NetScout Systems (NASDAQ:NTCT) had its target price reduced by stock analysts at Royal Bank of Canada to $27.00 in a research note issued to investors on Thursday. The firm presently has a “sector perform” rating on the technology company’s stock. Royal Bank of Canada’s price target suggests a potential downside of 2.00% from the company’s previous close.
NTCT has been the subject of several other research reports. Zacks Investment Research lowered shares of NetScout Systems from a “buy” rating to a “sell” rating in a report on Thursday, November 2nd. KeyCorp reiterated a “hold” rating on shares of NetScout Systems in a research note on Wednesday, October 11th. Piper Jaffray Companies assumed coverage on shares of NetScout Systems in a research note on Monday, November 13th. They set an “overweight” rating and a $34.00 price objective for the company. BidaskClub lowered shares of NetScout Systems from a “hold” rating to a “sell” rating in a research note on Saturday, January 6th. Finally, Craig Hallum reduced their price objective on shares of NetScout Systems from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $29.67.
NetScout Systems (NASDAQ:NTCT) traded up $1.60 during trading hours on Thursday, hitting $27.55. 3,564,900 shares of the stock traded hands, compared to its average volume of 2,007,978. NetScout Systems has a twelve month low of $25.75 and a twelve month high of $38.47. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.51 and a current ratio of 1.60. The company has a market cap of $2,400.73, a price-to-earnings ratio of 162.07, a P/E/G ratio of 1.86 and a beta of 1.60.
NetScout Systems (NASDAQ:NTCT) last posted its quarterly earnings results on Thursday, October 26th. The technology company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. NetScout Systems had a net margin of 1.52% and a return on equity of 5.15%. The business had revenue of $256.90 million during the quarter, compared to analyst estimates of $251.13 million. During the same quarter in the previous year, the business posted $0.39 EPS. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. sell-side analysts expect that NetScout Systems will post 1.48 EPS for the current fiscal year.
NetScout Systems announced that its board has authorized a stock repurchase program on Thursday, October 26th that authorizes the company to buyback 25,000,000 outstanding shares. This buyback authorization authorizes the technology company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
In other NetScout Systems news, insider Michael Szabados sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $28.19, for a total transaction of $140,950.00. Following the sale, the insider now owns 43,424 shares of the company’s stock, valued at approximately $1,224,122.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP John Downing sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $28.17, for a total transaction of $84,510.00. Following the sale, the executive vice president now directly owns 88,821 shares in the company, valued at approximately $2,502,087.57. The disclosure for this sale can be found here. 3.51% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in NetScout Systems by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 7,226,097 shares of the technology company’s stock worth $248,578,000 after purchasing an additional 107,494 shares during the last quarter. Dimensional Fund Advisors LP grew its position in NetScout Systems by 8.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,256,839 shares of the technology company’s stock worth $137,710,000 after purchasing an additional 315,626 shares during the last quarter. Goldman Sachs Group Inc. grew its position in NetScout Systems by 59.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,517,277 shares of the technology company’s stock worth $120,994,000 after purchasing an additional 1,305,337 shares during the last quarter. Turtle Creek Asset Management Inc. grew its position in NetScout Systems by 59.7% during the 3rd quarter. Turtle Creek Asset Management Inc. now owns 3,073,380 shares of the technology company’s stock worth $99,424,000 after purchasing an additional 1,148,671 shares during the last quarter. Finally, State Street Corp grew its position in NetScout Systems by 4.0% during the 2nd quarter. State Street Corp now owns 3,036,287 shares of the technology company’s stock worth $104,446,000 after purchasing an additional 116,515 shares during the last quarter.
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About NetScout Systems
NetScout Systems, Inc (NetScout) provides operational intelligence and performance analytics for service assurance and cyber security solutions. The Company’s solutions are used in various service provider, enterprise and government networks. Its nGenius and Infinistream technologies, along with certain product lines from the acquired businesses, enable information technology (IT) organizations to manage service delivery quality, and identify and address business service performance issues and security threats.
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