A number of other research analysts have also commented on the company. Zacks Investment Research lowered NetScout Systems from a buy rating to a sell rating in a research report on Thursday, November 2nd. Craig Hallum decreased their price objective on NetScout Systems from $30.00 to $28.00 and set a hold rating on the stock in a research report on Thursday, October 26th. B. Riley reiterated a buy rating and issued a $36.00 price objective on shares of NetScout Systems in a research report on Friday, October 27th. Royal Bank of Canada reiterated a hold rating and issued a $33.00 price objective on shares of NetScout Systems in a research report on Friday, October 27th. Finally, BidaskClub upgraded NetScout Systems from a sell rating to a hold rating in a research report on Wednesday, December 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The company has an average rating of Hold and an average price target of $29.67.
NetScout Systems (NASDAQ:NTCT) traded up $1.60 during midday trading on Thursday, reaching $27.55. The company had a trading volume of 3,564,900 shares, compared to its average volume of 2,007,978. The company has a market cap of $2,400.73, a price-to-earnings ratio of 162.07, a PEG ratio of 1.86 and a beta of 1.60. NetScout Systems has a 1-year low of $25.75 and a 1-year high of $38.47. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.51 and a current ratio of 1.60.
NetScout Systems declared that its board has authorized a share buyback plan on Thursday, October 26th that authorizes the company to repurchase 25,000,000 outstanding shares. This repurchase authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Michael Szabados sold 5,000 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $28.19, for a total value of $140,950.00. Following the transaction, the insider now owns 43,424 shares of the company’s stock, valued at approximately $1,224,122.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John Downing sold 3,000 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $28.17, for a total value of $84,510.00. Following the completion of the transaction, the executive vice president now directly owns 88,821 shares in the company, valued at approximately $2,502,087.57. The disclosure for this sale can be found here. Corporate insiders own 3.51% of the company’s stock.
Several hedge funds have recently bought and sold shares of NTCT. Russell Investments Group Ltd. acquired a new position in shares of NetScout Systems in the 2nd quarter valued at $628,000. Schwab Charles Investment Management Inc. lifted its stake in shares of NetScout Systems by 8.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 463,797 shares of the technology company’s stock valued at $15,955,000 after purchasing an additional 35,417 shares during the period. Legal & General Group Plc lifted its stake in shares of NetScout Systems by 25.4% in the 2nd quarter. Legal & General Group Plc now owns 77,085 shares of the technology company’s stock valued at $2,656,000 after purchasing an additional 15,608 shares during the period. Prudential Financial Inc. lifted its stake in shares of NetScout Systems by 53.1% in the 2nd quarter. Prudential Financial Inc. now owns 93,036 shares of the technology company’s stock valued at $3,201,000 after purchasing an additional 32,270 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of NetScout Systems by 5.3% in the 2nd quarter. Principal Financial Group Inc. now owns 390,283 shares of the technology company’s stock valued at $13,425,000 after purchasing an additional 19,775 shares during the period.
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About NetScout Systems
NetScout Systems, Inc (NetScout) provides operational intelligence and performance analytics for service assurance and cyber security solutions. The Company’s solutions are used in various service provider, enterprise and government networks. Its nGenius and Infinistream technologies, along with certain product lines from the acquired businesses, enable information technology (IT) organizations to manage service delivery quality, and identify and address business service performance issues and security threats.
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