Allianz Asset Management GmbH reduced its position in shares of NetGear, Inc. (NASDAQ:NTGR) by 88.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,226 shares of the communications equipment provider’s stock after selling 47,289 shares during the period. Allianz Asset Management GmbH’s holdings in NetGear were worth $356,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in NTGR. Glenmede Trust Co. NA acquired a new position in NetGear during the fourth quarter valued at approximately $50,574,000. BlackRock Inc. raised its position in NetGear by 5.0% during the first quarter. BlackRock Inc. now owns 4,330,376 shares of the communications equipment provider’s stock valued at $247,696,000 after purchasing an additional 207,037 shares in the last quarter. Spark Investment Management LLC raised its position in NetGear by 213.3% during the first quarter. Spark Investment Management LLC now owns 214,300 shares of the communications equipment provider’s stock valued at $12,257,000 after purchasing an additional 145,900 shares in the last quarter. Federated Investors Inc. PA raised its position in NetGear by 249.8% during the first quarter. Federated Investors Inc. PA now owns 151,052 shares of the communications equipment provider’s stock valued at $8,640,000 after purchasing an additional 107,875 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in NetGear during the first quarter valued at approximately $5,790,000. Institutional investors and hedge funds own 97.52% of the company’s stock.
NetGear opened at $67.80 on Friday, according to MarketBeat. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 28.32 and a beta of 1.90. NetGear, Inc. has a fifty-two week low of $43.10 and a fifty-two week high of $71.42.
In other NetGear news, SVP Michael F. Falcon sold 520 shares of the business’s stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $62.05, for a total transaction of $32,266.00. Following the sale, the senior vice president now owns 40,805 shares of the company’s stock, valued at $2,531,950.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Patrick Cs Lo sold 13,999 shares of the business’s stock in a transaction on Tuesday, May 1st. The stock was sold at an average price of $55.12, for a total transaction of $771,624.88. Following the completion of the sale, the chairman now directly owns 218,435 shares in the company, valued at approximately $12,040,137.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,719 shares of company stock worth $2,952,802. Insiders own 5.10% of the company’s stock.
Several research analysts have commented on NTGR shares. Guggenheim restated a “buy” rating and set a $76.00 price objective on shares of NetGear in a research report on Friday, April 27th. Zacks Investment Research downgraded shares of NetGear from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. ValuEngine upgraded shares of NetGear from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. Finally, BidaskClub cut shares of NetGear from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 26th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $70.25.
NETGEAR, Inc designs, develops, and markets networking and Internet connected products for consumers, businesses, and service providers. The company operates in three segments: Arlo, Connected Home, and Small and Medium Business. It offers smart home/connected home/broadband access products, such as remote video security systems, broadband modems, WiFi gateways, WiFi hotspots, WiFi routers and home WiFi systems, WiFi range extenders, Powerline adapters and bridges, and WiFi network adapters.
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