OP Asset Management Ltd Takes $5.27 Million Position in NETGEAR, Inc. $NTGR

Key Points

• OP Asset Management Ltd disclosed a new first-quarter stake in NETGEAR, buying 241,126 shares worth about $5.27 million. The position represented roughly 0.88% of the company.
• Institutional ownership in NETGEAR remains high, with hedge funds and other investors holding 82.97% of the stock. Several firms increased their positions, including Millennium Management and XTX Topco, while analysts largely rate the stock Hold on average.
• NETGEAR reported quarterly earnings of $0.06 per share, beating expectations, on revenue of $158.82 million. The stock was trading around $22.84, below its 52-week high of $36.86, while insiders recently sold shares under pre-arranged trading plans.

OP Asset Management Ltd acquired a new stake in shares of NETGEAR, Inc. (NASDAQ:NTGR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 241,126 shares of the communications equipment provider's stock, valued at approximately $5,266,000. OP Asset Management Ltd owned about 0.88% of NETGEAR as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NTGR. Hsbc Holdings PLC lifted its holdings in NETGEAR by 12.2% in the 4th quarter. Hsbc Holdings PLC now owns 30,030 shares of the communications equipment provider's stock valued at $741,000 after purchasing an additional 3,277 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of NETGEAR by 135.7% during the fourth quarter. XTX Topco Ltd now owns 17,048 shares of the communications equipment provider's stock worth $418,000 after buying an additional 9,815 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of NETGEAR by 2.4% during the fourth quarter. Wellington Management Group LLP now owns 156,222 shares of the communications equipment provider's stock worth $3,832,000 after buying an additional 3,663 shares in the last quarter. Millennium Management LLC lifted its stake in shares of NETGEAR by 386.1% during the fourth quarter. Millennium Management LLC now owns 236,078 shares of the communications equipment provider's stock valued at $5,791,000 after buying an additional 187,515 shares during the period. Finally, Engineers Gate Manager LP boosted its position in NETGEAR by 36.5% during the fourth quarter. Engineers Gate Manager LP now owns 58,020 shares of the communications equipment provider's stock worth $1,423,000 after acquiring an additional 15,512 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Weiss Ratings reaffirmed a "sell (d)" rating on shares of NETGEAR in a research note on Wednesday. Wall Street Zen upgraded NETGEAR from a "sell" rating to a "hold" rating in a report on Saturday, March 28th. Finally, Zacks Research upgraded NETGEAR from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 10th. Two 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. According to MarketBeat, NETGEAR presently has an average rating of "Hold" and an average target price of $36.00.

Insider Transactions at NETGEAR

In related news, insider Pramod Badjate sold 3,000 shares of NETGEAR stock in a transaction on Friday, May 1st. The stock was sold at an average price of $25.47, for a total value of $76,410.00. Following the transaction, the insider owned 165,513 shares in the company, valued at approximately $4,215,616.11. This trade represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Laura Durr sold 2,000 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $25.94, for a total value of $51,880.00. Following the sale, the director directly owned 43,059 shares of the company's stock, valued at approximately $1,116,950.46. This trade represents a 4.44% decrease in their position. 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 quarter, insiders sold 12,085 shares of company stock valued at $318,703. Corporate insiders own 3.10% of the company's stock.

NETGEAR Stock Performance

Shares of NTGR stock opened at $22.84 on Friday. NETGEAR, Inc. has a one year low of $19.00 and a one year high of $36.86. The company has a 50 day moving average price of $25.16 and a 200 day moving average price of $23.42. The firm has a market capitalization of $613.03 million, a price-to-earnings ratio of -25.95 and a beta of 1.17.

NETGEAR (NASDAQ:NTGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The communications equipment provider reported $0.06 earnings per share for the quarter, beating 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 company had revenue of $158.82 million for the quarter, compared to analyst estimates of $152.49 million. During the same quarter last year, the business earned $0.02 EPS. NETGEAR's revenue for the quarter was down 2.0% on a year-over-year basis. As a group, equities analysts forecast that NETGEAR, Inc. will post -0.5 EPS for the current fiscal year.

About NETGEAR

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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