NetScout Systems (NASDAQ:NTCT) Announces Quarterly Earnings Results

NetScout Systems (NASDAQ:NTCT – Get Rating) issued its earnings results on Thursday. The technology company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02, Briefing.com reports. The company 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 business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the previous year, the company earned $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 Price Performance

Shares of NASDAQ:NTCT traded down $0.68 during trading on Friday, hitting $33.79. 609,414 shares of the company were exchanged, compared to its average volume of 493,583. NetScout Systems has a 1-year low of $26.01 and a 1-year high of $37.68. The company has a market capitalization of $2.42 billion, a P/E ratio of 67.58, a price-to-earnings-growth ratio of 5.23 and a beta of 0.60. 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 business’s 50 day moving average is $33.93 and its 200-day moving average is $32.73.

Institutional Investors Weigh In On NetScout Systems

Hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of NetScout Systems by 0.7% during the first quarter. BlackRock Inc. now owns 12,301,739 shares of the technology company’s stock valued at $394,640,000 after purchasing an additional 90,198 shares in the last quarter. Vanguard Group Inc. raised its holdings in NetScout Systems by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 7,914,715 shares of the technology company’s stock valued at $253,904,000 after buying an additional 190,432 shares during the last quarter. State Street Corp boosted its position in NetScout Systems by 3.4% during the 1st quarter. State Street Corp now owns 2,841,865 shares of the technology company’s stock worth $91,167,000 after buying an additional 92,978 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of NetScout Systems by 1.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 942,289 shares of the technology company’s stock valued at $30,229,000 after acquiring an additional 17,085 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of NetScout Systems by 45.3% during the first quarter. Invesco Ltd. now owns 732,879 shares of the technology company’s stock worth $23,511,000 after purchasing an additional 228,324 shares during the period. Institutional investors and hedge funds own 93.67% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.