Ubiquiti Networks, Inc. (NASDAQ:UBNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $64.00 price target on the Wireless communications provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.91% from the stock’s current price.

According to Zacks, “Ubiquiti’s shares have charted an impressive trajectory in the past three months, outperforming the industry's gain. Ubiquiti’s excellent global business model, which is highly flexible and adaptable to any kind of change in markets, has helped it steer past challenges and maximize growth. Over the past few quarters, both of Ubiquiti’s business segments are experiencing solid prospects, which, in turn, have stoked its top line. Going forward, Ubiquiti’s product innovation is likely to emerge as long-term growth drivers. Especially, the Enterprise Technology business is expected to grab a higher market share for the rest of the fiscal year, fuelled by strong demand for its products. However, on the flip side, macroeconomic problems like currency risks, rising labor costs in key locations and natural disasters pose concerns for the company.”

UBNT has been the subject of a number of other reports. ValuEngine lowered shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Vetr raised shares of Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $58.36 target price for the company in a report on Wednesday, August 2nd. BidaskClub lowered shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Finally, Credit Suisse Group reissued a “sell” rating and issued a $54.00 target price on shares of Ubiquiti Networks in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Ubiquiti Networks presently has a consensus rating of “Buy” and a consensus price target of $58.06.

Shares of Ubiquiti Networks (NASDAQ:UBNT) opened at 57.19 on Thursday. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of 18.51 and a beta of 0.51. The stock has a 50 day moving average of $58.76 and a 200-day moving average of $53.41. Ubiquiti Networks has a one year low of $45.71 and a one year high of $67.80.

Ubiquiti Networks (NASDAQ:UBNT) last posted its earnings results on Thursday, August 3rd. The Wireless communications provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.06. Ubiquiti Networks had a net margin of 29.76% and a return on equity of 45.87%. The firm had revenue of $228.60 million during the quarter, compared to analyst estimates of $219.14 million. During the same period last year, the firm posted $0.69 earnings per share. Ubiquiti Networks’s revenue for the quarter was up 23.1% compared to the same quarter last year. On average, equities analysts expect that Ubiquiti Networks will post $3.68 earnings per share for the current year.

Ubiquiti Networks declared that its board has approved a stock repurchase program on Tuesday, September 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the Wireless communications provider to repurchase up to 18% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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In other news, insider Robert J. Pera sold 1,000,000 shares of Ubiquiti Networks stock in a transaction 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 completion of the sale, 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 filing with the SEC, which can be accessed through the SEC website. 70.34% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Renaissance Group LLC lifted its position in shares of Ubiquiti Networks by 2.1% during the second quarter. Renaissance Group LLC now owns 6,612 shares of the Wireless communications provider’s stock worth $344,000 after purchasing an additional 136 shares during the last quarter. Kempen Capital Management N.V. lifted its position in shares of Ubiquiti Networks by 81.7% during the second quarter. Kempen Capital Management N.V. now owns 64,721 shares of the Wireless communications provider’s stock worth $3,364,000 after purchasing an additional 29,111 shares during the last quarter. Regal Investment Advisors LLC bought a new stake in shares of Ubiquiti Networks during the first quarter worth $2,468,000. Virginia Retirement Systems ET AL lifted its position in shares of Ubiquiti Networks by 82.9% during the second quarter. Virginia Retirement Systems ET AL now owns 46,100 shares of the Wireless communications provider’s stock worth $2,396,000 after purchasing an additional 20,900 shares during the last quarter. Finally, EdgePoint Investment Group Inc. lifted its position in shares of Ubiquiti Networks by 10.0% during the second 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 during the last quarter. Institutional investors and hedge funds own 30.85% of the company’s stock.

Ubiquiti Networks Company 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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