Smith Asset Management Group LP bought a new stake in shares of Netgear Inc. (NASDAQ:NTGR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 55,490 shares of the company’s stock, valued at approximately $2,638,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in NTGR. Royal Bank of Canada boosted 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 in the last quarter. Acrospire Investment Management LLC purchased a new position in shares of Netgear during the first quarter valued at $174,000. Boothbay Fund Management LLC purchased a new position in shares of Netgear during the first quarter valued at $212,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Netgear during the first quarter valued at $216,000. Finally, Bayesian Capital Management LP boosted its position in shares of Netgear by 6.6% in the first quarter. Bayesian Capital Management LP now owns 8,123 shares of the company’s stock valued at $328,000 after buying an additional 500 shares in the last quarter. 99.48% of the stock is owned by institutional investors and hedge funds.
Shares of Netgear Inc. (NASDAQ:NTGR) traded down 0.75% during midday trading on Friday, reaching $59.51. The company had a trading volume of 197,988 shares. Netgear Inc. has a 52-week low of $28.52 and a 52-week high of $60.82. The firm has a market cap of $1.95 billion, a P/E ratio of 28.31 and a beta of 1.84. The company’s 50-day moving average is $56.77 and its 200-day moving average is $47.22.
Netgear (NASDAQ:NTGR) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.12. Netgear had a return on equity of 12.06% and a net margin of 5.25%. The firm earned $311.66 million during the quarter, compared to the consensus estimate of $298.87 million. During the same quarter in the previous year, the company posted $0.29 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities research analysts expect that Netgear Inc. will post $2.95 EPS for the current fiscal year.
Several research analysts recently weighed in on the company. Vetr raised Netgear from a “hold” rating to a “buy” rating and set a $61.09 target price for the company in a research note on Wednesday. Zacks Investment Research cut Netgear from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Rosenblatt Securities cut Netgear from a “buy” rating to a “neutral” rating and set a $47.50 target price for the company. in a research note on Tuesday, July 12th. Wunderlich assumed coverage on Netgear in a research note on Wednesday, June 8th. They set a “buy” rating and a $55.00 target price for the company. Finally, BWS Financial raised their target price on Netgear from $50.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $52.34.
In other news, CEO Patrick Cs Lo sold 8,300 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 147,497 shares in the company, valued at $6,944,158.76. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jef Graham sold 8,333 shares of the business’s stock in a transaction on Monday, June 27th. The stock was sold at an average price of $45.12, for a total value of $375,984.96. Following the sale, the director now owns 4,394 shares of the company’s stock, valued at approximately $198,257.28. The disclosure for this sale can be found here. 5.40% of the stock is owned by company insiders.
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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