Pinnacle Holdings LLC Buys New Shares in NETGEAR, Inc. $NTGR

Key Points

• Pinnacle Holdings LLC acquired 56,084 NETGEAR shares in the second quarter, valued at approximately $1.31 million and representing about 0.21% of the company. Institutional investors and hedge funds collectively own 82.97% of NETGEAR.
• NETGEAR reported quarterly EPS of $0.16, beating the $0.01 consensus estimate, while revenue of $168.56 million exceeded expectations but declined 1.2% year over year. Analysts forecast a full-year loss of $0.52 per share.
• The stock opened at $21.02, well below its 12-month high of $36.86. Analyst sentiment remains mixed, with a consensus rating of Hold and a target price of $36.50; insiders sold $313,933 worth of shares over the latest quarter.

Pinnacle Holdings LLC bought a new position in shares of NETGEAR, Inc. (NASDAQ:NTGR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 56,084 shares of the communications equipment provider's stock, valued at approximately $1,310,000. Pinnacle Holdings LLC owned approximately 0.21% of NETGEAR as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Johnson Financial Group Inc. acquired a new position in shares of NETGEAR during the 4th quarter worth approximately $25,000. Comerica Bank raised its stake in shares of NETGEAR by 64.8% during the 3rd quarter. Comerica Bank now owns 1,091 shares of the communications equipment provider's stock worth $35,000 after purchasing an additional 429 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of NETGEAR by 161.7% in the 4th 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 during the last quarter. Persistent Asset Partners Ltd acquired a new stake in shares of NETGEAR in the 2nd quarter valued at approximately $58,000. Finally, Fifth Third Bancorp grew its stake in shares of NETGEAR by 6,085.7% in the first quarter. Fifth Third Bancorp now owns 3,031 shares of the communications equipment provider's stock valued at $66,000 after buying an additional 2,982 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at NETGEAR

In other news, insider Pramod Badjate sold 3,000 shares of NETGEAR stock in a transaction on Friday, July 31st. The stock was sold at an average price of $23.88, for a total transaction of $71,640.00. Following the completion of the sale, the insider owned 154,073 shares of the company's stock, valued at approximately $3,679,263.24. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sarah Butterfass sold 2,704 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $26.90, for a total transaction of $72,737.60. Following the completion of the sale, the director directly owned 38,953 shares of the company's stock, valued at approximately $1,047,835.70. The trade was a 6.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,085 shares of company stock worth $313,933 over the last quarter. 3.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated 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 issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $36.50.

NETGEAR Stock Performance

NETGEAR stock opened at $21.02 on Monday. The company has a market capitalization of $571.32 million, a price-to-earnings ratio of -22.60 and a beta of 1.20. NETGEAR, Inc. has a 12 month low of $19.00 and a 12 month high of $36.86. The stock's 50 day moving average is $23.22 and its 200-day moving average is $23.34.

NETGEAR (NASDAQ:NTGR - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The communications equipment provider reported $0.16 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $168.56 million during the quarter, compared to analysts' expectations of $157.80 million. During the same period last year, the firm posted $0.06 EPS. The firm's revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities research analysts predict that NETGEAR, Inc. will post -0.52 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding NTGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NETGEAR, Inc. (NASDAQ:NTGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source