Ubiquiti Networks, Inc. (UBNT) Stake Lowered by First Trust Advisors LP
First Trust Advisors LP trimmed its position in shares of Ubiquiti Networks, Inc. (NASDAQ:UBNT) by 54.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,554 shares of the Wireless communications provider’s stock after selling 32,830 shares during the period. First Trust Advisors LP’s holdings in Ubiquiti Networks were worth $1,432,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in UBNT. BlackRock Inc. raised its holdings in shares of Ubiquiti Networks by 11,607.1% during the first quarter. BlackRock Inc. now owns 1,965,976 shares of the Wireless communications provider’s stock worth $98,810,000 after acquiring an additional 1,949,183 shares in the last quarter. Sei Investments Co. purchased a new stake in shares of Ubiquiti Networks during the second quarter worth $13,724,000. Goldman Sachs Group Inc. raised its holdings in shares of Ubiquiti Networks by 115.8% during the first quarter. Goldman Sachs Group Inc. now owns 26,524 shares of the Wireless communications provider’s stock worth $1,333,000 after acquiring an additional 194,047 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Ubiquiti Networks by 4.5% during the first quarter. Vanguard Group Inc. now owns 2,001,643 shares of the Wireless communications provider’s stock worth $100,601,000 after acquiring an additional 86,845 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Ubiquiti Networks by 12.7% during the first quarter. State Street Corp now owns 557,346 shares of the Wireless communications provider’s stock worth $28,012,000 after acquiring an additional 62,694 shares in the last quarter. Institutional investors and hedge funds own 30.88% of the company’s stock.
Ubiquiti Networks, Inc. (NASDAQ:UBNT) opened at 54.95 on Friday. The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of 17.78 and a beta of 0.51. Ubiquiti Networks, Inc. has a 12-month low of $45.71 and a 12-month high of $67.80. The firm’s 50-day moving average price is $61.45 and its 200 day moving average price is $52.94.
Ubiquiti Networks (NASDAQ:UBNT) last posted its quarterly earnings data on Thursday, August 3rd. The Wireless communications provider reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.06. Ubiquiti Networks had a net margin of 29.76% and a return on equity of 45.87%. The company had revenue of $228.60 million during the quarter, compared to the consensus estimate of $219.14 million. During the same period in the prior year, the business posted $0.69 EPS. The company’s quarterly revenue was up 23.1% on a year-over-year basis. On average, equities research analysts expect that Ubiquiti Networks, Inc. will post $3.61 EPS for the current fiscal year.
Ubiquiti Networks declared that its board has approved a share buyback program on Tuesday, September 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the Wireless communications provider to repurchase up to 18% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
Several brokerages recently issued reports on UBNT. Vetr lowered Ubiquiti Networks from a “strong-buy” rating to a “buy” rating and set a $65.54 price objective for the company. in a report on Tuesday, September 12th. Deutsche Bank AG increased their price objective on Ubiquiti Networks from $40.00 to $44.00 and gave the stock a “hold” rating in a report on Monday, August 7th. BidaskClub upgraded Ubiquiti Networks from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 8th. ValuEngine lowered Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, Credit Suisse Group reiterated a “sell” rating and set a $54.00 price objective on shares of Ubiquiti Networks in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $56.31.
In other news, insider Robert J. Pera sold 1,000,000 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $61.25, for a total transaction 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 approximately $3,447,038,586.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 70.34% of the company’s stock.
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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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