CenterBook Partners LP Sells 61,720 Shares of NETGEAR, Inc. $NTGR

CenterBook Partners LP lowered its holdings in NETGEAR, Inc. (NASDAQ:NTGR) by 52.4% during the third quarter, Holdings Channel reports. The fund owned 55,966 shares of the communications equipment provider’s stock after selling 61,720 shares during the quarter. CenterBook Partners LP’s holdings in NETGEAR were worth $1,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in NETGEAR during the second quarter valued at $82,799,000. Renaissance Technologies LLC grew its position in NETGEAR by 77.8% during the 1st quarter. Renaissance Technologies LLC now owns 557,462 shares of the communications equipment provider’s stock worth $12,175,000 after purchasing an additional 243,843 shares during the period. Wellington Management Group LLP grew its position in NETGEAR by 75.0% during the 2nd quarter. Wellington Management Group LLP now owns 428,011 shares of the communications equipment provider’s stock worth $9,994,000 after purchasing an additional 183,495 shares during the period. Manatuck Hill Partners LLC purchased a new position in shares of NETGEAR during the 2nd quarter valued at about $3,736,000. Finally, Bank of America Corp DE purchased a new position in shares of NETGEAR during the 2nd quarter valued at about $3,719,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NTGR. Stifel Nicolaus decreased their price objective on NETGEAR from $36.00 to $30.00 and set a “buy” rating for the company in a report on Monday, October 5th. Wall Street Zen raised NETGEAR from a “sell” rating to a “hold” rating in a report on Sunday, September 6th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of NETGEAR in a research report on Monday, September 21st. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, NETGEAR has a consensus rating of “Hold” and a consensus target price of $30.00.

NETGEAR Trading Up 6.6%

Shares of NASDAQ NTGR opened at $20.12 on Tuesday. The company’s 50-day simple moving average is $22.14 and its 200-day simple moving average is $22.91. NETGEAR, Inc. has a 52-week low of $18.63 and a 52-week high of $30.46.

NETGEAR (NASDAQ:NTGR) last released its earnings results on Wednesday, November 4th. The communications equipment provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.18. NETGEAR had a negative net margin of 4.91% and a negative return on equity of 3.33%. The business had revenue of $167.35 million during the quarter, compared to analysts’ expectations of $170.00 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. The company’s quarterly revenue was down 9.3% on a year-over-year basis. Equities analysts expect that NETGEAR, Inc. will post -0.57 EPS for the current fiscal year.

About NETGEAR

NETGEAR, Inc develops and sells networking products and connected technology for consumers, small and medium-sized businesses, and service providers. Its portfolio includes wireless routers, mesh Wi-Fi systems, cable and 5G modems, Wi-Fi extenders, network switches, wireless access points, and related connectivity products.

The company markets consumer products under brands such as Nighthawk and Orbi, while its business-oriented offerings include managed networking, switching, wireless access points, and cloud-based network management through the NETGEAR Insight platform.