Raymond James Financial Upgrades NetGear (NTGR) to Outperform

NetGear (NASDAQ:NTGR) was upgraded by research analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a report issued on Monday, December 18th, Marketbeat reports. The brokerage presently has a $62.00 price objective on the communications equipment provider’s stock. Raymond James Financial’s price objective suggests a potential downside of 5.20% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. BidaskClub upgraded shares of NetGear from a “hold” rating to a “buy” rating in a research report on Thursday, December 14th. Zacks Investment Research cut shares of NetGear from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Finally, 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 report on Monday, October 9th. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $65.20.

NetGear (NASDAQ:NTGR) traded up $1.95 during trading on Monday, reaching $65.40. 526,493 shares of the company’s stock traded hands, compared to its average volume of 505,017. NetGear has a 1-year low of $41.50 and a 1-year high of $65.55. The company has a market capitalization of $2,060.00, a P/E ratio of 29.73 and a beta of 1.53.

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

In other news, Director Jef Graham bought 500 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were purchased at an average price of $54.05 per share, for a total transaction of $27,025.00. Following the completion of the purchase, the director now owns 5,183 shares in the company, valued at approximately $280,141.15. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Michael F. Falcon sold 520 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $50.00, for a total transaction of $26,000.00. Following the completion of the transaction, the senior vice president now owns 34,611 shares in the company, valued at approximately $1,730,550. The disclosure for this sale can be found here. In the last 90 days, insiders sold 82,300 shares of company stock worth $4,220,161. Corporate insiders own 6.20% of the company’s stock.

A number of institutional investors have recently modified their holdings of NTGR. Royce & Associates LP increased its holdings in NetGear by 43,220.6% during the second quarter. Royce & Associates LP now owns 779,771 shares of the communications equipment provider’s stock valued at $33,608,000 after buying an additional 777,971 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in NetGear by 33.3% during the second quarter. Bank of New York Mellon Corp now owns 1,720,748 shares of the communications equipment provider’s stock valued at $74,165,000 after buying an additional 429,429 shares during the last quarter. Alliancebernstein L.P. increased its holdings in NetGear by 28.2% during the second quarter. Alliancebernstein L.P. now owns 1,417,760 shares of the communications equipment provider’s stock valued at $61,105,000 after buying an additional 311,735 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in NetGear during the second quarter valued at approximately $12,722,000. Finally, Northern Trust Corp increased its holdings in NetGear by 55.1% during the second quarter. Northern Trust Corp now owns 773,995 shares of the communications equipment provider’s stock valued at $33,359,000 after buying an additional 274,952 shares during the last quarter. Institutional investors own 97.52% of the company’s stock.

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NetGear Company 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.

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