Jennison Associates LLC acquired a new stake in shares of Netgear Inc. (NASDAQ:NTGR) during the third quarter, Holdings Channel reports. The fund acquired 16,718 shares of the company’s stock, valued at approximately $1,011,000. Jennison Associates LLC owned 0.05% of Netgear at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new stake in shares of Netgear during the third quarter worth $116,000. PNC Financial Services Group Inc. raised its stake in shares of Netgear by 949.2% in the second quarter. PNC Financial Services Group Inc. now owns 2,791 shares of the company’s stock worth $133,000 after buying an additional 2,525 shares in the last quarter. PineBridge Investments L.P. raised its stake in shares of Netgear by 4.3% in the second quarter. PineBridge Investments L.P. now owns 4,130 shares of the company’s stock worth $197,000 after buying an additional 169 shares in the last quarter. Amalgamated Bank bought a new stake in shares of Netgear during the second quarter worth $208,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of Netgear during the first quarter worth $212,000. 97.54% of the stock is currently owned by institutional investors and hedge funds.
Netgear Inc. (NASDAQ:NTGR) opened at 52.45 on Friday. The company has a 50-day moving average of $51.89 and a 200 day moving average of $51.35. The company has a market cap of $1.73 billion, a P/E ratio of 23.25 and a beta of 1.68. Netgear Inc. has a one year low of $33.39 and a one year high of $60.82.
Netgear (NASDAQ:NTGR) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. Netgear had a net margin of 5.72% and a return on equity of 12.20%. The business earned $338.50 million during the quarter, compared to the consensus estimate of $323.82 million. During the same period in the previous year, the firm posted $0.67 earnings per share. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. Analysts anticipate that Netgear Inc. will post $3.00 earnings per share for the current year.
NTGR has been the subject of a number of research reports. Rosenblatt Securities upgraded shares of Netgear from a “neutral” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Thursday, October 27th. Vetr lowered Netgear from a “strong-buy” rating to a “buy” rating and set a $60.73 price objective for the company. in a research note on Wednesday, October 26th. Wunderlich upped their price objective on Netgear from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, September 8th. Zacks Investment Research lowered Netgear from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Finally, BWS Financial lowered Netgear from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $64.00 to $60.00 in a research note on Monday, October 3rd. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Netgear presently has a consensus rating of “Buy” and a consensus target price of $57.04.
In other news, CFO Christine Marie Gorjanc sold 50,304 shares of Netgear stock in a transaction on Monday, October 31st. The shares were sold at an average price of $50.33, for a total transaction of $2,531,800.32. Following the completion of the sale, the chief financial officer now directly owns 100,101 shares in the company, valued at $5,038,083.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Tamesa Rogers sold 650 shares of Netgear stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $57.16, for a total transaction of $37,154.00. Following the sale, the senior vice president now owns 13,525 shares of the company’s stock, valued at $773,089. The disclosure for this sale can be found here. Insiders own 5.40% of the company’s stock.
NETGEAR, Inc is a global networking company. The Company’s product line consists of devices, such as network attached storage, Internet protocol security cameras, and home automation devices and services. Its segments include retail, commercial and service provider. The retail business unit consists of home networking, home video security, storage and digital media products.