Ubiquiti Networks, Inc. (UBNT) Cut to Hold at ValuEngine

Ubiquiti Networks, Inc. (NASDAQ:UBNT) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

Several other brokerages also recently issued reports on UBNT. Vetr downgraded Ubiquiti Networks from a “buy” rating to a “hold” rating and set a $56.18 price target for the company. in a report on Monday, July 31st. Zacks Investment Research downgraded Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Thursday. Deutsche Bank AG increased their price target on Ubiquiti Networks from $40.00 to $44.00 and gave the company a “hold” rating in a report on Monday, August 7th. JMP Securities reiterated a “market perform” rating on shares of Ubiquiti Networks in a report on Wednesday, September 27th. Finally, BMO Capital Markets lowered their price target on Ubiquiti Networks from $66.00 to $60.00 and set a “positive” rating for the company in a report on Friday, November 10th. One analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Ubiquiti Networks presently has an average rating of “Hold” and a consensus price target of $56.86.

Shares of Ubiquiti Networks (UBNT) traded up $1.19 on Thursday, hitting $64.70. The company had a trading volume of 317,443 shares, compared to its average volume of 628,338. Ubiquiti Networks has a twelve month low of $45.71 and a twelve month high of $67.80. The stock has a market cap of $5,040.00, a price-to-earnings ratio of 20.54, a P/E/G ratio of 1.21 and a beta of 0.50.

Ubiquiti Networks (NASDAQ:UBNT) last announced its quarterly earnings results on Thursday, November 9th. The Wireless communications provider reported $0.92 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $245.90 million during the quarter, compared to the consensus estimate of $240.39 million. During the same period in the prior year, the firm earned $0.79 EPS. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. equities research analysts expect that Ubiquiti Networks will post 2.78 earnings per share for the current fiscal year.

Ubiquiti Networks announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the Wireless communications provider to purchase up to 18% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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In other 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 completion of the sale, the insider now directly owns 56,278,181 shares in the company, valued at $3,447,038,586.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 70.34% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of UBNT. PNC Financial Services Group Inc. grew its stake in Ubiquiti Networks by 4.3% in the second quarter. PNC Financial Services Group Inc. now owns 1,958 shares of the Wireless communications provider’s stock worth $102,000 after purchasing an additional 80 shares in the last quarter. SG Americas Securities LLC acquired a new position in Ubiquiti Networks in the second quarter worth about $144,000. Pacer Advisors Inc. grew its stake in Ubiquiti Networks by 11.8% in the second quarter. Pacer Advisors Inc. now owns 3,019 shares of the Wireless communications provider’s stock worth $157,000 after purchasing an additional 319 shares in the last quarter. Gilder Gagnon Howe & Co. LLC acquired a new position in Ubiquiti Networks in the third quarter worth about $178,000. Finally, Hikari Power Ltd acquired a new position in Ubiquiti Networks in the second quarter worth about $205,000. Institutional investors and hedge funds own 32.11% 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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