Wellington Management Group LLP Acquires 183,495 Shares of NETGEAR, Inc. $NTGR

Key Points

• Wellington Management increased its NETGEAR stake by 75% in the second quarter, purchasing 183,495 shares and bringing its total holdings to 428,011 shares valued at approximately $9.99 million. Institutional investors collectively own 82.97% of the company.
• NETGEAR reported quarterly EPS of $0.16, beating estimates of $0.01, while revenue of $168.56 million also exceeded forecasts. However, revenue declined 1.2% year over year and the company remains unprofitable.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $36.50. Shares opened at $21.13, compared with a 52-week range of $19.00 to $36.86.

Wellington Management Group LLP grew its holdings in shares of NETGEAR, Inc. (NASDAQ:NTGR - Free Report) by 75.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 428,011 shares of the communications equipment provider's stock after purchasing an additional 183,495 shares during the quarter. Wellington Management Group LLP owned about 1.57% of NETGEAR worth $9,994,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. bought a new stake in NETGEAR in the second quarter worth $82,799,000. Windward Management LP bought a new position in NETGEAR during the fourth quarter valued at about $35,468,000. Concentric Capital Strategies LP bought a new position in NETGEAR during the fourth quarter valued at about $7,020,000. Lazard Asset Management LLC lifted its position in shares of NETGEAR by 87.6% in the third quarter. Lazard Asset Management LLC now owns 548,911 shares of the communications equipment provider's stock worth $17,779,000 after buying an additional 256,266 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of NETGEAR by 77.8% in the first quarter. Renaissance Technologies LLC now owns 557,462 shares of the communications equipment provider's stock worth $12,175,000 after buying an additional 243,843 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Analysts Set New Price Targets

NTGR has been the topic of a number of analyst reports. Wall Street Zen raised NETGEAR from a "sell" rating to a "hold" rating in a report on Sunday. Weiss Ratings restated a "sell (d)" rating on shares of NETGEAR in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $36.50.

Insider Buying and Selling at NETGEAR

In other news, insider Pramod Badjate sold 3,000 shares of the firm's stock in a transaction on 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 approximately $3,679,263.24. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 Stock Performance

NETGEAR stock opened at $21.13 on Wednesday. NETGEAR, Inc. has a 52 week low of $19.00 and a 52 week high of $36.86. The firm has a market capitalization of $574.29 million, a PE ratio of -22.72 and a beta of 1.17. The business's 50-day simple moving average is $22.72 and its 200-day simple moving average is $23.37.

NETGEAR (NASDAQ:NTGR - Get Free Report) last released its earnings results on Thursday, August 6th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.15. The firm had revenue of $168.56 million for the quarter, compared to analyst estimates of $157.80 million. NETGEAR had a negative return on equity of 2.79% and a negative net margin of 3.71%.The company's revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.06 EPS. Research analysts forecast that NETGEAR, Inc. will post -0.52 earnings per share for the current 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.

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