Granite Point Capital Management L.P. Invests $405,000 in NETGEAR, Inc. (NTGR)

Granite Point Capital Management L.P. acquired a new stake in NETGEAR, Inc. (NASDAQ:NTGR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 8,500 shares of the communications equipment provider’s stock, valued at approximately $405,000.

Other large investors also recently made changes to their positions in the company. Brandes Investment Partners LP acquired a new stake in NETGEAR during the 2nd quarter worth $2,293,000. Eaton Vance Management raised its stake in NETGEAR by 193.6% during the 2nd quarter. Eaton Vance Management now owns 271,238 shares of the communications equipment provider’s stock worth $11,690,000 after acquiring an additional 178,855 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in NETGEAR by 9.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 121,997 shares of the communications equipment provider’s stock worth $5,258,000 after acquiring an additional 10,637 shares in the last quarter. Alliancebernstein L.P. raised its stake in NETGEAR by 28.2% during the 2nd quarter. Alliancebernstein L.P. now owns 1,417,760 shares of the communications equipment provider’s stock worth $61,105,000 after acquiring an additional 311,735 shares in the last quarter. Finally, Bancorpsouth Inc. raised its stake in NETGEAR by 154.7% during the 2nd quarter. Bancorpsouth Inc. now owns 12,801 shares of the communications equipment provider’s stock worth $552,000 after acquiring an additional 7,775 shares in the last quarter. Hedge funds and other institutional investors own 97.52% of the company’s stock.

NTGR has been the topic of several research analyst reports. Zacks Investment Research lowered shares of NETGEAR from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. BWS Financial upgraded shares of NETGEAR from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $62.75.

NETGEAR, Inc. (NTGR) opened at $50.85 on Thursday. NETGEAR, Inc. has a 52-week low of $41.50 and a 52-week high of $59.92. The stock has a market cap of $1,603.39, a price-to-earnings ratio of 20.46 and a beta of 1.52.

NETGEAR (NASDAQ:NTGR) last issued its quarterly earnings data on Wednesday, October 25th. The communications equipment provider reported $0.81 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.13. NETGEAR had a net margin of 5.33% and a return on equity of 10.57%. The company had revenue of $355.48 million for the quarter, compared to the consensus estimate of $349.36 million. During the same period last year, the firm posted $0.76 EPS. NETGEAR’s revenue for the quarter was up 5.0% on a year-over-year basis. analysts anticipate that NETGEAR, Inc. will post 2.24 EPS for the current year.

In other NETGEAR news, Chairman Patrick Cs Lo sold 19,799 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $47.63, for a total transaction of $943,026.37. Following the transaction, the chairman now directly owns 183,125 shares of the company’s stock, valued at approximately $8,722,243.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tamesa Rogers sold 1,500 shares of the firm’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $46.80, for a total transaction of $70,200.00. Following the transaction, the senior vice president now directly owns 23,703 shares in the company, valued at $1,109,300.40. The disclosure for this sale can be found here. Insiders have sold a total of 102,138 shares of company stock worth $4,960,106 over the last three months. 6.20% of the stock is currently owned by insiders.

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NETGEAR Profile

NETGEAR, Inc designs, develops and markets networking solutions and smart connected products for consumers, businesses and service providers. The Company’s product line consists of devices, such as network attached storage, Internet protocol (IP) security cameras, and home automation devices and services.

Institutional Ownership by Quarter for NETGEAR (NASDAQ:NTGR)

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