025,828.28. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Patrick Cs Lo sold 8,300 shares of the stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $47.08, for a total transaction of $390,764.00. Following the completion of the transaction, the chief executive officer now owns 147,497 shares in the company, valued at approximately $6,944,158.76. The disclosure for this sale can be found here. 5.40% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. increased its position in shares of Netgear by 949.2% in the second quarter. PNC Financial Services Group Inc. now owns 2,791 shares of the company’s stock valued at $133,000 after buying an additional 2,525 shares during the period. Royal Bank of Canada increased its position in shares of Netgear by 33.6% in the first quarter. Royal Bank of Canada now owns 3,505 shares of the company’s stock valued at $141,000 after buying an additional 882 shares during the period. Acrospire Investment Management LLC acquired a new position in shares of Netgear during the first quarter valued at $174,000. PineBridge Investments L.P. increased its position in shares of Netgear by 4.3% in the second quarter. PineBridge Investments L.P. now owns 4,130 shares of the company’s stock valued at $197,000 after buying an additional 169 shares during the period. Finally, Amalgamated Bank acquired a new position in shares of Netgear during the second quarter valued at $208,000. Institutional investors own 99.48% of the company’s stock.
Netgear Company Profile
NETGEAR, Inc is a global networking company. The Company’s product line consists of devices, such as network attached storage, Internet protocol security cameras, and home automation devices and services. Its segments include retail, commercial and service provider. The retail business unit consists of home networking, home video security, storage and digital media products.
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