B. Riley Reaffirms Buy Rating for NetScout Systems, Inc. (NTCT)
NetScout Systems, Inc. (NASDAQ:NTCT)‘s stock had its “buy” rating reiterated by analysts at B. Riley in a research note issued to investors on Friday. They currently have a $36.00 price target on the technology company’s stock. B. Riley’s price target indicates a potential upside of 28.34% from the company’s previous close.
Several other research firms have also commented on NTCT. BidaskClub upgraded shares of NetScout Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded shares of NetScout Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Royal Bank Of Canada restated a “hold” rating on shares of NetScout Systems in a research report on Thursday, July 20th. Finally, KeyCorp restated a “hold” rating on shares of NetScout Systems in a research report on Wednesday, October 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $33.00.
NetScout Systems (NASDAQ:NTCT) traded down 4.75% during mid-day trading on Friday, hitting $28.05. 1,851,830 shares of the stock traded hands. The stock has a 50-day moving average of $32.11 and a 200 day moving average of $34.23. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 142.39 and a beta of 1.60. NetScout Systems has a 1-year low of $27.15 and a 1-year high of $38.48.
NetScout Systems (NASDAQ:NTCT) last released its earnings results on Thursday, October 26th. The technology company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.03. The firm had revenue of $256.90 million during the quarter, compared to analyst estimates of $251.13 million. NetScout Systems had a net margin of 1.52% and a return on equity of 5.15%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 earnings per share. On average, equities analysts expect that NetScout Systems will post $2.01 EPS for the current year.
NetScout Systems declared that its Board of Directors has initiated a share buyback plan on Thursday, October 26th that authorizes the company to repurchase 25,000,000 shares. This repurchase authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, insider Michael Szabados sold 5,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $34.60, for a total value of $173,000.00. Following the completion of the transaction, the insider now owns 39,170 shares in the company, valued at approximately $1,355,282. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.51% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Airain ltd bought a new position in NetScout Systems in the 2nd quarter valued at about $1,239,000. Balyasny Asset Management LLC bought a new position in NetScout Systems in the 2nd quarter valued at about $5,968,000. Thrivent Financial For Lutherans grew its position in NetScout Systems by 11.8% in the 1st quarter. Thrivent Financial For Lutherans now owns 17,250 shares of the technology company’s stock valued at $655,000 after buying an additional 1,820 shares in the last quarter. Eagle Asset Management Inc. grew its position in NetScout Systems by 3.9% in the 2nd quarter. Eagle Asset Management Inc. now owns 87,870 shares of the technology company’s stock valued at $3,022,000 after buying an additional 3,268 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in NetScout Systems by 5.6% in the 1st quarter. Geode Capital Management LLC now owns 748,676 shares of the technology company’s stock valued at $28,412,000 after buying an additional 40,020 shares in the last quarter.
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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