Cubist Systematic Strategies LLC Sells 51,210 Shares of NETGEAR, Inc. (NASDAQ:NTGR)

Cubist Systematic Strategies LLC cut its holdings in NETGEAR, Inc. (NASDAQ:NTGR) by 42.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,852 shares of the communications equipment provider’s stock after selling 51,210 shares during the period. Cubist Systematic Strategies LLC owned about 0.25% of NETGEAR worth $1,975,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Summit Investment Advisors Inc. raised its holdings in shares of NETGEAR by 19.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,917 shares of the communications equipment provider’s stock valued at $81,000 after purchasing an additional 479 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of NETGEAR by 2.6% in the fourth quarter. Legal & General Group Plc now owns 32,902 shares of the communications equipment provider’s stock valued at $917,000 after purchasing an additional 846 shares during the last quarter. Franklin Resources Inc. raised its holdings in NETGEAR by 5.3% during the third quarter. Franklin Resources Inc. now owns 42,673 shares of the communications equipment provider’s stock worth $883,000 after acquiring an additional 2,166 shares in the last quarter. New York State Common Retirement Fund raised its holdings in NETGEAR by 49.3% during the fourth quarter. New York State Common Retirement Fund now owns 7,566 shares of the communications equipment provider’s stock worth $211,000 after acquiring an additional 2,500 shares in the last quarter. Finally, New York State Teachers Retirement System bought a new stake in NETGEAR during the fourth quarter worth about $72,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NETGEAR

In related news, CFO Murray Bryan sold 3,848 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $23.92, for a total value of $92,044.16. Following the transaction, the chief financial officer now owns 193,032 shares in the company, valued at approximately $4,617,325.44. This represents a 1.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles J. Prober sold 10,929 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $26.64, for a total transaction of $291,148.56. Following the completion of the transaction, the chief executive officer now owns 507,763 shares in the company, valued at approximately $13,526,806.32. This trade represents a 2.11% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 17,448 shares of company stock worth $458,221. 7.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NTGR has been the topic of several analyst reports. Raymond James upped their target price on NETGEAR from $22.00 to $29.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. StockNews.com upgraded NETGEAR from a “hold” rating to a “buy” rating in a report on Monday, May 5th.

NETGEAR Price Performance

Shares of NTGR stock opened at $29.05 on Monday. The stock has a market cap of $836.12 million, a P/E ratio of 72.63 and a beta of 1.09. The company has a fifty day moving average price of $23.89 and a two-hundred day moving average price of $25.26. NETGEAR, Inc. has a one year low of $12.08 and a one year high of $31.55.

NETGEAR (NASDAQ:NTGR) last issued its earnings results on Wednesday, April 30th. The communications equipment provider reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.35) by $0.37. NETGEAR had a negative return on equity of 9.24% and a net margin of 1.83%. The company had revenue of $162.06 million during the quarter, compared to the consensus estimate of $152.24 million. During the same period in the previous year, the company posted ($0.28) EPS. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities research analysts anticipate that NETGEAR, Inc. will post -1.84 EPS for the current fiscal year.

NETGEAR Company Profile

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.