Renaissance Technologies LLC Has $12.18 Million Position in NETGEAR, Inc. $NTGR

Renaissance Technologies LLC boosted its holdings in NETGEAR, Inc. (NASDAQ:NTGR) by 77.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 557,462 shares of the communications equipment provider’s stock after acquiring an additional 243,843 shares during the quarter. Renaissance Technologies LLC owned 2.08% of NETGEAR worth $12,175,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Concentric Capital Strategies LP acquired a new stake in NETGEAR during the fourth quarter valued at approximately $7,020,000. Anchor Capital Advisors LLC acquired a new position in shares of NETGEAR in the 4th quarter worth approximately $2,131,000. OP Asset Management Ltd acquired a new position in shares of NETGEAR in the 1st quarter worth approximately $5,266,000. Leuthold Group LLC lifted its position in shares of NETGEAR by 56.1% during the 4th quarter. Leuthold Group LLC now owns 159,432 shares of the communications equipment provider’s stock worth $3,911,000 after buying an additional 57,266 shares during the period. Finally, Brandes Investment Partners LP lifted its position in shares of NETGEAR by 10.8% during the 4th quarter. Brandes Investment Partners LP now owns 1,855,555 shares of the communications equipment provider’s stock worth $45,517,000 after buying an additional 180,295 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

NETGEAR Stock Up 5.3%

NASDAQ:NTGR opened at $24.16 on Friday. The firm has a market cap of $648.45 million, a PE ratio of -27.45 and a beta of 1.19. NETGEAR, Inc. has a 12 month low of $19.00 and a 12 month high of $36.86. The company’s 50-day moving average price is $23.88 and its two-hundred day moving average price is $23.18.

NETGEAR (NASDAQ:NTGR) last issued its quarterly earnings data on Wednesday, April 29th. The communications equipment provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.14. NETGEAR had a negative net margin of 3.58% and a negative return on equity of 2.71%. The firm had revenue of $158.82 million for the quarter, compared to analysts’ expectations of $152.49 million. During the same period in the prior year, the firm earned $0.02 earnings per share. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, research analysts expect that NETGEAR, Inc. will post -0.5 EPS for the current fiscal year.

Insider Transactions at NETGEAR

In other NETGEAR news, Director Shravan Goli sold 3,381 shares of NETGEAR stock in a transaction on Monday, June 1st. The stock was sold at an average price of $26.89, for a total value of $90,915.09. Following the completion of the transaction, the director owned 25,857 shares in the company, valued at approximately $695,294.73. The trade was a 11.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sarah Butterfass sold 2,704 shares of NETGEAR stock in a transaction on Monday, June 1st. The shares were sold at an average price of $26.90, for a total value of $72,737.60. Following the completion of the transaction, the director owned 38,953 shares of the company’s stock, valued at approximately $1,047,835.70. The trade was a 6.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,085 shares of company stock valued at $242,293 in the last three months. 3.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of NETGEAR in a research note on Wednesday, June 24th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $36.00.

About NETGEAR

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.