NetScout Systems (NASDAQ:NTCT) Issues Quarterly Earnings Results

NetScout Systems (NASDAQ:NTCT – Get Rating) announced its quarterly earnings results on Thursday. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02, Briefing.com reports. The business had revenue of $208.80 million during the quarter, compared to analysts’ expectations of $204.25 million. NetScout Systems had a net margin of 4.32% and a return on equity of 4.66%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.05 EPS. NetScout Systems updated its FY23 guidance to $1.97-2.03 EPS and its FY 2023 guidance to $1.97-$2.03 EPS.

NetScout Systems Trading Down 2.0 %

Shares of NASDAQ:NTCT traded down $0.68 on Friday, hitting $33.79. The company had a trading volume of 609,414 shares, compared to its average volume of 493,583. The firm’s 50-day simple moving average is $33.93 and its two-hundred day simple moving average is $32.73. NetScout Systems has a 1 year low of $26.01 and a 1 year high of $37.68. The company has a quick ratio of 1.88, a current ratio of 1.94 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 67.58, a P/E/G ratio of 5.23 and a beta of 0.60.

Analyst Ratings Changes

Several equities research analysts have weighed in on NTCT shares. StockNews.com raised shares of NetScout Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday. Piper Sandler cut shares of NetScout Systems from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $35.00 to $33.00 in a research report on Tuesday, May 31st.

Institutional Investors Weigh In On NetScout Systems

Several institutional investors and hedge funds have recently modified their holdings of the stock. Great West Life Assurance Co. Can lifted its position in shares of NetScout Systems by 0.5% in the 1st quarter. Great West Life Assurance Co. Can now owns 65,268 shares of the technology company’s stock worth $2,149,000 after purchasing an additional 335 shares during the period. Bank of Montreal Can lifted its position in NetScout Systems by 1.8% during the 1st quarter. Bank of Montreal Can now owns 21,657 shares of the technology company’s stock valued at $702,000 after acquiring an additional 392 shares during the period. US Bancorp DE lifted its position in NetScout Systems by 5.8% during the 1st quarter. US Bancorp DE now owns 14,554 shares of the technology company’s stock valued at $467,000 after acquiring an additional 804 shares during the period. Rhumbline Advisers lifted its position in NetScout Systems by 0.6% during the 1st quarter. Rhumbline Advisers now owns 211,685 shares of the technology company’s stock valued at $6,791,000 after acquiring an additional 1,186 shares during the period. Finally, Lazard Asset Management LLC purchased a new position in NetScout Systems during the 1st quarter valued at about $48,000. 93.67% of the stock is owned by hedge funds and other institutional investors.

NetScout Systems Company Profile

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NetScout Systems, Inc provides service assurance and cybersecurity solutions for protect digital business services against disruptions in the United States, Europe, Asia, and internationally. The company offers nGeniusONE management software that enables customers to predict, preempt, and resolve network and service delivery problems, as well as facilitate the optimization and capacity planning of their network infrastructures; and specialized platforms and analytic modules that enable its customers to analyze and troubleshoot traffic in radio access and Wi-Fi networks.