Ubiquiti Networks, Inc. (UBNT) Shares Sold by Legal & General Group Plc
Legal & General Group Plc reduced its holdings in Ubiquiti Networks, Inc. (NASDAQ:UBNT) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,897 shares of the Wireless communications provider’s stock after selling 165 shares during the quarter. Legal & General Group Plc’s holdings in Ubiquiti Networks were worth $514,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in UBNT. BlackRock Inc. increased 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 acquiring an additional 1,949,183 shares during the last quarter. Sei Investments Co. bought a new position in Ubiquiti Networks in the 2nd quarter worth about $13,724,000. Goldman Sachs Group Inc. increased its stake in Ubiquiti Networks by 115.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 26,524 shares of the Wireless communications provider’s stock worth $1,333,000 after acquiring an additional 194,047 shares during the last quarter. Vanguard Group Inc. increased its stake in Ubiquiti Networks by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 2,001,643 shares of the Wireless communications provider’s stock worth $100,601,000 after acquiring an additional 86,845 shares during the last quarter. Finally, State Street Corp increased its stake in Ubiquiti Networks by 12.7% in the 1st quarter. State Street Corp now owns 557,346 shares of the Wireless communications provider’s stock worth $28,012,000 after acquiring an additional 62,694 shares during the last quarter. Institutional investors and hedge funds own 30.85% of the company’s stock.
UBNT has been the topic of a number of research analyst reports. BidaskClub upgraded Ubiquiti Networks from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Vetr lowered Ubiquiti Networks from a “strong-buy” rating to a “buy” rating and set a $55.50 target price on the stock. in a research note on Monday, June 26th. Zacks Investment Research upgraded Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Thursday. Finally, ValuEngine lowered Ubiquiti Networks from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $58.06.
In other Ubiquiti Networks news, insider Robert J. Pera sold 1,000,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 56,278,181 shares of the company’s stock, valued at $3,447,038,586.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 70.34% of the stock is owned by company insiders.
Ubiquiti Networks, Inc. (NASDAQ:UBNT) opened at 56.27 on Friday. Ubiquiti Networks, Inc. has a 52 week low of $45.71 and a 52 week high of $67.80. The firm has a 50-day moving average price of $58.21 and a 200-day moving average price of $53.46. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 18.21 and a beta of 0.51.
Ubiquiti Networks (NASDAQ:UBNT) last posted 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 business had revenue of $228.60 million for the quarter, compared to analysts’ expectations of $219.14 million. Ubiquiti Networks had a return on equity of 45.87% and a net margin of 29.76%. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the firm earned $0.69 earnings per share. Analysts anticipate that Ubiquiti Networks, Inc. will post $3.68 EPS for the current fiscal year.
Ubiquiti Networks announced that its Board of Directors 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
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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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