Stock Repurchase Plan Announced by Ubiquiti Networks (UBNT) Board
Ubiquiti Networks (NASDAQ:UBNT) announced that its board has approved a stock repurchase plan, which allows the company to repurchase $200.00 million in outstanding shares on Tuesday, March 13th, EventVestor reports. This repurchase authorization allows the Wireless communications provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Several analysts recently commented on UBNT shares. Zacks Investment Research cut Ubiquiti Networks from a “buy” rating to a “hold” rating in a research report on Thursday, November 16th. ValuEngine cut Ubiquiti Networks from a “buy” rating to a “hold” rating in a research report on Thursday, November 16th. BidaskClub cut Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Vetr cut Ubiquiti Networks from a “hold” rating to a “sell” rating and set a $71.07 target price on the stock. in a research report on Thursday, January 4th. Finally, Deutsche Bank raised their target price on Ubiquiti Networks from $47.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, February 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $65.75.
Ubiquiti Networks (NASDAQ UBNT) traded up $0.19 on Wednesday, reaching $70.92. The company had a trading volume of 65,513 shares, compared to its average volume of 649,738. Ubiquiti Networks has a 12-month low of $45.71 and a 12-month high of $82.30. The company has a current ratio of 10.94, a quick ratio of 10.00 and a debt-to-equity ratio of 0.95. The firm has a market cap of $5,510.00, a PE ratio of 22.17, a P/E/G ratio of 1.95 and a beta of 0.81.
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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