NetScout Systems (NTCT) Shares Down 13.6% After Analyst Downgrade
NetScout Systems, Inc. (NASDAQ:NTCT)’s share price fell 13.6% during mid-day trading on Thursday after Royal Bank of Canada lowered their price target on the stock to $27.00. Royal Bank of Canada currently has a sector perform rating on the stock. NetScout Systems traded as low as $26.00 and last traded at $26.27. 8,313,300 shares traded hands during trading, an increase of 398% from the average session volume of 1,670,757 shares. The stock had previously closed at $30.40.
NTCT has been the subject of a number of other reports. Zacks Investment Research downgraded NetScout Systems from a “buy” rating to a “sell” rating in a research note on Thursday, November 2nd. BidaskClub upgraded NetScout Systems from a “sell” rating to a “hold” rating in a report on Wednesday, December 27th. B. Riley restated a “buy” rating and issued a $36.00 price target on shares of NetScout Systems in a report on Friday, October 27th. Craig Hallum lowered their price target on NetScout Systems from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Thursday, October 26th. Finally, DA Davidson cut NetScout Systems from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $37.00 to $27.00 in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $29.67.
In other NetScout Systems news, EVP John Downing sold 3,000 shares of the stock in a transaction 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 owns 88,821 shares in the company, valued at approximately $2,502,087.57. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael Szabados sold 5,000 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $28.19, for a total value of $140,950.00. Following the sale, the insider now owns 43,424 shares in the company, valued at approximately $1,224,122.56. The disclosure for this sale can be found here. Corporate insiders own 3.51% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. AXA grew its holdings in NetScout Systems by 14.0% during the 3rd quarter. AXA now owns 281,300 shares of the technology company’s stock valued at $9,100,000 after buying an additional 34,500 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in NetScout Systems by 17.3% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 19,924 shares of the technology company’s stock valued at $645,000 after buying an additional 2,939 shares during the last quarter. Turtle Creek Asset Management Inc. grew its holdings 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 valued at $99,424,000 after buying an additional 1,148,671 shares during the last quarter. Royce & Associates LP grew its holdings in NetScout Systems by 25.3% during the 3rd quarter. Royce & Associates LP now owns 257,700 shares of the technology company’s stock valued at $8,337,000 after buying an additional 52,100 shares during the last quarter. Finally, B. Riley Financial Inc. grew its holdings in NetScout Systems by 118.2% during the 3rd quarter. B. Riley Financial Inc. now owns 38,196 shares of the technology company’s stock valued at $1,244,000 after buying an additional 20,693 shares during the last quarter.
The company has a market capitalization of $2,260.00, a price-to-earnings ratio of 144.17, a P/E/G ratio of 1.87 and a beta of 1.60. The company has a current ratio of 1.60, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14.
NetScout Systems (NASDAQ:NTCT) last announced its earnings results on Thursday, October 26th. The technology company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $256.90 million for the quarter, compared to analysts’ expectations of $251.13 million. NetScout Systems had a negative return on equity of 0.44% and a negative net margin of 0.96%. NetScout Systems’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 EPS. equities research analysts forecast that NetScout Systems, Inc. will post 1.59 earnings per share for the current year.
NetScout Systems announced that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that authorizes the company to buyback 25,000,000 outstanding shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
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NetScout Systems Company Profile
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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