Alliancebernstein L.P. Buys 311,735 Shares of NETGEAR, Inc. (NTGR)
Alliancebernstein L.P. increased its stake in shares of NETGEAR, Inc. (NASDAQ:NTGR) by 28.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,417,760 shares of the communications equipment provider’s stock after buying an additional 311,735 shares during the quarter. Alliancebernstein L.P. owned 4.38% of NETGEAR worth $61,105,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its holdings in NETGEAR by 17.1% during the first quarter. Envestnet Asset Management Inc. now owns 2,080 shares of the communications equipment provider’s stock worth $103,000 after buying an additional 304 shares in the last quarter. Victory Capital Management Inc. grew its holdings in NETGEAR by 42.8% during the first quarter. Victory Capital Management Inc. now owns 2,724 shares of the communications equipment provider’s stock worth $135,000 after buying an additional 817 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in NETGEAR during the first quarter worth $139,000. US Bancorp DE grew its holdings in NETGEAR by 9.2% during the first quarter. US Bancorp DE now owns 3,243 shares of the communications equipment provider’s stock worth $161,000 after buying an additional 272 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. grew its holdings in NETGEAR by 364.8% during the first quarter. Cornerstone Capital Management Holdings LLC. now owns 3,500 shares of the communications equipment provider’s stock worth $173,000 after buying an additional 2,747 shares in the last quarter. Institutional investors and hedge funds own 98.85% of the company’s stock.
NETGEAR, Inc. (NASDAQ:NTGR) opened at 46.67 on Friday. The firm has a 50-day moving average price of $47.16 and a 200-day moving average price of $47.15. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 21.42 and a beta of 1.54. NETGEAR, Inc. has a 52 week low of $41.50 and a 52 week high of $60.82.
NETGEAR (NASDAQ:NTGR) last announced its quarterly earnings data on Wednesday, July 26th. The communications equipment provider reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.06. NETGEAR had a return on equity of 10.67% and a net margin of 5.42%. The business had revenue of $330.72 million for the quarter, compared to the consensus estimate of $324.64 million. During the same period in the previous year, the business earned $0.72 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. Analysts anticipate that NETGEAR, Inc. will post $2.74 EPS for the current fiscal year.
In related news, SVP Michael A. Werdann sold 8,153 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $43.01, for a total value of $350,660.53. Following the sale, the senior vice president now directly owns 30,092 shares in the company, valued at $1,294,256.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Patrick Cs Lo sold 5,900 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $43.39, for a total value of $256,001.00. Following the completion of the sale, the chairman now owns 179,125 shares in the company, valued at $7,772,233.75. The disclosure for this sale can be found here. Insiders sold 63,128 shares of company stock worth $2,925,966 over the last 90 days. Company insiders own 6.20% of the company’s stock.
Several research firms have weighed in on NTGR. Zacks Investment Research cut NETGEAR from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Global Equities Research reaffirmed a “buy” rating and set a $85.00 price target on shares of NETGEAR in a research report on Tuesday, June 13th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. NETGEAR presently has a consensus rating of “Hold” and an average target price of $61.97.
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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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