Ameriprise Financial Inc. reduced its position in Ubiquiti Networks, Inc. (NASDAQ:UBNT) by 23.3% during the first quarter, Holdings Channel reports. The firm owned 19,517 shares of the Wireless communications provider’s stock after selling 5,917 shares during the period. Ameriprise Financial Inc.’s holdings in Ubiquiti Networks were worth $797,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Capital Impact Advisors LLC boosted its stake in Ubiquiti Networks by 43.5% in the first quarter. Capital Impact Advisors LLC now owns 34,422 shares of the Wireless communications provider’s stock worth $1,730,000 after buying an additional 10,433 shares during the period. Norges Bank bought a new stake in Ubiquiti Networks during the fourth quarter worth approximately $24,664,000. State Street Corp boosted its stake in Ubiquiti Networks by 3.5% in the fourth quarter. State Street Corp now owns 494,652 shares of the Wireless communications provider’s stock worth $28,591,000 after buying an additional 16,542 shares during the period. Wells Fargo & Company MN boosted its stake in Ubiquiti Networks by 5.7% in the first quarter. Wells Fargo & Company MN now owns 150,286 shares of the Wireless communications provider’s stock worth $7,554,000 after buying an additional 8,091 shares during the period. Finally, Guggenheim Capital LLC boosted its stake in Ubiquiti Networks by 40.7% in the fourth quarter. Guggenheim Capital LLC now owns 16,431 shares of the Wireless communications provider’s stock worth $950,000 after buying an additional 4,754 shares during the period. Institutional investors own 30.71% of the company’s stock.

Ubiquiti Networks, Inc. (NASDAQ UBNT) opened at 52.38 on Thursday. The firm’s 50-day moving average is $50.66 and its 200-day moving average is $52.03. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 17.22 and a beta of 0.47. Ubiquiti Networks, Inc. has a 52-week low of $41.01 and a 52-week high of $64.62.

Ubiquiti Networks (NASDAQ:UBNT) last issued its quarterly earnings results on Thursday, May 4th. The Wireless communications provider reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.09. Ubiquiti Networks had a return on equity of 48.86% and a net margin of 30.95%. The firm had revenue of $218.36 million during the quarter, compared to the consensus estimate of $213.63 million. During the same period last year, the company earned $0.63 earnings per share. The company’s revenue for the quarter was up 30.4% on a year-over-year basis. Analysts predict that Ubiquiti Networks, Inc. will post $3.03 earnings per share for the current year.

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UBNT has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Wednesday, May 10th. Credit Suisse Group reissued a “sell” rating and set a $44.00 price target on shares of Ubiquiti Networks in a research report on Tuesday, May 2nd. Deutsche Bank AG raised their price target on shares of Ubiquiti Networks from $38.00 to $40.00 and gave the stock a “hold” rating in a research report on Monday, May 8th. Vetr raised shares of Ubiquiti Networks from a “buy” rating to a “strong-buy” rating and set a $55.50 price target for the company in a research report on Monday, June 12th. Finally, BidaskClub raised shares of Ubiquiti Networks from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Ubiquiti Networks currently has an average rating of “Hold” and a consensus price target of $48.75.

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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Institutional Ownership by Quarter for Ubiquiti Networks (NASDAQ:UBNT)

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