NETGEAR (NASDAQ:NTGR) Trading Up 8.9% – Here’s What Happened

NETGEAR, Inc. (NASDAQ:NTGR) shares rose 8.9% during mid-day trading on Friday . The company traded as high as $29.14 and last traded at $29.09. Approximately 262,760 shares changed hands during trading, a decline of 4% from the average daily volume of 273,499 shares. The stock had previously closed at $26.71.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of NETGEAR from a “hold” rating to a “buy” rating in a research note on Friday, November 1st.

NETGEAR Trading Up 4.8 %

The company’s 50-day simple moving average is $23.62 and its 200 day simple moving average is $18.97. The stock has a market cap of $805.56 million, a P/E ratio of 43.08 and a beta of 0.86.

Insider Buying and Selling

In related news, Director Thomas H. Waechter sold 2,000 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $30.42, for a total transaction of $60,840.00. Following the completion of the transaction, the director now owns 61,135 shares in the company, valued at approximately $1,859,726.70. This represents a 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 7.00% of the stock is currently owned by corporate insiders.

Institutional Trading of NETGEAR

Several hedge funds have recently added to or reduced their stakes in NTGR. Brandes Investment Partners LP increased its stake in shares of NETGEAR by 6.8% during the 2nd quarter. Brandes Investment Partners LP now owns 3,896,492 shares of the communications equipment provider’s stock worth $59,246,000 after purchasing an additional 247,162 shares during the last quarter. American Century Companies Inc. grew its holdings in NETGEAR by 137.3% during the second quarter. American Century Companies Inc. now owns 353,893 shares of the communications equipment provider’s stock valued at $5,415,000 after purchasing an additional 204,734 shares during the period. Tenzing Global Management LLC purchased a new stake in NETGEAR in the third quarter worth $3,510,000. Los Angeles Capital Management LLC bought a new stake in shares of NETGEAR in the third quarter valued at $1,805,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of NETGEAR by 124.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 145,413 shares of the communications equipment provider’s stock valued at $2,917,000 after buying an additional 80,746 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

About NETGEAR

NETGEAR, Inc provides connectivity solutions the Americas; Europe, the Middle East, Africa; and the Asia Pacific. The company operates in two segments, Connected Home, and NETGEAR for Business. The Connected Home segment offers Wi-Fi routers and home Wi-Fi mesh systems, Wi-Fi hotspots, digital displays, broadband modems, Wi-Fi gateways, Wi-Fi range extenders, powerline adapters, and Wi-Fi network adapters; and provides value-added service offerings, including security and privacy, technical support, and parental controls.