Netgear On A Roll As Shares Climb 8% Overnight
Netgear who has been slowly repositioning their brand in Australia, more to the top end than the value market is seeing their strategy pay off.
The Company who were the first to launch a new generation of mesh network Orbi routers and a new range of stylish security cameras in the consumer saw their share value rally 8% overnight after reporting that revenue rose 6% to US$331 million, compared with US$312 million a year ago. Analysts had expected adjusted earnings of 54 cents a share on sales of $325 million. Netgear said it expects third quarter 2017 net revenue to be in the range of $340 million to $355 million.
Netgear said it earned $14.6 million, or 44 cents a share, in the second quarter, compared with $16 million, or 48 cents a share, in the second quarter of 2016.
Adjusted for one-time items, the company earned $19.9 million, or 60 cents a share, compared with $24.1 million, or 72 cents a share, a year ago.
In recent weeks several senior executives of the global network Company have been trading their shares.
SVP Michael F. Falcon sold 521 shares of the stock in a transaction dated Monday, April 17th.
The shares were sold at an average price of $49.40, for a total value of $25,737.40.
Following the sale, the senior vice president now directly owns 31,081 shares of the company’s stock, valued at approximately $1,535,401.40.
Also, CEO Patrick Cs Lo sold 9,900 shares of the stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $46.79, for a total transaction of $463,221.00. Following the completion of the sale, the chief executive officer now directly owns 155,418 shares in the company, valued at $7,272,008.22.