Vetr Inc. Lowers Ubiquiti Networks, Inc. (UBNT) to Buy
Vetr lowered shares of Ubiquiti Networks, Inc. (NASDAQ:UBNT) from a strong-buy rating to a buy rating in a research note released on Wednesday. Vetr currently has $62.28 price objective on the Wireless communications provider’s stock.
A number of other equities research analysts have also issued reports on UBNT. Deutsche Bank AG upped their price target on Ubiquiti Networks from $40.00 to $44.00 and gave the company a hold rating in a research report on Monday, August 7th. JMP Securities restated a market perform rating on shares of Ubiquiti Networks in a research report on Wednesday, September 27th. ValuEngine lowered Ubiquiti Networks from a buy rating to a hold rating in a research report on Thursday, August 3rd. BidaskClub upgraded Ubiquiti Networks from a buy rating to a strong-buy rating in a research report on Tuesday, August 8th. Finally, Credit Suisse Group restated a sell rating and issued a $54.00 price target on shares of Ubiquiti Networks in a research report on Friday, August 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $58.06.
Shares of Ubiquiti Networks (NASDAQ:UBNT) opened at 56.27 on Wednesday. Ubiquiti Networks has a 1-year low of $45.71 and a 1-year high of $67.80. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 18.21 and a beta of 0.51. The stock has a 50 day moving average price of $58.21 and a 200 day moving average price of $53.46.
Ubiquiti Networks (NASDAQ:UBNT) last posted its quarterly earnings results on Thursday, August 3rd. The Wireless communications provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.06. The business had revenue of $228.60 million during the quarter, compared to analyst estimates of $219.14 million. Ubiquiti Networks had a return on equity of 45.87% and a net margin of 29.76%. The business’s revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 earnings per share. On average, equities analysts anticipate that Ubiquiti Networks will post $3.68 EPS for the current fiscal year.
Ubiquiti Networks declared that its Board of Directors has authorized a stock repurchase program on Tuesday, September 5th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the Wireless communications provider to repurchase up to 18% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
In related news, insider Robert J. Pera sold 1,000,000 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $61.25, for a total value of $61,250,000.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 70.34% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio grew its position in Ubiquiti Networks by 37.5% in the second quarter. Public Employees Retirement System of Ohio now owns 169,700 shares of the Wireless communications provider’s stock worth $8,819,000 after acquiring an additional 46,300 shares during the period. Disciplined Growth Investors Inc. MN grew its position in Ubiquiti Networks by 34.4% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,616,027 shares of the Wireless communications provider’s stock worth $83,985,000 after acquiring an additional 413,560 shares during the period. Lagoda Investment Management L.P. grew its position in Ubiquiti Networks by 8.0% in the second quarter. Lagoda Investment Management L.P. now owns 455,894 shares of the Wireless communications provider’s stock worth $23,693,000 after acquiring an additional 33,765 shares during the period. Janus Henderson Group PLC purchased a new position in Ubiquiti Networks in the second quarter worth approximately $408,000. Finally, Macquarie Group Ltd. purchased a new position in Ubiquiti Networks in the second quarter worth approximately $11,492,000. Institutional investors own 30.85% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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