NetGear (NTGR) Upgraded to “Buy” by BidaskClub

BidaskClub upgraded shares of NetGear (NASDAQ:NTGR) from a hold rating to a buy rating in a research note published on Saturday morning.

A number of other research firms have also weighed in on NTGR. BWS Financial set a $65.00 target price on shares of NetGear and gave the stock a buy rating in a report on Friday, August 3rd. Guggenheim restated a buy rating and issued a $76.00 price objective on shares of NetGear in a report on Friday, April 27th. Zacks Investment Research upgraded shares of NetGear from a strong sell rating to a hold rating in a report on Wednesday, June 27th. Finally, ValuEngine upgraded shares of NetGear from a hold rating to a buy rating in a report on Wednesday, May 2nd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $67.75.

Shares of NetGear traded up $0.35, reaching $67.40, on Friday, MarketBeat reports. 202,487 shares of the company traded hands, compared to its average volume of 611,039. NetGear has a 52 week low of $44.10 and a 52 week high of $78.30. The stock has a market capitalization of $2.13 billion, a P/E ratio of 29.05 and a beta of 1.99.



NetGear (NASDAQ:NTGR) last announced its quarterly earnings data on Monday, July 23rd. The communications equipment provider reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.06. NetGear had a positive return on equity of 9.97% and a negative net margin of 0.74%. The firm had revenue of $366.80 million for the quarter, compared to analysts’ expectations of $350.60 million. During the same period last year, the firm earned $0.60 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. research analysts expect that NetGear will post 2.2 EPS for the current fiscal year.

In other news, SVP Michael A. Werdann sold 10,930 shares of NetGear stock in a transaction that occurred on Tuesday, July 10th. The shares were sold at an average price of $70.78, for a total transaction of $773,625.40. Following the completion of the transaction, the senior vice president now directly owns 34,727 shares in the company, valued at $2,457,977.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael F. Falcon sold 521 shares of NetGear stock in a transaction that occurred on Thursday, May 24th. The shares were sold at an average price of $60.50, for a total transaction of $31,520.50. Following the transaction, the senior vice president now owns 43,403 shares of the company’s stock, valued at $2,625,881.50. The disclosure for this sale can be found here. Insiders have sold 56,573 shares of company stock valued at $3,634,788 over the last quarter. Company insiders own 5.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BTIM Corp. bought a new stake in shares of NetGear during the second quarter valued at approximately $33,528,000. Acadian Asset Management LLC bought a new stake in shares of NetGear during the second quarter valued at approximately $17,811,000. BlackRock Inc. increased its position in shares of NetGear by 5.5% during the second quarter. BlackRock Inc. now owns 4,566,762 shares of the communications equipment provider’s stock valued at $285,423,000 after acquiring an additional 236,386 shares in the last quarter. Millennium Management LLC grew its position in NetGear by 623.9% in the 1st quarter. Millennium Management LLC now owns 268,105 shares of the communications equipment provider’s stock worth $15,336,000 after purchasing an additional 231,070 shares during the period. Finally, UBS Group AG grew its position in NetGear by 342.5% in the 1st quarter. UBS Group AG now owns 214,527 shares of the communications equipment provider’s stock worth $12,271,000 after purchasing an additional 166,046 shares during the period.

About NetGear

NETGEAR, Inc engages in the provision of Internet connected products to consumers, businesses, and service providers. It operates through the following business segments: Arlo, Connected Home, and SMB. The Arlo segment offers internet-connected products for consumers and businesses that provide security and safety.

See Also: Earnings Per Share (EPS) Explained

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