NetScout Systems Inc. (NASDAQ:NTCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $33.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 13.36% from the stock’s current price.
According to Zacks, “NetScout Systems designs, develops, manufactures, markets and supports a family of integrated products that enable optimization of the performance and cost management of complex, high-speed networks, including their ability to deliver critical business applications and content to end-users efficiently. They manufacture and market these products in an integrated hardware and software solution suite that is used by enterprise and service provider businesses worldwide. “
A number of other equities analysts have also issued reports on NTCT. Pacific Crest started coverage on shares of NetScout Systems in a research report on Thursday, July 28th. They set an “overweight” rating and a $31.00 target price on the stock. B. Riley reiterated a “buy” rating and set a $34.00 target price on shares of NetScout Systems in a research report on Friday, July 29th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $31.63.
NetScout Systems (NASDAQ:NTCT) opened at 29.11 on Wednesday. The firm’s market cap is $2.68 billion. The company has a 50-day moving average of $29.01 and a 200-day moving average of $24.86. NetScout Systems has a 1-year low of $18.77 and a 1-year high of $40.28.
NetScout Systems (NASDAQ:NTCT) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.28 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.03. The firm had revenue of $269 million for the quarter, compared to analyst estimates of $273.47 million. NetScout Systems had a negative net margin of 4.01% and a positive return on equity of 5.80%. The company’s revenue for the quarter was up 167.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 earnings per share. Analysts predict that NetScout Systems will post $1.93 earnings per share for the current year.
In related news, COO Michael Szabados sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $27.64, for a total transaction of $138,200.00. Following the completion of the sale, the chief operating officer now directly owns 35,526 shares of the company’s stock, valued at $981,938.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Downing sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $27.48, for a total transaction of $27,480.00. Following the sale, the executive vice president now directly owns 100,989 shares of the company’s stock, valued at $2,775,177.72. The disclosure for this sale can be found here. Corporate insiders own 3.30% of the company’s stock.
Large investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of NetScout Systems during the fourth quarter valued at approximately $58,017,000. Virginia Retirement System purchased a new stake in shares of NetScout Systems during the first quarter valued at approximately $264,000. Ramsey Quantitative Systems increased its stake in shares of NetScout Systems by 5.5% in the first quarter. Ramsey Quantitative Systems now owns 17,581 shares of the company’s stock valued at $404,000 after buying an additional 912 shares during the last quarter. Teachers Advisors Inc. increased its stake in shares of NetScout Systems by 9.9% in the first quarter. Teachers Advisors Inc. now owns 537,607 shares of the company’s stock valued at $12,349,000 after buying an additional 48,400 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of NetScout Systems by 3.1% in the first quarter. Prudential Financial Inc. now owns 66,586 shares of the company’s stock valued at $1,530,000 after buying an additional 2,000 shares during the last quarter. 98.12% of the stock is owned by institutional investors and hedge funds.
About NetScout Systems
NetScout Systems, Inc is a provider of network, application and service assurance solutions. The Company provides performance analytics that help enterprise, government and service provider customers manage service delivery and identify emerging performance problems. The Company designs, develops, manufactures, markets, licenses, sells and supports the products in hardware and software solutions that are used by commercial enterprises, governmental agencies and telecommunication service providers.
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