NETGEAR (NASDAQ:NTGR) Hits New 12-Month High – Here’s Why

NETGEAR, Inc. (NASDAQ:NTGR)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $31.55 and last traded at $30.00, with a volume of 92396 shares trading hands. The stock had previously closed at $25.68.

Analyst Upgrades and Downgrades

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

NETGEAR Trading Down 0.7 %

The company has a market capitalization of $768.45 million, a P/E ratio of 41.09 and a beta of 0.86. The stock’s fifty day moving average is $23.48 and its 200 day moving average is $18.83.

Insider Activity

In related news, Director Thomas H. Waechter sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was 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 $1,859,726.70. This represents a 3.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP boosted its stake in shares of NETGEAR by 66.5% during the 3rd quarter. Quarry LP now owns 1,856 shares of the communications equipment provider’s stock valued at $37,000 after purchasing an additional 741 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in NETGEAR during the 3rd quarter valued at approximately $91,000. Values First Advisors Inc. purchased a new position in shares of NETGEAR during the 3rd quarter worth approximately $144,000. Creative Planning bought a new position in shares of NETGEAR in the 3rd quarter worth approximately $235,000. Finally, Versor Investments LP purchased a new position in shares of NETGEAR in the 3rd quarter valued at approximately $235,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

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.