NetGear (NTGR) Upgraded by Raymond James Financial to “Outperform”

Raymond James Financial upgraded shares of NetGear (NASDAQ:NTGR) from a market perform rating to an outperform rating in a report issued on Monday morning. The firm currently has $62.00 target price on the communications equipment provider’s stock.

Other analysts have also recently issued reports about the company. BWS Financial upgraded NetGear from a hold rating to a buy rating and set a $60.00 price target on the stock in a research report on Monday, October 9th. BidaskClub upgraded NetGear from a hold rating to a buy rating in a research report on Thursday, December 14th. Finally, Zacks Investment Research cut NetGear from a hold rating to a sell rating in a research report on Friday, October 13th. Two equities research analysts have rated the stock with a sell rating and five have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $62.60.

Shares of NetGear (NASDAQ:NTGR) traded up $4.20 during trading hours on Monday, reaching $59.55. The company’s stock had a trading volume of 802,500 shares, compared to its average volume of 407,943. NetGear has a 52-week low of $41.50 and a 52-week high of $59.95. The company has a market capitalization of $1,741.86, a PE ratio of 22.23 and a beta of 1.52.

NetGear (NASDAQ:NTGR) last announced its quarterly earnings results on Wednesday, October 25th. The communications equipment provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. NetGear had a return on equity of 10.57% and a net margin of 5.33%. The firm had revenue of $355.48 million for the quarter, compared to analysts’ expectations of $349.36 million. During the same period in the prior year, the business posted $0.76 earnings per share. The business’s revenue was up 5.0% compared to the same quarter last year. sell-side analysts forecast that NetGear will post 2.24 earnings per share for the current year.

In other news, Director Barbara Vaughn Scherer sold 1,000 shares of the stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $52.00, for a total transaction of $52,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Michael F. Falcon sold 14,912 shares of the stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $49.94, for a total value of $744,705.28. The disclosure for this sale can be found here. Insiders sold 102,888 shares of company stock worth $5,028,731 over the last quarter. Company insiders own 6.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in NTGR. Aperio Group LLC grew its holdings in shares of NetGear by 8.5% during the second quarter. Aperio Group LLC now owns 11,602 shares of the communications equipment provider’s stock worth $500,000 after purchasing an additional 907 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its holdings in shares of NetGear by 2.3% during the second quarter. Municipal Employees Retirement System of Michigan now owns 9,350 shares of the communications equipment provider’s stock worth $403,000 after purchasing an additional 210 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of NetGear by 2.6% during the second quarter. Great West Life Assurance Co. Can now owns 47,387 shares of the communications equipment provider’s stock worth $2,039,000 after purchasing an additional 1,200 shares during the last quarter. Sei Investments Co. grew its holdings in shares of NetGear by 11.9% during the second quarter. Sei Investments Co. now owns 82,234 shares of the communications equipment provider’s stock worth $3,544,000 after purchasing an additional 8,747 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of NetGear by 4.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 303,397 shares of the communications equipment provider’s stock worth $13,077,000 after purchasing an additional 13,322 shares during the last quarter. Institutional investors own 97.52% of the company’s stock.

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About NetGear

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.

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