Insider Selling: NETGEAR, Inc. (NASDAQ:NTGR) SVP Sells 4,694 Shares of Stock
NETGEAR, Inc. (NASDAQ:NTGR) SVP David John Henry sold 4,694 shares of the company’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $50.00, for a total value of $234,700.00. Following the completion of the sale, the senior vice president now owns 34,651 shares in the company, valued at $1,732,550. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of NETGEAR, Inc. (NASDAQ NTGR) traded up 11.79% during mid-day trading on Thursday, hitting $49.30. The stock had a trading volume of 1,609,567 shares. NETGEAR, Inc. has a 52 week low of $41.50 and a 52 week high of $60.82. The stock has a 50 day moving average price of $44.15 and a 200 day moving average price of $49.23. The firm has a market cap of $1.60 billion, a PE ratio of 22.23 and a beta of 1.53.
NETGEAR (NASDAQ:NTGR) last announced its quarterly earnings data on Wednesday, July 26th. The communications equipment provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.06. NETGEAR had a return on equity of 11.30% and a net margin of 5.61%. The business had revenue of $330.72 million during the quarter, compared to analyst estimates of $324.64 million. During the same period in the prior year, the company earned $0.72 earnings per share. NETGEAR’s revenue was up 6.1% compared to the same quarter last year. Equities research analysts expect that NETGEAR, Inc. will post $2.61 EPS for the current fiscal year.
NETGEAR declared that its board has approved a share buyback program on Wednesday, April 26th that authorizes the company to repurchase 3,000,000 shares. This repurchase authorization authorizes the communications equipment provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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Several institutional investors have recently bought and sold shares of NTGR. Envestnet Asset Management Inc. raised its position in NETGEAR by 17.1% in 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 during the last quarter. Victory Capital Management Inc. raised its position in NETGEAR by 42.8% in 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 during the last quarter. Ameritas Investment Partners Inc. bought a new position in NETGEAR during the first quarter worth approximately $139,000. US Bancorp DE raised its position in NETGEAR by 9.2% in 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 during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. raised its position in NETGEAR by 364.8% in 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 during the last quarter. 98.84% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have weighed in on NTGR shares. Zacks Investment Research upgraded NETGEAR from a “sell” rating to a “hold” rating in a research report on Wednesday, April 12th. Global Equities Research reiterated a “buy” rating and issued a $85.00 price target on shares of NETGEAR in a research report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $62.48.
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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