Ubiquiti Networks, Inc. (UBNT) Rating Lowered to Buy at Vetr Inc.

Ubiquiti Networks, Inc. (NASDAQ:UBNT) was downgraded by Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday. They currently have a $62.28 price target on the Wireless communications provider’s stock. Vetr‘s price target would suggest a potential upside of 10.86% from the company’s previous close.

UBNT has been the topic of several other research reports. Credit Suisse Group reiterated a “sell” rating and issued a $54.00 price target on shares of Ubiquiti Networks in a research note on Friday, August 4th. JMP Securities reiterated a “market perform” rating on shares of Ubiquiti Networks in a research note on Wednesday, September 27th. ValuEngine lowered Ubiquiti Networks from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. BidaskClub upgraded Ubiquiti Networks from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Finally, Zacks Investment Research lowered Ubiquiti Networks from a “buy” rating to a “hold” rating in a research note on Monday, July 10th. One analyst has rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Ubiquiti Networks presently has an average rating of “Buy” and a consensus target price of $58.06.

Ubiquiti Networks (UBNT) opened at 56.18 on Wednesday. The firm has a market cap of $4.51 billion, a price-to-earnings ratio of 18.18 and a beta of 0.51. Ubiquiti Networks has a 1-year low of $45.71 and a 1-year high of $67.80. The firm has a 50-day moving average price of $58.47 and a 200-day moving average price of $53.43.

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

Ubiquiti Networks announced that its Board of Directors has authorized a share repurchase program on Tuesday, September 5th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the Wireless communications provider to reacquire up to 18% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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In related news, insider Robert J. Pera sold 1,000,000 shares of the business’s 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 sale, the insider now owns 56,278,181 shares in the company, valued at approximately $3,447,038,586.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 70.34% of the company’s stock.

A number of hedge funds have recently modified their holdings of UBNT. BlackRock Inc. grew its position in Ubiquiti Networks by 11,607.1% during 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. Jackson Square Partners LLC bought a new stake in Ubiquiti Networks during the 2nd quarter worth $56,496,000. EdgePoint Investment Group Inc. grew its position in Ubiquiti Networks by 10.0% during 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 acquiring an additional 575,640 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its position in Ubiquiti Networks by 34.4% during 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 acquiring an additional 413,560 shares during the last quarter. Finally, Sei Investments Co. bought a new stake in Ubiquiti Networks during the 2nd quarter worth $13,724,000. Institutional investors and hedge funds own 30.85% 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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