The New York State Teachers Retirement System has raised its investment in NetScout Systems, Inc. by 8.3% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 77,509 shares of the technology company, reflecting an increase of 5,919 shares during this period. As of the latest SEC disclosure, this stake is valued at approximately $1.92 million, representing around 0.11% of NetScout Systems.
Changes in investment positions among institutional investors have been notable. Ameritas Advisory Services LLC entered a new position in NetScout Systems in the second quarter, valued at around $27,000. Additionally, Ransom Advisory Ltd acquired a stake worth $34,000 during the first quarter, while PNC Financial Services Group Inc. increased its holdings by 15.8%, now owning 4,048 shares valued at $85,000. Furthermore, the State of Wyoming also established a new stake worth $106,000, and Quantbot Technologies LP significantly expanded its holdings by 262.1%, bringing its total to 8,782 shares valued at $185,000. Overall, hedge funds and institutional investors collectively own approximately 91.64% of NetScout Systems.
Stock Performance and Analyst Ratings
NetScout Systems has shown some movement in its stock trading, with shares opening at $26.77 on Wednesday, reflecting a 1.1% increase. The company has a market capitalization of $1.92 billion and a price-to-earnings ratio of 26.77, with a beta of 0.72. Over the past year, the stock has fluctuated between a low of $18.12 and a high of $27.89.
Equities research analysts have varied opinions on NetScout Systems. Weiss Ratings recently reaffirmed a “sell (d+)” rating, while B. Riley initiated coverage with a “buy” rating and set a price target of $33.00. Currently, the consensus rating for the stock is “Hold” with a price target of $29.00, according to data from MarketBeat.com.
Recent Earnings and Insider Activity
NetScout Systems reported its earnings on August 7, 2023, revealing an earnings per share (EPS) of $0.34, surpassing the consensus estimate of $0.29 by $0.05. The company achieved a net margin of 8.72% and a return on equity of 7.47%. Revenue for the quarter reached $186.75 million, exceeding analysts’ expectations of $181.50 million, which marks a 6.9% increase compared to the same quarter last year.
In terms of insider transactions, Director Alfred Grasso sold 5,644 shares on August 27, 2023, at an average price of $24.44, totaling approximately $137,939.36. Following this transaction, Grasso’s ownership decreased to 33,000 shares, valued at around $806,520. Similarly, Director Michael Szabados sold 4,000 shares on August 22, 2023, at an average price of $22.91, resulting in a total value of $91,640. After this trade, Szabados holds 38,939 shares valued at $892,092.49. Insider activity over the last quarter indicates that corporate insiders sold a total of 15,000 shares valued at $358,873, with insiders owning approximately 3.82% of the company’s stock.
NetScout Systems, Inc. provides service assurance and cybersecurity solutions to protect digital business services globally. The company offers the nGeniusONE management software, which helps clients predict and resolve network issues, optimize infrastructure, and plan capacity effectively.
