Ubiquiti Networks (UBNT) Lifted to “Strong-Buy” at BidaskClub

Ubiquiti Networks (NASDAQ:UBNT) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, December 19th.

A number of other equities research analysts have also recently issued reports on the company. Vetr cut 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. Zacks Investment Research cut Ubiquiti Networks from a “buy” rating to a “hold” rating in a research note on Thursday, November 16th. ValuEngine cut Ubiquiti Networks from a “buy” rating to a “hold” rating in a research note on Thursday, November 16th. BMO Capital Markets lowered 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. Finally, JMP Securities restated a “market perform” rating on shares of Ubiquiti Networks in a research note on Wednesday, September 27th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $62.21.

Shares of Ubiquiti Networks (NASDAQ:UBNT) traded down $0.09 during trading hours on Tuesday, hitting $73.66. 493,700 shares of the company were exchanged, compared to its average volume of 248,319. The stock has a market cap of $5,740.85, a P/E ratio of 23.38, a P/E/G ratio of 1.15 and a beta of 0.51. Ubiquiti Networks has a 52 week low of $45.71 and a 52 week high of $76.93.

Ubiquiti Networks (NASDAQ:UBNT) last announced its quarterly earnings data on Thursday, November 9th. The Wireless communications provider reported $0.92 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $240.39 million. During the same period in the previous year, the business posted $0.79 EPS. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. analysts anticipate that Ubiquiti Networks will post 3.35 EPS for the current fiscal year.

Ubiquiti Networks announced that its Board of Directors has authorized a stock buyback plan on Monday, September 18th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the Wireless communications provider to purchase up to 2.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alps Advisors Inc. increased its position in shares of Ubiquiti Networks by 0.3% during the second quarter. Alps Advisors Inc. now owns 9,389 shares of the Wireless communications provider’s stock valued at $488,000 after buying an additional 24 shares during the period. PNC Financial Services Group Inc. increased its position 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 valued at $102,000 after buying an additional 80 shares during the period. Renaissance Group LLC increased its position 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 valued at $344,000 after buying an additional 136 shares during the period. Pacer Advisors Inc. increased its position 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 valued at $157,000 after buying an additional 319 shares during the period. Finally, UBS Asset Management Americas Inc. increased its position in shares of Ubiquiti Networks by 6.1% during the second quarter. UBS Asset Management Americas Inc. now owns 15,894 shares of the Wireless communications provider’s stock valued at $826,000 after buying an additional 916 shares during the period. Hedge funds and other institutional investors own 33.80% of the company’s stock.

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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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