Bank of America Corp DE Purchases 100,368 Shares of NETGEAR, Inc. $NTGR

Key Points

• Bank of America increased its NETGEAR stake by 71.5% in the first quarter, purchasing 100,368 additional shares and bringing its holdings to 240,730 shares valued at approximately $5.26 million.
• NETGEAR’s latest quarter exceeded expectations, with earnings of $0.16 per share versus the $0.01 consensus estimate and revenue of $168.56 million. However, revenue declined 1.2% year over year, and analysts maintain a consensus “Hold” rating with a $36.50 price target.
• Insiders have sold 12,085 NETGEAR shares worth roughly $313,933 over the past three months, while institutional investors own 82.97% of the company.

Bank of America Corp DE grew its position in shares of NETGEAR, Inc. (NASDAQ:NTGR - Free Report) by 71.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 240,730 shares of the communications equipment provider's stock after acquiring an additional 100,368 shares during the quarter. Bank of America Corp DE owned 0.90% of NETGEAR worth $5,258,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Johnson Financial Group Inc. bought a new position in NETGEAR in the fourth quarter valued at $25,000. Comerica Bank grew its stake in shares of NETGEAR by 64.8% in the third quarter. Comerica Bank now owns 1,091 shares of the communications equipment provider's stock valued at $35,000 after buying an additional 429 shares in the last quarter. IFP Advisors Inc grew its stake in shares of NETGEAR by 161.7% in the fourth quarter. IFP Advisors Inc now owns 2,243 shares of the communications equipment provider's stock valued at $55,000 after buying an additional 1,386 shares in the last quarter. Fifth Third Bancorp increased its holdings in NETGEAR by 6,085.7% during the first quarter. Fifth Third Bancorp now owns 3,031 shares of the communications equipment provider's stock worth $66,000 after buying an additional 2,982 shares during the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new position in NETGEAR during the fourth quarter worth $89,000. 82.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "sell (d)" rating on shares of NETGEAR in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $36.50.

Insider Activity at NETGEAR

In other news, insider Pramod Badjate sold 3,000 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $23.88, for a total transaction of $71,640.00. Following the completion of the transaction, the insider directly owned 154,073 shares in the company, valued at approximately $3,679,263.24. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Laura Durr sold 1,000 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $26.76, for a total value of $26,760.00. Following the completion of the transaction, the director owned 42,059 shares of the company's stock, valued at $1,125,498.84. The trade was a 2.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 12,085 shares of company stock worth $313,933. Corporate insiders own 3.10% of the company's stock.

NETGEAR Stock Up 1.5%

NASDAQ NTGR opened at $21.98 on Friday. The company has a market capitalization of $597.42 million, a P/E ratio of -23.63 and a beta of 1.20. The firm has a 50-day moving average price of $23.04 and a two-hundred day moving average price of $23.37. NETGEAR, Inc. has a 12-month low of $19.00 and a 12-month high of $36.86.

NETGEAR (NASDAQ:NTGR - Get Free Report) last released its earnings results on Thursday, August 6th. The communications equipment provider reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.15. NETGEAR had a negative return on equity of 2.79% and a negative net margin of 3.71%.The firm had revenue of $168.56 million during the quarter, compared to the consensus estimate of $157.80 million. During the same period in the prior year, the company posted $0.06 EPS. The company's revenue was down 1.2% compared to the same quarter last year. Equities analysts expect that NETGEAR, Inc. will post -0.52 EPS for the current year.

NETGEAR Company Profile

NETGEAR, Inc NASDAQ: NTGR is a global provider of networking solutions for consumer, business and service provider markets. The company designs, develops and markets a comprehensive portfolio of products that enable high-speed connectivity, data storage and network security for homes, small to medium-sized businesses and large enterprises.

Its product lineup includes Wi-Fi routers, mesh networking systems, cable modems, mobile broadband gateways and Ethernet switches—offered in both managed and unmanaged configurations.

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