Ubiquiti Networks, Inc. (UBNT) Downgraded by Vetr Inc. to “Buy”
Vetr downgraded shares of Ubiquiti Networks, Inc. (NASDAQ:UBNT) from a strong-buy rating to a buy rating in a report released on Wednesday. The brokerage currently has $62.28 target price on the Wireless communications provider’s stock.
Other equities analysts have also recently issued reports about the company. BidaskClub raised Ubiquiti Networks from a hold rating to a buy rating in a report on Monday, July 31st. ValuEngine cut Ubiquiti Networks from a buy rating to a hold rating in a report on Thursday, August 3rd. Zacks Investment Research cut Ubiquiti Networks from a buy rating to a hold rating in a report on Monday, July 10th. Deutsche Bank AG boosted their price target on Ubiquiti Networks from $40.00 to $44.00 and gave the stock a hold rating in a report on Monday, August 7th. Finally, JMP Securities reissued a market perform rating on shares of Ubiquiti Networks in a report on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $58.06.
Ubiquiti Networks (NASDAQ:UBNT) traded down 2.0794% on Wednesday, reaching $56.0008. The company had a trading volume of 394,944 shares. The company’s 50-day moving average is $58.76 and its 200-day moving average is $53.41. Ubiquiti Networks has a 52-week low of $45.71 and a 52-week high of $67.80. The company has a market capitalization of $4.50 billion, a PE ratio of 18.1232 and a beta of 0.51.
Ubiquiti Networks (NASDAQ:UBNT) last released its quarterly earnings results on Thursday, August 3rd. The Wireless communications provider reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.06. Ubiquiti Networks had a return on equity of 45.87% and a net margin of 29.76%. The company had revenue of $228.60 million during the quarter, compared to analysts’ expectations of $219.14 million. During the same period in the previous year, the firm posted $0.69 earnings per share. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. Equities analysts anticipate that Ubiquiti Networks will post $3.68 EPS for the current fiscal year.
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Ubiquiti Networks declared that its board has approved a stock buyback plan on Tuesday, September 5th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the Wireless communications provider to purchase up to 18% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
In related news, insider Robert J. Pera sold 1,000,000 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $61.25, for a total value of $61,250,000.00. Following the completion of the transaction, the insider now directly owns 56,278,181 shares in the company, valued at $3,447,038,586.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 70.34% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its stake in Ubiquiti Networks by 4.3% in the second quarter. PNC Financial Services Group Inc. now owns 1,958 shares of the Wireless communications provider’s stock valued at $102,000 after purchasing an additional 80 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in Ubiquiti Networks in the first quarter valued at $113,000. Pacer Advisors Inc. increased its stake in Ubiquiti Networks by 22.2% in the first quarter. Pacer Advisors Inc. now owns 2,700 shares of the Wireless communications provider’s stock valued at $136,000 after purchasing an additional 490 shares during the last quarter. SG Americas Securities LLC acquired a new position in Ubiquiti Networks in the second quarter valued at $144,000. Finally, Lazard Asset Management LLC increased its stake in Ubiquiti Networks by 26.0% in the first quarter. Lazard Asset Management LLC now owns 3,683 shares of the Wireless communications provider’s stock valued at $185,000 after purchasing an additional 760 shares during the last quarter. Hedge funds and other institutional investors own 30.85% of the company’s stock.
About Ubiquiti Networks
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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