Zacks Investment Research upgraded shares of Ubiquiti Networks (NASDAQ:UBNT) from a hold rating to a buy rating in a report released on Friday morning. Zacks Investment Research currently has $82.00 target price on the Wireless communications provider’s stock.
According to Zacks, “Ubiquiti is experiencing impressive momentum in the UniFi product family recently. Ubiquiti’s excellent global business model, which is highly flexible and adaptable to any kind of change in markets, has helped it steer past challenges and maximize growth. Over the past few quarters both of Ubiquiti’s business segments are experiencing solid prospects, which, in turn, have stoked its top line. Especially, the Enterprise Technology business is expected to grab a higher market share for the rest of the fiscal year, fuelled by strong demand for its products. Going forward, the company believes traction of the recently launched products will drive top-line growth. The company’s shares have charted an impressive trajectory in the past six months, outperforming the industry's gain. However, macroeconomic problems like currency risks, rising labor costs in key locations and natural disasters pose concerns for the company.”
A number of other brokerages have also recently weighed in on UBNT. BidaskClub raised shares of Ubiquiti Networks from a buy rating to a strong-buy rating in a research report on Tuesday, December 19th. ValuEngine raised shares of Ubiquiti Networks from a hold rating to a buy rating in a research report on Friday, November 10th. Vetr cut shares of Ubiquiti Networks from a hold rating to a sell rating and set a $71.07 price target on the stock. in a research report on Thursday, January 4th. JMP Securities reissued a market perform rating on shares of Ubiquiti Networks in a research report on Wednesday, September 27th. Finally, BMO Capital Markets reduced their price target on shares of Ubiquiti Networks from $66.00 to $60.00 and set a positive rating on the stock in a research report on Friday, November 10th. 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 given a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $62.21.
Shares of Ubiquiti Networks (NASDAQ UBNT) traded down $0.09 during mid-day trading on Friday, reaching $73.66. 493,700 shares of the company’s stock were exchanged, compared to its average volume of 248,319. Ubiquiti Networks has a 1 year low of $45.71 and a 1 year high of $76.93. The company has a market capitalization of $5,740.85, a PE ratio of 23.38, a PEG ratio of 1.15 and a beta of 0.51.
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 analysts’ consensus estimates of $0.86 by $0.06. The firm had revenue of $245.90 million for the quarter, compared to analysts’ expectations of $240.39 million. Ubiquiti Networks had a net margin of 30.47% and a return on equity of 51.68%. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period last year, the firm earned $0.79 earnings per share. research analysts anticipate that Ubiquiti Networks will post 3.35 earnings per share for the current fiscal year.
Ubiquiti Networks announced that its board has approved a stock repurchase plan on Monday, September 18th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the Wireless communications provider to purchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of institutional investors and hedge funds have recently bought and sold shares of UBNT. Schwab Charles Investment Management Inc. lifted its position in Ubiquiti Networks by 5.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 142,522 shares of the Wireless communications provider’s stock valued at $7,407,000 after acquiring an additional 7,334 shares in the last quarter. SG Americas Securities LLC bought a new stake in Ubiquiti Networks in the 2nd quarter valued at $144,000. Bank of New York Mellon Corp lifted its position in Ubiquiti Networks by 1.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 154,884 shares of the Wireless communications provider’s stock valued at $8,049,000 after acquiring an additional 1,482 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in Ubiquiti Networks by 138.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,198 shares of the Wireless communications provider’s stock valued at $218,000 after acquiring an additional 2,440 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in Ubiquiti Networks by 11.8% in the 2nd quarter. Pacer Advisors Inc. now owns 3,019 shares of the Wireless communications provider’s stock valued at $157,000 after acquiring an additional 319 shares in the last quarter. 33.80% of the stock is currently owned by institutional investors and hedge funds.
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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