Ubiquiti Networks, Inc. (UBNT) Rating Lowered to Hold at ValuEngine
Ubiquiti Networks, Inc. (NASDAQ:UBNT) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
UBNT has been the topic of a number of other reports. Vetr cut Ubiquiti Networks from a “strong-buy” rating to a “buy” rating and set a $65.54 price objective on the stock. in a research report on Wednesday, August 30th. Credit Suisse Group restated a “sell” rating and set a $54.00 price objective on shares of Ubiquiti Networks in a research report on Friday, August 4th. JMP Securities restated a “market perform” rating on shares of Ubiquiti Networks in a research report on Wednesday, September 27th. Zacks Investment Research upgraded Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Thursday, October 5th. Finally, BidaskClub upgraded Ubiquiti Networks from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $56.86.
Shares of Ubiquiti Networks (NASDAQ UBNT) opened at $65.59 on Thursday. The stock has a market capitalization of $5,040.00, a P/E ratio of 20.54, a PEG ratio of 1.21 and a beta of 0.50. Ubiquiti Networks has a 1 year low of $45.71 and a 1 year high of $67.80.
Ubiquiti Networks (NASDAQ:UBNT) last released its quarterly earnings data on Thursday, November 9th. The Wireless communications provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. The business had revenue of $245.90 million for the quarter, compared to analysts’ expectations of $240.39 million. Ubiquiti Networks had a return on equity of 45.45% and a net margin of 28.76%. Ubiquiti Networks’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.79 earnings per share. equities analysts forecast that Ubiquiti Networks will post 2.78 EPS for the current fiscal year.
Ubiquiti Networks announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the Wireless communications provider to repurchase up to 18% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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In other Ubiquiti Networks 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 sale, the insider now directly owns 56,278,181 shares in the company, valued at $3,447,038,586.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 70.34% of the company’s stock.
A number of large investors have recently made changes to their positions in UBNT. UBS Asset Management Americas Inc. grew its position in Ubiquiti Networks by 66.4% in the first quarter. UBS Asset Management Americas Inc. now owns 14,978 shares of the Wireless communications provider’s stock valued at $753,000 after acquiring an additional 5,978 shares during the period. Principal Financial Group Inc. boosted its stake in Ubiquiti Networks by 3.8% in the first quarter. Principal Financial Group Inc. now owns 6,069 shares of the Wireless communications provider’s stock worth $305,000 after purchasing an additional 223 shares in the last quarter. Teachers Advisors LLC boosted its stake in Ubiquiti Networks by 3.4% in the first quarter. Teachers Advisors LLC now owns 44,609 shares of the Wireless communications provider’s stock worth $2,242,000 after purchasing an additional 1,483 shares in the last quarter. Legal & General Group Plc boosted its stake in Ubiquiti Networks by 10.5% in the first quarter. Legal & General Group Plc now owns 10,062 shares of the Wireless communications provider’s stock worth $507,000 after purchasing an additional 958 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Ubiquiti Networks by 4.5% in the first quarter. Vanguard Group Inc. now owns 2,001,643 shares of the Wireless communications provider’s stock worth $100,601,000 after purchasing an additional 86,845 shares in the last quarter. Hedge funds and other institutional investors own 32.11% 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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