Short Interest in NetScout Systems Inc. (NTCT) Increases By 20.1%
NetScout Systems Inc. (NASDAQ:NTCT) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 10,231,306 shares, an increase of 20.1% from the October 14th total of 8,516,378 shares. Based on an average daily volume of 833,540 shares, the days-to-cover ratio is presently 12.3 days. Approximately 11.5% of the shares of the company are short sold.
In other news, insider John Downing sold 1,000 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $27.50, for a total transaction of $27,500.00. Following the completion of the transaction, the insider now owns 109,963 shares in the company, valued at approximately $3,023,982.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael Szabados sold 5,000 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $27.45, for a total value of $137,250.00. Following the transaction, the chief operating officer now owns 44,007 shares of the company’s stock, valued at approximately $1,207,992.15. The disclosure for this sale can be found here. Insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Neuberger Berman Group LLC boosted its stake in NetScout Systems by 9.6% in the third quarter. Neuberger Berman Group LLC now owns 7,895,159 shares of the company’s stock worth $230,933,000 after buying an additional 694,049 shares during the period. Vanguard Group Inc. boosted its stake in NetScout Systems by 8.9% in the second quarter. Vanguard Group Inc. now owns 7,101,500 shares of the company’s stock worth $158,008,000 after buying an additional 578,933 shares during the period. BlackRock Fund Advisors boosted its stake in NetScout Systems by 2.1% in the third quarter. BlackRock Fund Advisors now owns 4,875,263 shares of the company’s stock worth $142,601,000 after buying an additional 99,443 shares during the period. Fisher Asset Management LLC boosted its stake in NetScout Systems by 1.0% in the third quarter. Fisher Asset Management LLC now owns 3,380,380 shares of the company’s stock worth $98,876,000 after buying an additional 32,847 shares during the period. Finally, State Street Corp boosted its stake in NetScout Systems by 6.1% in the first quarter. State Street Corp now owns 3,165,602 shares of the company’s stock worth $72,708,000 after buying an additional 182,648 shares during the period. Hedge funds and other institutional investors own 98.12% of the company’s stock.
Shares of NetScout Systems (NASDAQ:NTCT) opened at 30.90 on Friday. The stock’s 50 day moving average price is $28.86 and its 200-day moving average price is $26.32. NetScout Systems has a 12 month low of $18.77 and a 12 month high of $34.39. The company’s market cap is $2.83 billion.
NetScout Systems (NASDAQ:NTCT) last posted its quarterly earnings results on Thursday, October 27th. The company reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.04. NetScout Systems had a positive return on equity of 5.51% and a negative net margin of 3.38%. The firm earned $272 million during the quarter, compared to analysts’ expectations of $279.72 million. During the same quarter in the previous year, the business earned $0.47 earnings per share. The company’s revenue was up .5% on a year-over-year basis. Equities research analysts expect that NetScout Systems will post $1.88 earnings per share for the current year.
Several research firms have recently weighed in on NTCT. B. Riley reiterated a “buy” rating and set a $34.00 price target on shares of NetScout Systems in a research note on Thursday, October 27th. Zacks Investment Research upgraded NetScout Systems from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Wednesday, September 28th. Finally, Pacific Crest reiterated a “buy” rating on shares of NetScout Systems in a research note on Monday, September 12th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $29.21.
NetScout Systems Company Profile
NetScout Systems, Inc (NetScout) provides operational intelligence and performance analytics for service assurance and cyber security solutions. The Company’s solutions are used in various service provider, enterprise and government networks. Its nGenius and Infinistream technologies, along with certain product lines from the acquired businesses, enable information technology (IT) organizations to manage service delivery quality, and identify and address business service performance issues and security threats.
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