Ubiquiti Networks (UBNT) Shares Up 6.3%

Ubiquiti Networks Inc (NASDAQ:UBNT) shares shot up 6.3% during trading on Monday . The company traded as high as $70.15 and last traded at $69.93. 589,523 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 601,284 shares. The stock had previously closed at $65.79.

A number of research firms recently commented on UBNT. BidaskClub raised Ubiquiti Networks from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Vetr downgraded Ubiquiti Networks from a “strong-buy” rating to a “buy” rating and set a $62.28 price objective on the stock. in a research note on Wednesday, October 4th. BMO Capital Markets reduced their price objective on Ubiquiti Networks from $66.00 to $60.00 and set a “positive” rating on the stock in a research note on Friday, November 10th. ValuEngine raised Ubiquiti Networks from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Finally, Zacks Investment Research raised Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $56.86.

The firm has a market capitalization of $5,443.50, a P/E ratio of 22.27, a PEG ratio of 1.09 and a beta of 0.51.

Ubiquiti Networks (NASDAQ:UBNT) last released its quarterly earnings data on Thursday, November 9th. The Wireless communications provider reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.06. Ubiquiti Networks had a return on equity of 45.45% and a net margin of 28.76%. The business had revenue of $245.90 million for the quarter, compared to the consensus estimate of $240.39 million. During the same quarter in the previous year, the company posted $0.79 EPS. The company’s revenue was up 20.1% compared to the same quarter last year. equities analysts predict that Ubiquiti Networks Inc will post 3.35 earnings per share for the current fiscal year.

Ubiquiti Networks declared that its board has authorized a stock buyback plan 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 reacquire up to 18% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alps Advisors Inc. increased its position in shares of Ubiquiti Networks by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 9,389 shares of the Wireless communications provider’s stock valued at $488,000 after purchasing an additional 24 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Ubiquiti Networks by 4.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,958 shares of the Wireless communications provider’s stock valued at $102,000 after purchasing an additional 80 shares during the last quarter. Renaissance Group LLC increased its position in shares of Ubiquiti Networks by 2.1% during the 2nd quarter. Renaissance Group LLC now owns 6,612 shares of the Wireless communications provider’s stock valued at $344,000 after purchasing an additional 136 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Ubiquiti Networks by 11.8% during the 2nd quarter. Pacer Advisors Inc. now owns 3,019 shares of the Wireless communications provider’s stock valued at $157,000 after purchasing an additional 319 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in shares of Ubiquiti Networks by 6.1% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 15,894 shares of the Wireless communications provider’s stock valued at $826,000 after purchasing an additional 916 shares during the last quarter. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

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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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