Netgear Inc. (NASDAQ:NTGR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday.
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. “
Other equities research analysts have also recently issued reports about the company. Rosenblatt Securities restated a “buy” rating and set a $47.50 price objective on shares of Netgear in a research note on Thursday, June 9th. Wunderlich initiated coverage on Netgear in a research note on Wednesday, June 8th. They set a “buy” rating and a $55.00 price objective for the company. BWS Financial upped their price objective on Netgear from $50.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Vetr upgraded Netgear from a “sell” rating to a “buy” rating and set a $59.59 price objective for the company in a research note on Tuesday, September 13th. Finally, Citigroup Inc. cut Netgear to a “neutral” rating and set a $47.50 price objective for the company. in a research note on Tuesday, July 12th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Netgear has a consensus rating of “Hold” and an average price target of $53.84.
Shares of Netgear (NASDAQ:NTGR) opened at 59.54 on Wednesday. The company has a market capitalization of $1.95 billion, a P/E ratio of 28.33 and a beta of 1.84. The firm’s 50 day moving average price is $57.41 and its 200-day moving average price is $47.78. Netgear has a 1-year low of $28.52 and a 1-year high of $60.82.
Netgear (NASDAQ:NTGR) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.12. The firm earned $311.66 million during the quarter, compared to analysts’ expectations of $298.87 million. Netgear had a return on equity of 12.06% and a net margin of 5.25%. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 EPS. Analysts expect that Netgear will post $2.96 EPS for the current year.
In other news, SVP Andrew Wonki Kim sold 665 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $55.48, for a total value of $36,894.20. Following the completion of the transaction, the senior vice president now directly owns 19,835 shares in the company, valued at $1,100,445.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Christine Marie Gorjanc sold 7,329 shares of the firm’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $50.07, for a total value of $366,963.03. Following the completion of the transaction, the chief financial officer now owns 80,404 shares of the company’s stock, valued at $4,025,828.28. The disclosure for this sale can be found here. 5.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in NTGR. PNC Financial Services Group Inc. boosted 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 last quarter. 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 during the last quarter. Acrospire Investment Management LLC purchased a new position in shares of Netgear during the first quarter valued at about $174,000. PineBridge Investments L.P. boosted 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 last quarter. Finally, Amalgamated Bank purchased a new position in shares of Netgear during the second quarter valued at about $208,000. Hedge funds and other 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Netgear Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Netgear Inc. and related companies with MarketBeat.com's FREE daily email newsletter.