Miller Joycelyn Carter Sells 3,000 Shares of NETGEAR, Inc. (NASDAQ:NTGR) Stock
NETGEAR, Inc. (NASDAQ:NTGR) Director Miller Joycelyn Carter sold 3,000 shares of NETGEAR stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the sale, the director now owns 11,409 shares in the company, valued at $570,450. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
NETGEAR, Inc. (NASDAQ NTGR) traded up 11.79% during midday trading on Thursday, hitting $49.30. The company had a trading volume of 1,609,567 shares. The stock has a 50 day moving average price of $44.02 and a 200 day moving average price of $49.23. NETGEAR, Inc. has a 52 week low of $41.50 and a 52 week high of $60.82. The company has a market capitalization of $1.60 billion, a P/E ratio of 22.23 and a beta of 1.53.
NETGEAR (NASDAQ:NTGR) last released its quarterly earnings data 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 company had revenue of $330.72 million for the quarter, compared to the consensus estimate of $324.64 million. NETGEAR had a return on equity of 11.30% and a net margin of 5.61%. NETGEAR’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the business posted $0.72 EPS. Equities analysts forecast that NETGEAR, Inc. will post $2.61 earnings per share for the current fiscal year.
NETGEAR declared that its board has approved a stock repurchase program on Wednesday, April 26th that permits the company to buyback 3,000,000 outstanding shares. This buyback authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
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NTGR has been the topic of a number of recent analyst reports. 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 objective on shares of NETGEAR in a research report on Tuesday, June 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $62.48.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NTGR. Palouse Capital Management Inc. purchased a new position in NETGEAR during the second quarter valued at approximately $202,000. Rothschild Asset Management Inc. increased its position in NETGEAR by 2.8% in the second quarter. Rothschild Asset Management Inc. now owns 550,597 shares of the communications equipment provider’s stock valued at $23,731,000 after buying an additional 14,753 shares during the last quarter. Great West Life Assurance Co. Can increased its position in NETGEAR by 2.6% in the second quarter. Great West Life Assurance Co. Can now owns 47,387 shares of the communications equipment provider’s stock valued at $2,039,000 after buying an additional 1,200 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its position in NETGEAR by 2.3% in the second quarter. Municipal Employees Retirement System of Michigan now owns 9,350 shares of the communications equipment provider’s stock valued at $403,000 after buying an additional 210 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in NETGEAR during the second quarter valued at approximately $263,000. Institutional investors own 98.84% 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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