Bank of America Corp DE Purchases 159,278 Shares of NETGEAR, Inc. $NTGR

Key Points

• Bank of America acquired 159,278 NETGEAR shares in the second quarter, worth approximately $3.72 million and representing about 0.59% of the company.
• Institutional investors own 82.97% of NETGEAR, while an insider sold 3,000 shares for $71,640 to cover tax obligations related to equity awards.
• NETGEAR reported quarterly EPS of $0.16, beating estimates by $0.15, while revenue of $168.56 million exceeded expectations but declined 1.2% year over year. Analysts’ consensus rating is Hold, with a target price of $36.50.

Bank of America Corp DE purchased a new stake in NETGEAR, Inc. (NASDAQ:NTGR - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 159,278 shares of the communications equipment provider's stock, valued at approximately $3,719,000. Bank of America Corp DE owned approximately 0.59% of NETGEAR as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Cetera Investment Advisers lifted its stake in shares of NETGEAR by 6.4% in the 1st quarter. Cetera Investment Advisers now owns 11,996 shares of the communications equipment provider's stock valued at $262,000 after purchasing an additional 725 shares during the period. IFP Advisors Inc grew its stake in NETGEAR by 161.7% during the fourth quarter. IFP Advisors Inc now owns 2,243 shares of the communications equipment provider's stock worth $55,000 after purchasing an additional 1,386 shares during the period. Persistent Asset Partners Ltd bought a new stake in NETGEAR in the second quarter worth approximately $58,000. Fifth Third Bancorp increased its holdings in NETGEAR by 6,085.7% in the first quarter. Fifth Third Bancorp now owns 3,031 shares of the communications equipment provider's stock worth $66,000 after purchasing an additional 2,982 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in NETGEAR by 12.2% in the fourth quarter. Hsbc Holdings PLC now owns 30,030 shares of the communications equipment provider's stock valued at $741,000 after buying an additional 3,277 shares during the period. 82.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other NETGEAR news, insider Pramod Badjate sold 3,000 shares of the company's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $23.88, for a total value of $71,640.00. Following the completion of the transaction, the insider owned 154,073 shares in the company, valued at $3,679,263.24. This represents a 1.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 3.10% of the company's stock.

NETGEAR Trading Up 0.3%

Shares of NETGEAR stock opened at $22.04 on Wednesday. The company has a market capitalization of $599.05 million, a P/E ratio of -23.70 and a beta of 1.17. The stock has a fifty day simple moving average of $22.55 and a 200 day simple moving average of $23.50. 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 announced its earnings results on Thursday, August 6th. The communications equipment provider reported $0.16 EPS for the quarter, beating the consensus estimate of $0.01 by $0.15. NETGEAR had a negative net margin of 3.71% and a negative return on equity of 2.79%. The company had revenue of $168.56 million during the quarter, compared to the consensus estimate of $157.80 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. The firm's revenue for the quarter was down 1.2% on a year-over-year basis. On average, analysts predict that NETGEAR, Inc. will post -0.58 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NTGR. Wall Street Zen raised shares of NETGEAR from a "sell" rating to a "hold" rating in a research report on Sunday, September 6th. Weiss Ratings reissued a "sell (d)" rating on shares of NETGEAR in a research note on Monday, September 21st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $36.50.

NETGEAR Company Profile

NETGEAR, Inc NASDAQ: NTGR develops and markets networking products and related services for consumers, businesses and service providers. Its portfolio includes wireless routers, mesh Wi-Fi systems, cable and cellular gateways, switches, wireless access points, network storage products and security cameras.

The company offers consumer-focused product lines such as Nighthawk and Orbi, as well as business networking solutions marketed under brands including NETGEAR Business and Insight.

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