Ubiquiti Networks (UBNT) Downgraded by BidaskClub to Buy

BidaskClub cut shares of Ubiquiti Networks (NASDAQ:UBNT) from a strong-buy rating to a buy rating in a report released on Tuesday.

UBNT has been the subject of a number of other research reports. BMO Capital Markets restated a hold rating on shares of Ubiquiti Networks in a research note on Friday, August 24th. Credit Suisse Group set a $73.00 price objective on Ubiquiti Networks and gave the company a hold rating in a research note on Wednesday, July 18th. Zacks Investment Research upgraded Ubiquiti Networks from a hold rating to a strong-buy rating and set a $103.00 price objective for the company in a research note on Thursday, August 30th. Finally, ValuEngine lowered Ubiquiti Networks from a strong-buy rating to a buy rating in a research note on Thursday, July 26th. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Ubiquiti Networks currently has a consensus rating of Buy and an average target price of $78.35.

Shares of NASDAQ UBNT opened at $86.58 on Tuesday. Ubiquiti Networks has a fifty-two week low of $49.40 and a fifty-two week high of $101.33. The company has a quick ratio of 7.96, a current ratio of 8.87 and a debt-to-equity ratio of 1.46. The company has a market cap of $7.32 billion, a price-to-earnings ratio of 23.66, a price-to-earnings-growth ratio of 1.57 and a beta of 1.18.

Ubiquiti Networks (NASDAQ:UBNT) last issued its quarterly earnings data on Friday, August 24th. The Wireless communications provider reported $1.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.01. Ubiquiti Networks had a return on equity of 69.24% and a net margin of 19.30%. The firm had revenue of $269.80 million during the quarter, compared to analyst estimates of $256.03 million. During the same quarter last year, the firm earned $0.75 EPS. Ubiquiti Networks’s quarterly revenue was up 18.0% on a year-over-year basis. Equities analysts expect that Ubiquiti Networks will post 3.4 earnings per share for the current fiscal year.

In other news, VP Benjamin Moore sold 100,000 shares of Ubiquiti Networks stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $87.91, for a total value of $8,791,000.00. Following the completion of the transaction, the vice president now owns 673,206 shares in the company, valued at approximately $59,181,539.46. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 72.80% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Daiwa SB Investments Ltd. grew its position in shares of Ubiquiti Networks by 60.8% in the 3rd quarter. Daiwa SB Investments Ltd. now owns 73,957 shares of the Wireless communications provider’s stock worth $7,311,000 after acquiring an additional 27,963 shares in the last quarter. Denali Advisors LLC acquired a new position in Ubiquiti Networks during the 3rd quarter valued at approximately $2,392,000. Public Employees Retirement System of Ohio boosted its position in Ubiquiti Networks by 5.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 141,650 shares of the Wireless communications provider’s stock valued at $12,001,000 after purchasing an additional 7,490 shares during the period. WINTON GROUP Ltd acquired a new position in Ubiquiti Networks during the 2nd quarter valued at approximately $343,000. Finally, Carnegie Capital Asset Management LLC boosted its position in Ubiquiti Networks by 4.1% during the 2nd quarter. Carnegie Capital Asset Management LLC now owns 51,050 shares of the Wireless communications provider’s stock valued at $4,195,000 after purchasing an additional 2,015 shares during the period. Institutional investors own 26.05% of the company’s stock.

About Ubiquiti Networks

Ubiquiti Networks, Inc develops networking technology for service providers, enterprises, and consumers. It focuses on three principal technologies, including high-capacity distributed Internet access, unified information technology, and consumer electronics for home and personal use. The company's service provider product platforms offer carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems, and routing; and enterprise product platforms provide wireless LAN infrastructure, video surveillance products, switching and routing solutions, security gateways, and other WLAN products, as well as offers consumer products under the Ubiquiti Labs brand name.

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