Stock Buyback Plan Initiated by Ubiquiti Networks (UBNT) Board
Ubiquiti Networks (NASDAQ:UBNT) announced that its board has initiated a share repurchase plan, which authorizes the company to repurchase $50.00 million in outstanding shares on Tuesday, September 5th, EventVestor reports. This repurchase authorization authorizes the Wireless communications provider to repurchase up to 18% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Several equities research analysts recently weighed in on UBNT shares. Vetr downgraded shares of Ubiquiti Networks from a “strong-buy” rating to a “buy” rating and set a $65.54 target price on the stock. in a research note on Wednesday, August 30th. Zacks Investment Research raised shares of Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research note on Wednesday, May 10th. Credit Suisse Group reaffirmed a “sell” rating and set a $54.00 target price on shares of Ubiquiti Networks in a research note on Friday, August 4th. ValuEngine downgraded shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Finally, BidaskClub raised shares of Ubiquiti Networks from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, one has given a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $56.31.
Shares of Ubiquiti Networks (NASDAQ:UBNT) opened at 57.52 on Thursday. The stock has a market capitalization of $4.62 billion, a P/E ratio of 18.61 and a beta of 0.51. The company’s 50-day moving average is $60.45 and its 200 day moving average is $52.57. Ubiquiti Networks has a 52 week low of $45.71 and a 52 week high of $67.80.
Ubiquiti Networks (NASDAQ:UBNT) last posted its quarterly earnings results on Thursday, August 3rd. The Wireless communications provider reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.06. Ubiquiti Networks had a net margin of 29.76% and a return on equity of 45.87%. The firm had revenue of $228.60 million for the quarter, compared to analyst estimates of $219.14 million. During the same quarter last year, the firm posted $0.69 earnings per share. Ubiquiti Networks’s revenue for the quarter was up 23.1% compared to the same quarter last year. On average, equities analysts forecast that Ubiquiti Networks will post $3.61 EPS for the current fiscal year.
In related news, insider Robert J. Pera sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $61.25, for a total value of $61,250,000.00. Following the transaction, the insider now owns 56,278,181 shares in the company, valued at $3,447,038,586.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 70.34% of the company’s stock.
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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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