NETGEAR, Inc. $NTGR Shares Sold by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital cut its NETGEAR stake by 21.9% in the first quarter, selling 176,147 shares and retaining 626,599 shares valued at approximately $13.7 million. Institutional investors still own 82.97% of the company.
• Analysts’ consensus rating remains “Hold”, with an average price target of $36.00; ratings include two Buys, one Hold, and one Sell.
• NETGEAR shares opened at $24.16, while the company’s latest quarterly results exceeded expectations with $0.06 in adjusted EPS versus a projected loss of $0.08, although revenue declined 2% year over year and profitability remained negative.

Arrowstreet Capital Limited Partnership lowered its stake in shares of NETGEAR, Inc. (NASDAQ:NTGR - Free Report) by 21.9% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 626,599 shares of the communications equipment provider's stock after selling 176,147 shares during the period. Arrowstreet Capital Limited Partnership owned about 2.33% of NETGEAR worth $13,685,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in NETGEAR by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 2,543,240 shares of the communications equipment provider's stock worth $62,386,000 after acquiring an additional 74,457 shares during the period. Brandes Investment Partners LP grew its position in shares of NETGEAR by 10.8% during the 4th quarter. Brandes Investment Partners LP now owns 1,855,555 shares of the communications equipment provider's stock valued at $45,517,000 after acquiring an additional 180,295 shares during the period. Dimensional Fund Advisors LP grew its holdings in NETGEAR by 5.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,636,697 shares of the communications equipment provider's stock valued at $53,010,000 after purchasing an additional 85,228 shares during the period. Windward Management LP purchased a new position in shares of NETGEAR during the 4th quarter valued at approximately $35,468,000. Finally, State Street Corp lifted its position in shares of NETGEAR by 4.7% during the 4th quarter. State Street Corp now owns 807,525 shares of the communications equipment provider's stock valued at $19,809,000 after buying an additional 36,499 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (d)" rating on shares of NETGEAR in a research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $36.00.

NETGEAR Trading Up 5.3%

Shares of NASDAQ NTGR opened at $24.16 on Friday. The stock has a market cap of $648.45 million, a PE ratio of -27.45 and a beta of 1.19. NETGEAR, Inc. has a 12-month low of $19.00 and a 12-month high of $36.86. The company has a 50-day moving average of $23.88 and a 200 day moving average of $23.18.

NETGEAR (NASDAQ:NTGR - Get Free Report) last released its earnings results on Wednesday, April 29th. The communications equipment provider reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.14. NETGEAR had a negative net margin of 3.58% and a negative return on equity of 2.71%. The business had revenue of $158.82 million for the quarter, compared to analyst estimates of $152.49 million. During the same period last year, the company posted $0.02 EPS. The business's revenue was down 2.0% on a year-over-year basis. On average, sell-side analysts forecast that NETGEAR, Inc. will post -0.5 EPS for the current fiscal year.

Insider Buying and Selling at NETGEAR

In related news, Director Shravan Goli sold 3,381 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $26.89, for a total transaction of $90,915.09. Following the completion of the sale, the director directly owned 25,857 shares in the company, valued at approximately $695,294.73. This trade represents a 11.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sarah Butterfass sold 2,704 shares of NETGEAR stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $26.90, for a total transaction of $72,737.60. Following the transaction, the director directly owned 38,953 shares in the company, valued at $1,047,835.70. This trade represents a 6.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 9,085 shares of company stock worth $242,293 in the last three months. 3.10% of the stock is owned by corporate insiders.

NETGEAR 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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