Ubiquiti Networks Inc. (NASDAQ:UBNT)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $41.67 and last traded at $41.66, with a volume of 385,322 shares trading hands. The stock had previously closed at $39.75.

Several research firms have recently issued reports on UBNT. Zacks Investment Research raised Ubiquiti Networks from a “hold” rating to a “strong-buy” rating and set a $44.00 price objective for the company in a research note on Monday, May 9th. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $30.00 price objective on shares of Ubiquiti Networks in a research note on Tuesday, May 3rd. Wunderlich raised their price objective on Ubiquiti Networks from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, May 6th. BMO Capital Markets raised Ubiquiti Networks from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $30.00 to $37.00 in a research note on Friday, May 6th. Finally, OTR Global raised Ubiquiti Networks to a “neutral” rating in a research note on Monday, April 25th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $32.10.

The stock has a market cap of $3.46 billion and a P/E ratio of 22.76. The company has a 50-day moving average of $39.40 and a 200-day moving average of $34.58.

Ubiquiti Networks (NASDAQ:UBNT) last posted its earnings results on Thursday, May 5th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.56 by $0.07. During the same period last year, the company earned $0.47 EPS. The business earned $167.40 million during the quarter, compared to analysts’ expectations of $164.35 million. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. Analysts predict that Ubiquiti Networks Inc. will post $2.35 earnings per share for the current fiscal year.

Other institutional investors have recently modified their holdings of the company. Bank of Montreal Can raised its position in shares of Ubiquiti Networks by 21.0% in the fourth quarter. Bank of Montreal Can now owns 39,959 shares of the company’s stock valued at $1,266,000 after buying an additional 6,931 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Ubiquiti Networks by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 56,716 shares of the company’s stock valued at $1,797,000 after buying an additional 885 shares during the last quarter. TrimTabs Asset Management LLC purchased a new position in shares of Ubiquiti Networks during the fourth quarter valued at about $2,015,000. Dimensional Fund Advisors LP raised its position in shares of Ubiquiti Networks by 69.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 654,007 shares of the company’s stock valued at $20,727,000 after buying an additional 268,982 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its position in shares of Ubiquiti Networks by 5.0% in the fourth quarter. State of Tennessee Treasury Department now owns 770,000 shares of the company’s stock valued at $24,401,000 after buying an additional 36,974 shares during the last quarter.

Ubiquiti Networks, Inc, develops high performance networking technology for service providers and enterprises. The Company’s technology platforms for service providers enable carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems and routing. The Company’s technology platforms for enterprises enable wireless local area network (WLAN) infrastructure, video surveillance products, and machine-to-machine communications.

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