Great Lakes Advisors LLC purchased a new position in shares of NETGEAR, Inc. (NASDAQ:NTGR – Free Report) in the 2nd quarter, Holdings Channel reports. The fund purchased 28,858 shares of the communications equipment provider’s stock, valued at approximately $674,000.
A number of other large investors have also modified their holdings of the company. Comerica Bank lifted its position in NETGEAR by 64.8% in the 3rd quarter. Comerica Bank now owns 1,091 shares of the communications equipment provider’s stock valued at $35,000 after purchasing an additional 429 shares during the last quarter. Cetera Investment Advisers boosted its stake in NETGEAR by 6.4% during the 1st quarter. Cetera Investment Advisers now owns 11,996 shares of the communications equipment provider’s stock valued at $262,000 after purchasing an additional 725 shares during the period. Tower Research Capital LLC TRC grew its position in NETGEAR by 35.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,475 shares of the communications equipment provider’s stock worth $101,000 after purchasing an additional 904 shares during the last quarter. Johnson Financial Group Inc. bought a new position in NETGEAR in the 4th quarter worth about $25,000. Finally, Rhumbline Advisers increased its stake in shares of NETGEAR by 2.3% in the second quarter. Rhumbline Advisers now owns 51,678 shares of the communications equipment provider’s stock valued at $1,502,000 after purchasing an additional 1,140 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.
Insider Activity at NETGEAR
In related news, Director Sarah Butterfass sold 2,704 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $26.90, for a total value of $72,737.60. Following the completion of the transaction, the director owned 38,953 shares in the company, valued at $1,047,835.70. This represents a 6.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pramod Badjate sold 3,000 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $23.88, for a total transaction of $71,640.00. Following the transaction, the insider directly owned 154,073 shares in the company, valued at approximately $3,679,263.24. The trade was a 1.91% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 12,085 shares of company stock worth $313,933. 3.10% of the stock is currently owned by corporate insiders.
NETGEAR Stock Performance
NETGEAR (NASDAQ:NTGR – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The communications equipment provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.15. NETGEAR had a negative return on equity of 2.79% and a negative net margin of 3.71%.The company had revenue of $168.56 million for the quarter, compared to analyst estimates of $157.80 million. During the same period last year, the company earned $0.06 earnings per share. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. Equities research analysts predict that NETGEAR, Inc. will post -0.52 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of NETGEAR in a report on Wednesday, June 24th. Two research analysts have 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 currently has an average rating of “Hold” and a consensus target price of $36.50.
Get Our Latest Stock Report on NETGEAR
NETGEAR Company Profile
NETGEAR, Inc (NASDAQ: NTGR) is a global provider of networking solutions for consumer, business and service provider markets. The company designs, develops and markets a comprehensive portfolio of products that enable high-speed connectivity, data storage and network security for homes, small to medium-sized businesses and large enterprises.
Its product lineup includes Wi-Fi routers, mesh networking systems, cable modems, mobile broadband gateways and Ethernet switches—offered in both managed and unmanaged configurations.
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