Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of NETGEAR, Inc. (NASDAQ:NTGR - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund acquired 56,087 shares of the communications equipment provider's stock, valued at approximately $1,310,000. Connor Clark & Lunn Investment Management Ltd. owned 0.21% of NETGEAR as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Renaissance Technologies LLC increased its position in shares of NETGEAR by 77.8% during the first quarter. Renaissance Technologies LLC now owns 557,462 shares of the communications equipment provider's stock valued at $12,175,000 after buying an additional 243,843 shares during the period. Concentric Capital Strategies LP bought a new position in shares of NETGEAR in the fourth quarter valued at approximately $7,020,000. Anchor Capital Advisors LLC purchased a new position in NETGEAR during the fourth quarter valued at approximately $2,131,000. Hara Capital LLC purchased a new position in NETGEAR during the second quarter valued at approximately $1,456,000. Finally, OP Asset Management Ltd bought a new stake in NETGEAR during the 1st quarter worth approximately $5,266,000. Hedge funds and other institutional investors own 82.97% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have commented on NTGR. Wall Street Zen downgraded shares of NETGEAR from a "hold" rating to a "sell" rating in a report on Saturday. Weiss Ratings reaffirmed a "sell (d)" rating on shares of NETGEAR in a report on Wednesday, June 24th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, NETGEAR presently has a consensus rating of "Hold" and a consensus price target of $36.50.
Get Our Latest Stock Report on NTGR
NETGEAR Stock Performance
NTGR stock opened at $21.09 on Monday. The company's 50 day moving average is $23.00 and its 200 day moving average is $23.37. The stock has a market cap of $573.23 million, a price-to-earnings ratio of -22.68 and a beta of 1.20. NETGEAR, Inc. has a 1-year low of $19.00 and a 1-year 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 earnings per share (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 business had revenue of $168.56 million during the quarter, compared to analyst estimates of $157.80 million. During the same period in the previous year, the business posted $0.06 earnings per share. NETGEAR's revenue for the quarter was down 1.2% on a year-over-year basis. As a group, sell-side analysts forecast that NETGEAR, Inc. will post -0.52 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, Director Laura Durr sold 1,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $26.76, for a total value of $26,760.00. Following the transaction, the director owned 42,059 shares of the company's stock, valued at $1,125,498.84. This represents a 2.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pramod Badjate sold 3,000 shares of the firm's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $23.88, for a total value of $71,640.00. Following the sale, the insider owned 154,073 shares in the company, valued at $3,679,263.24. The trade was a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 3.10% of the company's stock.
NETGEAR Profile
(
Free Report)
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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