Credit Suisse AG raised its position in NETGEAR, Inc. (NASDAQ:NTGR) by 44.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 86,000 shares of the communications equipment provider’s stock after buying an additional 26,287 shares during the period. Credit Suisse AG owned approximately 0.26% of NETGEAR worth $4,261,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of NTGR. BlackRock Inc. boosted its stake in shares of NETGEAR by 38,710.4% in the first quarter. BlackRock Inc. now owns 4,184,534 shares of the communications equipment provider’s stock worth $207,344,000 after buying an additional 4,173,752 shares in the last quarter. Norges Bank acquired a new stake in shares of NETGEAR during the fourth quarter worth $30,149,000. Bank of New York Mellon Corp boosted its stake in shares of NETGEAR by 54.8% in the first quarter. Bank of New York Mellon Corp now owns 1,291,319 shares of the communications equipment provider’s stock worth $63,985,000 after buying an additional 456,929 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of NETGEAR by 28.3% in the first quarter. Renaissance Technologies LLC now owns 918,576 shares of the communications equipment provider’s stock worth $45,515,000 after buying an additional 202,776 shares in the last quarter. Finally, Teachers Advisors LLC boosted its stake in shares of NETGEAR by 261.3% in the first quarter. Teachers Advisors LLC now owns 274,021 shares of the communications equipment provider’s stock worth $13,578,000 after buying an additional 198,169 shares in the last quarter. Hedge funds and other institutional investors own 99.52% of the company’s stock.
Shares of NETGEAR, Inc. (NASDAQ:NTGR) opened at 46.10 on Friday. The stock has a 50 day moving average of $45.15 and a 200 day moving average of $48.64. The firm has a market cap of $1.46 billion, a PE ratio of 21.16 and a beta of 1.55. NETGEAR, Inc. has a 1-year low of $41.50 and a 1-year high of $60.82.
NETGEAR (NASDAQ:NTGR) last released its quarterly earnings results on Wednesday, July 26th. The communications equipment provider reported $0.60 EPS for the quarter, topping the consensus estimate of $0.54 by $0.06. The business had revenue of $330.72 million during the quarter, compared to analyst estimates of $324.64 million. NETGEAR had a net margin of 5.42% and a return on equity of 10.67%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 earnings per share. Equities research analysts anticipate that NETGEAR, Inc. will post $2.74 earnings per share for the current fiscal year.
NETGEAR announced that its board has authorized a stock repurchase program on Wednesday, April 26th that authorizes the company to repurchase 3,000,000 shares. This repurchase authorization authorizes the communications equipment provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
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NTGR has been the subject of a number of recent research reports. Zacks Investment Research cut shares of NETGEAR from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 3rd. Global Equities Research restated a “buy” rating and issued a $85.00 target price on shares of NETGEAR in a research note on Tuesday, June 13th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $62.48.
In related news, insider Mark G. Merrill sold 3,000 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $45.00, for a total value of $135,000.00. Following the completion of the sale, the insider now owns 23,944 shares of the company’s stock, valued at $1,077,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tamesa Rogers sold 1,500 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $47.35, for a total transaction of $71,025.00. Following the completion of the sale, the senior vice president now directly owns 22,703 shares of the company’s stock, valued at approximately $1,074,987.05. The disclosure for this sale can be found here. Insiders have sold 64,478 shares of company stock valued at $2,937,898 in the last 90 days. Insiders own 6.20% of the company’s stock.
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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