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

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

The firm has a 50 day moving average of $39.51 and a 200 day moving average of $34.68. The company has a market capitalization of $3.44 billion and a PE ratio of 22.59.

Ubiquiti Networks (NASDAQ:UBNT) last announced its earnings results on Thursday, May 5th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.07. The business earned $167.40 million during the quarter, compared to analyst estimates of $164.35 million. During the same period in the previous year, the company earned $0.47 earnings per share. The business’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, analysts anticipate that Ubiquiti Networks Inc. will post $2.35 EPS for the current year.

Other institutional investors have made changes to their positions in the company. 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 worth $24,401,000 after buying an additional 36,974 shares during the last quarter. TrimTabs Asset Management LLC purchased a new stake in shares of Ubiquiti Networks during the fourth quarter worth $2,015,000. Dimensional Fund Advisors LP increased its stake 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 worth $20,727,000 after buying an additional 268,982 shares during the period. EdgePoint Investment Group Inc. increased its stake in shares of Ubiquiti Networks by 11.2% in the fourth quarter. EdgePoint Investment Group Inc. now owns 4,937,504 shares of the company’s stock worth $156,470,000 after buying an additional 498,445 shares during the period. Finally, Bank of Montreal Can increased its stake 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 worth $1,266,000 after buying an additional 6,931 shares during the period.

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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