Lagoda Investment Management L.P. Has $23.69 Million Holdings in Ubiquiti Networks, Inc. (UBNT)
Lagoda Investment Management L.P. grew its position in Ubiquiti Networks, Inc. (NASDAQ:UBNT) by 8.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 455,894 shares of the Wireless communications provider’s stock after purchasing an additional 33,765 shares during the period. Ubiquiti Networks comprises about 9.1% of Lagoda Investment Management L.P.’s holdings, making the stock its 3rd largest position. Lagoda Investment Management L.P. owned approximately 0.57% of Ubiquiti Networks worth $23,693,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the business. Janus Henderson Group PLC acquired a new position in Ubiquiti Networks in the 2nd quarter worth about $408,000. Macquarie Group Ltd. acquired a new position in Ubiquiti Networks in the 2nd quarter worth about $11,492,000. Goldman Sachs Group Inc. increased its position in Ubiquiti Networks by 208.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 81,832 shares of the Wireless communications provider’s stock worth $4,253,000 after purchasing an additional 55,308 shares during the last quarter. Balyasny Asset Management LLC acquired a new position in Ubiquiti Networks in the 2nd quarter worth about $1,299,000. Finally, Stifel Financial Corp increased its position in Ubiquiti Networks by 2.4% in the 2nd quarter. Stifel Financial Corp now owns 54,400 shares of the Wireless communications provider’s stock worth $2,827,000 after purchasing an additional 1,250 shares during the last quarter. 30.85% of the stock is currently owned by institutional investors.
Shares of Ubiquiti Networks, Inc. (NASDAQ UBNT) traded down 1.61% on Thursday, hitting $56.27. The stock had a trading volume of 292,054 shares. Ubiquiti Networks, Inc. has a one year low of $45.71 and a one year high of $67.80. The firm’s 50 day moving average is $58.76 and its 200-day moving average is $53.41. The stock has a market capitalization of $4.52 billion, a PE ratio of 18.21 and a beta of 0.51.
Ubiquiti Networks (NASDAQ:UBNT) last announced its quarterly earnings results on Thursday, August 3rd. The Wireless communications provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.06. The firm had revenue of $228.60 million for the quarter, compared to the consensus estimate of $219.14 million. Ubiquiti Networks had a return on equity of 45.87% and a net margin of 29.76%. The business’s revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.69 earnings per share. Equities research analysts expect that Ubiquiti Networks, Inc. will post $3.68 earnings per share for the current fiscal year.
Ubiquiti Networks declared that its Board of Directors has authorized a share repurchase program on Tuesday, September 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the Wireless communications provider to reacquire up to 18% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other Ubiquiti Networks news, insider Robert J. Pera sold 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $61.25, for a total transaction of $61,250,000.00. Following the transaction, the insider now owns 56,278,181 shares of the company’s stock, valued at $3,447,038,586.25. The sale was disclosed in a document filed with the SEC, which is available through this link. 70.34% of the stock is owned by insiders.
Several brokerages have weighed in on UBNT. Deutsche Bank AG upped their target price on Ubiquiti Networks from $40.00 to $44.00 and gave the stock a “hold” rating in a research report on Monday, August 7th. Credit Suisse Group reaffirmed a “sell” rating and issued a $54.00 target price on shares of Ubiquiti Networks in a research report on Friday, August 4th. BidaskClub raised Ubiquiti Networks from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 8th. ValuEngine lowered Ubiquiti Networks from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. Finally, Vetr raised Ubiquiti Networks from a “buy” rating to a “strong-buy” rating and set a $69.54 target price on the stock in a research report on Tuesday, August 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $58.06.
Ubiquiti Networks Profile
Ubiquiti Networks, Inc develops performance networking technology for service providers and enterprises. The Company offers a portfolio of networking products and solutions. Its service provider product platforms provide carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems and routing.
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