Vetr upgraded shares of Netgear Inc. (NASDAQ:NTGR) from a hold rating to a buy rating in a report published on Tuesday. The brokerage currently has $60.73 price objective on the stock.
Several other brokerages have also issued reports on NTGR. Citigroup Inc. lowered Netgear to a neutral rating and set a $47.50 target price for the company. in a research report on Tuesday, July 12th. They noted that the move was a valuation call. Wunderlich started coverage on Netgear in a report on Wednesday, June 8th. They issued a buy rating and a $55.00 price target for the company. BWS Financial lowered Netgear from a buy rating to a hold rating and lowered their price target for the company from $64.00 to $60.00 in a report on Monday. Rosenblatt Securities lowered Netgear from a buy rating to a neutral rating and set a $47.50 price target for the company. in a report on Tuesday, July 12th. Finally, Zacks Investment Research lowered Netgear from a strong-buy rating to a hold rating in a report on Wednesday, June 29th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $53.36.
Netgear (NASDAQ:NTGR) opened at 54.94 on Tuesday. Netgear has a 52-week low of $30.95 and a 52-week high of $60.82. The firm’s 50-day moving average price is $57.65 and its 200-day moving average price is $48.29. The company has a market cap of $1.80 billion, a price-to-earnings ratio of 26.14 and a beta of 1.92.
Netgear (NASDAQ:NTGR) last announced its earnings results 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 business earned $311.66 million during the quarter, compared to analyst estimates of $298.87 million. During the same quarter in the previous year, the business earned $0.29 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities analysts anticipate that Netgear will post $2.96 EPS for the current year.
In other news, SVP Michael F. Falcon sold 1,042 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $59.63, for a total transaction of $62,134.46. Following the transaction, the senior vice president now directly owns 35,870 shares of the company’s stock, valued at $2,138,928.10. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Christine Marie Gorjanc sold 7,329 shares of the company’s stock in a transaction on Monday, July 18th. The stock was sold at an average price of $50.07, for a total value of $366,963.03. Following the transaction, the chief financial officer now directly owns 80,404 shares in the company, valued at $4,025,828.28. The disclosure for this sale can be found here. 5.40% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. increased 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 worth $133,000 after buying an additional 2,525 shares during the last quarter. Royal Bank of Canada increased 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 worth $141,000 after buying an additional 882 shares during the last quarter. Amalgamated Bank acquired a new position in shares of Netgear during the second quarter worth about $208,000. PineBridge Investments L.P. increased 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 worth $197,000 after buying an additional 169 shares during the last quarter. Finally, Acrospire Investment Management LLC acquired a new position in shares of Netgear during the first quarter worth about $174,000. 99.48% of the stock is currently owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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