NETGEAR (NASDAQ:NTGR) Stock Price Down 5.6% – Here’s What Happened

NETGEAR, Inc. (NASDAQ:NTGR) was down 5.6% during mid-day trading on Monday . The company traded as low as $22.86 and last traded at $22.7940. 31,283 shares traded hands during trading, a decline of 93% from the average session volume of 465,588 shares. The stock had previously closed at $24.15.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of NETGEAR in a research report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, NETGEAR has a consensus rating of “Hold” and an average target price of $36.00.

NETGEAR Trading Down 7.0%

The stock has a market cap of $610.46 million, a P/E ratio of -24.14 and a beta of 1.20. The stock’s fifty day moving average price is $23.49 and its 200 day moving average price is $23.32.

NETGEAR (NASDAQ:NTGR) last issued its quarterly earnings data on Thursday, August 6th. The communications equipment provider reported $0.16 EPS for the quarter, beating the consensus estimate of $0.01 by $0.15. The firm had revenue of $168.56 million during the quarter, compared to the consensus estimate of $157.80 million. NETGEAR had a negative net margin of 3.71% and a negative return on equity of 2.79%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.06 earnings per share. On average, analysts anticipate that NETGEAR, Inc. will post -0.5 earnings per share for the current year.

Insider Activity at NETGEAR

In related news, Director Laura Durr sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $26.76, for a total value of $26,760.00. Following the transaction, the director owned 42,059 shares of the company’s stock, valued at approximately $1,125,498.84. This trade represents a 2.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shravan Goli sold 3,381 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $26.89, for a total value of $90,915.09. Following the completion of the sale, the director owned 25,857 shares of the company’s stock, valued at $695,294.73. This trade represents a 11.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 12,085 shares of company stock worth $313,933. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On NETGEAR

A number of hedge funds have recently made changes to their positions in NTGR. BlackRock Inc. bought a new stake in NETGEAR during the 2nd quarter valued at approximately $82,799,000. Vanguard Group Inc. raised its stake in NETGEAR by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 2,543,240 shares of the communications equipment provider’s stock valued at $62,386,000 after purchasing an additional 74,457 shares in the last quarter. Brandes Investment Partners LP lifted its position in NETGEAR by 10.8% during the fourth quarter. Brandes Investment Partners LP now owns 1,855,555 shares of the communications equipment provider’s stock valued at $45,517,000 after purchasing an additional 180,295 shares during the last quarter. Dimensional Fund Advisors LP increased its position in NETGEAR by 5.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,636,697 shares of the communications equipment provider’s stock valued at $53,010,000 after acquiring an additional 85,228 shares during the last quarter. Finally, Windward Management LP purchased a new position in shares of NETGEAR during the fourth quarter valued at approximately $35,468,000. Institutional investors own 82.97% of the company’s stock.

About NETGEAR

NETGEAR, Inc (NASDAQ: NTGR) is a global provider of networking solutions for consumer, business and service provider markets. The company designs, develops and markets a comprehensive portfolio of products that enable high-speed connectivity, data storage and network security for homes, small to medium-sized businesses and large enterprises.

Its product lineup includes Wi-Fi routers, mesh networking systems, cable modems, mobile broadband gateways and Ethernet switches—offered in both managed and unmanaged configurations.