State of Tennessee Treasury Department purchased a new position in NetScout Systems, Inc. (NASDAQ:NTCT) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 30,000 shares of the technology company’s stock, valued at approximately $914,000.
A number of other hedge funds also recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in NetScout Systems by 8.0% in the third quarter. Dimensional Fund Advisors LP now owns 4,256,839 shares of the technology company’s stock valued at $137,710,000 after acquiring an additional 315,626 shares during the period. Turtle Creek Asset Management Inc. boosted its stake in NetScout Systems by 59.7% in the third quarter. Turtle Creek Asset Management Inc. now owns 3,073,380 shares of the technology company’s stock valued at $99,424,000 after acquiring an additional 1,148,671 shares during the period. Bank of New York Mellon Corp boosted its stake in NetScout Systems by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 1,875,399 shares of the technology company’s stock valued at $60,669,000 after acquiring an additional 14,361 shares during the period. Macquarie Group Ltd. boosted its stake in NetScout Systems by 6.8% in the third quarter. Macquarie Group Ltd. now owns 1,498,556 shares of the technology company’s stock valued at $48,478,000 after acquiring an additional 95,260 shares during the period. Finally, First Trust Advisors LP boosted its stake in NetScout Systems by 47.1% in the fourth quarter. First Trust Advisors LP now owns 543,980 shares of the technology company’s stock valued at $16,564,000 after acquiring an additional 174,147 shares during the period.
A number of equities analysts have commented on NTCT shares. Zacks Investment Research upgraded NetScout Systems from a “strong sell” rating to a “strong-buy” rating and set a $32.00 target price for the company in a research note on Wednesday. Craig Hallum set a $23.00 target price on NetScout Systems and gave the company a “hold” rating in a research note on Wednesday, January 10th. Royal Bank of Canada decreased their target price on NetScout Systems to $27.00 and set a “sector perform” rating for the company in a research note on Thursday, January 11th. Piper Jaffray Companies set a $30.00 target price on NetScout Systems and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, DA Davidson downgraded NetScout Systems from a “buy” rating to a “neutral” rating and decreased their target price for the company from $37.00 to $27.00 in a research note on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $28.50.
NetScout Systems (NASDAQ:NTCT) last released its quarterly earnings results on Tuesday, January 30th. The technology company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.02. The company had revenue of $272.00 million for the quarter, compared to analysts’ expectations of $271.36 million. NetScout Systems had a return on equity of 5.34% and a net margin of 7.95%. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. sell-side analysts forecast that NetScout Systems, Inc. will post 1.04 EPS for the current year.
In other news, insider John Downing sold 3,000 shares of NetScout Systems stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $28.20, for a total transaction of $84,600.00. Following the sale, the insider now owns 47,427 shares of the company’s stock, valued at $1,337,441.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 3.51% of the company’s stock.
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NetScout Systems Profile
NetScout Systems, Inc (NetScout) provides operational intelligence and performance analytics for service assurance and cyber security solutions. The Company’s solutions are used in various service provider, enterprise and government networks. Its nGenius and Infinistream technologies, along with certain product lines from the acquired businesses, enable information technology (IT) organizations to manage service delivery quality, and identify and address business service performance issues and security threats.
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