Voya Investment Management LLC increased its stake in Ubiquiti Networks, Inc. (NASDAQ:UBNT) by 8.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 12,920 shares of the Wireless communications provider’s stock after purchasing an additional 1,027 shares during the quarter. Voya Investment Management LLC’s holdings in Ubiquiti Networks were worth $671,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Alps Advisors Inc. lifted its holdings in Ubiquiti Networks by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 9,389 shares of the Wireless communications provider’s stock worth $488,000 after purchasing an additional 24 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Ubiquiti Networks by 4.3% during the second quarter. PNC Financial Services Group Inc. now owns 1,958 shares of the Wireless communications provider’s stock worth $102,000 after buying an additional 80 shares during the last quarter. Renaissance Group LLC lifted its holdings 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 buying an additional 136 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Ubiquiti Networks by 3.8% during the first quarter. Principal Financial Group Inc. now owns 6,069 shares of the Wireless communications provider’s stock worth $305,000 after buying an additional 223 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Ubiquiti Networks by 11.8% during the second quarter. Pacer Advisors Inc. now owns 3,019 shares of the Wireless communications provider’s stock worth $157,000 after buying an additional 319 shares during the last quarter. Hedge funds and other institutional investors own 30.77% of the company’s stock.
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Ubiquiti Networks (NASDAQ:UBNT) last issued its earnings results on Thursday, August 3rd. The Wireless communications provider reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.06. The company had revenue of $228.60 million during the quarter, compared to the consensus estimate of $219.14 million. Ubiquiti Networks had a return on equity of 45.87% and a net margin of 29.76%. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.69 EPS.
Ubiquiti Networks announced that its board has authorized a stock buyback 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 purchase up to 18% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In related news, insider Robert J. Pera sold 1,000,000 shares of Ubiquiti Networks stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,447,038,586.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 70.34% of the company’s stock.
A number of research analysts have recently commented on UBNT shares. Vetr lowered Ubiquiti Networks from a “strong-buy” rating to a “buy” rating and set a $65.54 price target for the company. in a report on Wednesday, August 30th. Credit Suisse Group reiterated a “sell” rating and set a $54.00 price target on shares of Ubiquiti Networks in a report on Friday, August 4th. JMP Securities reiterated a “market perform” rating on shares of Ubiquiti Networks in a report on Wednesday, September 27th. ValuEngine lowered Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, Zacks Investment Research lowered Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $58.06.
Ubiquiti Networks 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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