Gagnon Securities LLC boosted its position in shares of NETGEAR, Inc. (NASDAQ:NTGR) by 56.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,366 shares of the communications equipment provider’s stock after buying an additional 13,486 shares during the period. Gagnon Securities LLC owned about 0.12% of NETGEAR worth $1,610,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Guggenheim Capital LLC raised its position in NETGEAR by 40.3% in the fourth quarter. Guggenheim Capital LLC now owns 19,936 shares of the communications equipment provider’s stock worth $1,083,000 after buying an additional 5,725 shares during the period. Thrivent Financial for Lutherans raised its position in NETGEAR by 6.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 17,780 shares of the communications equipment provider’s stock worth $966,000 after buying an additional 1,140 shares during the period. Norges Bank purchased a new position in NETGEAR during the fourth quarter worth approximately $30,149,000. Macquarie Group Ltd. raised its position in NETGEAR by 7.5% in the fourth quarter. Macquarie Group Ltd. now owns 380,782 shares of the communications equipment provider’s stock worth $20,696,000 after buying an additional 26,422 shares during the period. Finally, Foundry Partners LLC raised its position in NETGEAR by 16.8% in the first quarter. Foundry Partners LLC now owns 63,785 shares of the communications equipment provider’s stock worth $3,161,000 after buying an additional 9,176 shares during the period. Hedge funds and other institutional investors own 98.84% of the company’s stock.
Shares of NETGEAR, Inc. (NASDAQ:NTGR) traded up 0.23% during trading on Friday, hitting $44.10. 282,859 shares of the stock were exchanged. NETGEAR, Inc. has a 52 week low of $41.50 and a 52 week high of $60.82. The firm has a market capitalization of $1.43 billion, a P/E ratio of 19.88 and a beta of 1.53. The firm has a 50 day moving average price of $43.96 and a 200 day moving average price of $49.58.
NETGEAR (NASDAQ:NTGR) last announced its quarterly earnings results on Wednesday, April 26th. The communications equipment provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.03. The company had revenue of $323.70 million for the quarter, compared to analyst estimates of $309.48 million. NETGEAR had a net margin of 5.61% and a return on equity of 11.30%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.74 EPS. Analysts forecast that NETGEAR, Inc. will post $2.61 EPS for the current fiscal year.
NETGEAR announced that its board has approved a stock repurchase program on Wednesday, April 26th that allows the company to buyback 3,000,000 outstanding shares. This buyback authorization allows the communications equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have commented on NTGR shares. Off Wall Street restated a “sell” rating and issued a $36.00 price target on shares of NETGEAR in a research report on Monday, March 27th. Zacks Investment Research upgraded shares of NETGEAR from a “sell” rating to a “hold” rating in a research report on Wednesday, April 12th. Finally, Global Equities Research restated a “buy” rating and issued a $85.00 price target on shares of NETGEAR in a research report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. NETGEAR presently has an average rating of “Buy” and a consensus price target of $62.48.
In related news, Director Jef Graham sold 4,394 shares of NETGEAR stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $44.38, for a total transaction of $195,005.72. Following the sale, the director now directly owns 4,683 shares of the company’s stock, valued at approximately $207,831.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Barbara Vaughn Scherer sold 2,394 shares of NETGEAR stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $44.40, for a total transaction of $106,293.60. Following the sale, the director now directly owns 16,825 shares in the company, valued at $747,030. The disclosure for this sale can be found here. Insiders have sold a total of 45,590 shares of company stock worth $2,037,531 over the last ninety days. 6.20% of the stock is currently owned by insiders.
NETGEAR Company Profile
NETGEAR, Inc designs, develops and markets networking solutions and smart connected products for consumers, businesses and service providers. The Company’s product line consists of devices, such as network attached storage, Internet protocol (IP) security cameras, and home automation devices and services.
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