NetScout Systems, Inc. (NASDAQ:NTCT) Releases Quarterly Earnings Results, Hits Expectations
NetScout Systems, Inc. (NASDAQ:NTCT) released its quarterly earnings results on Thursday. The technology company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08, Briefing.com reports. The business had revenue of $225.80 million for the quarter, compared to analyst estimates of $225.66 million. NetScout Systems had a net margin of 2.84% and a return on equity of 6.33%. The company’s quarterly revenue was down 16.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.28 earnings per share.
Shares of NetScout Systems (NASDAQ NTCT) traded up 3.12% during trading on Thursday, hitting $34.70. 1,980,638 shares of the company traded hands. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 96.39 and a beta of 1.62. The firm has a 50 day moving average price of $35.08 and a 200-day moving average price of $35.68. NetScout Systems has a one year low of $26.25 and a one year high of $38.47.
In other news, COO Michael Szabados sold 5,000 shares of NetScout Systems stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $34.73, for a total value of $173,650.00. Following the transaction, the chief operating officer now owns 38,257 shares of the company’s stock, valued at approximately $1,328,665.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Downing sold 1,000 shares of NetScout Systems stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $34.60, for a total transaction of $34,600.00. Following the completion of the transaction, the insider now directly owns 112,215 shares in the company, valued at $3,882,639. The disclosure for this sale can be found here. Insiders sold a total of 11,400 shares of company stock worth $402,002 in the last ninety days. Corporate insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NTCT. Guggenheim Capital LLC increased its position in NetScout Systems by 9.7% in the fourth quarter. Guggenheim Capital LLC now owns 88,477 shares of the technology company’s stock valued at $2,787,000 after buying an additional 7,837 shares during the period. Thrivent Financial for Lutherans increased its position in NetScout Systems by 7.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,430 shares of the technology company’s stock valued at $486,000 after buying an additional 1,010 shares during the period. Norges Bank purchased a new position in NetScout Systems during the fourth quarter valued at $23,706,000. Teachers Advisors LLC increased its position in NetScout Systems by 2.5% in the fourth quarter. Teachers Advisors LLC now owns 598,829 shares of the technology company’s stock valued at $18,863,000 after buying an additional 14,467 shares during the period. Finally, Bank of Montreal Can increased its position in NetScout Systems by 31.8% in the first quarter. Bank of Montreal Can now owns 3,040 shares of the technology company’s stock valued at $115,000 after buying an additional 734 shares during the period.
Several analysts have recently commented on the stock. Zacks Investment Research upgraded shares of NetScout Systems from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Wednesday, April 5th. BidaskClub upgraded shares of NetScout Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. B. Riley reiterated a “buy” rating and issued a $42.00 price target on shares of NetScout Systems in a research report on Wednesday, May 10th. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of NetScout Systems in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. NetScout Systems presently has a consensus rating of “Hold” and a consensus target price of $36.50.
About NetScout Systems
NetScout Systems, Inc (NetScout) provides operational intelligence and performance analytics for service assurance and cyber security solutions. The Company’s solutions are used in various service provider, enterprise and government networks. Its nGenius and Infinistream technologies, along with certain product lines from the acquired businesses, enable information technology (IT) organizations to manage service delivery quality, and identify and address business service performance issues and security threats.
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