Ubiquiti Networks, Inc. (UBNT) Receives Consensus Recommendation of “Buy” from Brokerages
Ubiquiti Networks, Inc. (NASDAQ:UBNT) has been assigned a consensus recommendation of “Buy” from the eight ratings firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $58.06.
A number of brokerages recently commented on UBNT. Zacks Investment Research upgraded shares of Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Thursday. Vetr cut shares of Ubiquiti Networks from a “strong-buy” rating to a “buy” rating and set a $62.28 price target on the stock. in a research note on Wednesday. JMP Securities restated a “market perform” rating on shares of Ubiquiti Networks in a research note on Wednesday, September 27th. BidaskClub upgraded shares of Ubiquiti Networks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 8th. Finally, Deutsche Bank AG upped their price target on shares of Ubiquiti Networks from $40.00 to $44.00 and gave the company a “hold” rating in a research note on Monday, August 7th.
Ubiquiti Networks (NASDAQ:UBNT) traded up 0.16% during midday trading on Friday, hitting $56.27. 453,549 shares of the stock were exchanged. Ubiquiti Networks has a 1-year low of $45.71 and a 1-year high of $67.80. The firm has a market capitalization of $4.52 billion, a P/E ratio of 18.21 and a beta of 0.51. The firm’s 50-day moving average price is $58.21 and its 200 day moving average price is $53.46.
Ubiquiti Networks (NASDAQ:UBNT) last announced its quarterly earnings results on Thursday, August 3rd. The Wireless communications provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.06. The company had revenue of $228.60 million for the quarter, compared to analysts’ expectations of $219.14 million. Ubiquiti Networks had a net margin of 29.76% and a return on equity of 45.87%. Ubiquiti Networks’s revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.69 EPS. Analysts expect that Ubiquiti Networks will post $3.68 earnings per share for the current fiscal year.
Ubiquiti Networks announced that its board has initiated a stock buyback program on Tuesday, September 5th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the Wireless communications provider to repurchase up to 18% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Ubiquiti Networks news, insider Robert J. Pera sold 1,000,000 shares of the stock in a transaction that occurred on Monday, August 28th. The shares were 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 approximately $3,447,038,586.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 70.34% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of UBNT. BlackRock Inc. lifted its stake in Ubiquiti Networks by 11,607.1% in the 1st quarter. BlackRock Inc. now owns 1,965,976 shares of the Wireless communications provider’s stock worth $98,810,000 after purchasing an additional 1,949,183 shares in the last quarter. Jackson Square Partners LLC purchased a new stake in Ubiquiti Networks in the 2nd quarter worth approximately $56,496,000. EdgePoint Investment Group Inc. lifted its stake in Ubiquiti Networks by 10.0% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 6,325,182 shares of the Wireless communications provider’s stock worth $328,720,000 after purchasing an additional 575,640 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in Ubiquiti Networks by 34.4% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,616,027 shares of the Wireless communications provider’s stock worth $83,985,000 after purchasing an additional 413,560 shares in the last quarter. Finally, Sei Investments Co. purchased a new stake in Ubiquiti Networks in the 2nd quarter worth approximately $13,724,000. Institutional investors and hedge funds own 30.85% of the company’s stock.
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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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