Vetr downgraded shares of Ubiquiti Networks, Inc. (NASDAQ:UBNT) from a strong-buy rating to a buy rating in a report published on Tuesday. The brokerage currently has $65.54 price target on the Wireless communications provider’s stock.
UBNT has been the subject of a number of other reports. Credit Suisse Group reiterated a sell rating and issued a $54.00 price objective on shares of Ubiquiti Networks in a research report on Friday, August 4th. ValuEngine lowered Ubiquiti Networks from a buy rating to a hold rating in a research report on Thursday, August 3rd. BidaskClub upgraded Ubiquiti Networks from a hold rating to a buy rating in a research report on Tuesday, June 27th. Zacks Investment Research lowered Ubiquiti Networks from a buy rating to a hold rating in a research report on Monday, July 10th. Finally, Deutsche Bank AG lifted their price objective on Ubiquiti Networks from $40.00 to $44.00 and gave the stock a hold rating in a research report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Ubiquiti Networks presently has a consensus rating of Hold and an average price target of $56.31.
Shares of Ubiquiti Networks (NASDAQ:UBNT) opened at 54.95 on Tuesday. The firm has a market capitalization of $4.42 billion, a P/E ratio of 17.78 and a beta of 0.51. Ubiquiti Networks has a one year low of $45.71 and a one year high of $67.80. The firm has a 50-day moving average of $61.45 and a 200-day moving average of $52.94.
Ubiquiti Networks (NASDAQ:UBNT) last announced its quarterly earnings data on Thursday, August 3rd. The Wireless communications provider reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.06. The firm had revenue of $228.60 million during the quarter, compared to analyst estimates of $219.14 million. Ubiquiti Networks had a return on equity of 45.87% and a net margin of 29.76%. The company’s revenue was up 23.1% on a year-over-year basis. During the same period last year, the company earned $0.69 earnings per share. On average, equities analysts predict that Ubiquiti Networks will post $3.61 earnings per share for the current fiscal year.
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Ubiquiti Networks declared that its Board of Directors has initiated a share buyback program on Tuesday, September 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the Wireless communications provider to buy up to 18% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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 transaction, the insider now 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 SEC, which is available through this link. 70.34% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Group LLC boosted its holdings in 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 buying an additional 136 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Ubiquiti Networks by 5.7% during the first quarter. Wells Fargo & Company MN now owns 150,286 shares of the Wireless communications provider’s stock worth $7,554,000 after buying an additional 8,091 shares during the last quarter. Regal Investment Advisors LLC bought a new position in Ubiquiti Networks during the first quarter worth about $2,468,000. Virginia Retirement Systems ET AL boosted its holdings in 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 buying an additional 20,900 shares during the last quarter. Finally, AXA boosted its holdings in Ubiquiti Networks by 162.9% during the first quarter. AXA now owns 18,400 shares of the Wireless communications provider’s stock worth $925,000 after buying an additional 11,400 shares during the last quarter. Hedge funds and other institutional investors own 30.88% 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.
To view Vetr’s full report, visit Vetr’s official website.
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