Netgear Inc. (NTGR) Upgraded by Vetr Inc. to Buy
Vetr upgraded shares of Netgear Inc. (NASDAQ:NTGR) from a hold rating to a buy rating in a research report released on Wednesday morning. The firm currently has $61.09 target price on the stock.
Several other equities research analysts have also recently issued reports on NTGR. Wunderlich started coverage on shares of Netgear in a research report on Wednesday, June 8th. They issued a buy rating and a $55.00 target price on the stock. Rosenblatt Securities reissued a buy rating and issued a $47.50 target price on shares of Netgear in a research report on Thursday, June 9th. Zacks Investment Research cut shares of Netgear from a strong-buy rating to a hold rating in a research report on Wednesday, June 29th. Citigroup Inc. cut shares of Netgear to a neutral rating and set a $47.50 target price on the stock. in a research report on Tuesday, July 12th. They noted that the move was a valuation call. Finally, BWS Financial raised their target price on shares of Netgear from $50.00 to $64.00 and gave the stock a buy rating in a research report on Thursday, July 28th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $52.34.
Netgear (NASDAQ:NTGR) opened at 59.50 on Wednesday. The stock has a 50 day moving average of $56.34 and a 200 day moving average of $46.99. Netgear has a one year low of $28.52 and a one year high of $59.75. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of 28.31 and a beta of 1.84.
Netgear (NASDAQ:NTGR) last released its earnings results on Wednesday, July 27th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.12. Netgear had a net margin of 5.25% and a return on equity of 12.06%. The business had revenue of $311.66 million for the quarter, compared to analysts’ expectations of $298.87 million. During the same period last year, the company earned $0.29 earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. Analysts forecast that Netgear will post $2.95 earnings per share for the current year.
In other news, SVP Tamesa Rogers sold 650 shares of the business’s stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $46.29, for a total transaction of $30,088.50. Following the transaction, the senior vice president now directly owns 13,901 shares of the company’s stock, valued at $643,477.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jef Graham sold 8,333 shares of the business’s stock in a transaction on Monday, June 27th. The stock was sold at an average price of $45.12, for a total transaction of $375,984.96. Following the transaction, the director now directly owns 4,394 shares in the company, valued at $198,257.28. The disclosure for this sale can be found here. Company insiders own 5.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of NTGR. PNC Financial Services Group Inc. boosted its position in 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 boosted its position in 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. Acrospire Investment Management LLC purchased a new position in Netgear during the first quarter worth approximately $174,000. PineBridge Investments L.P. boosted its position in 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, Amalgamated Bank purchased a new position in Netgear during the second quarter worth approximately $208,000. 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.
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