BlueMountain Capital Management LLC Sells 2,854 Shares of Ubiquiti Networks, Inc. (UBNT)
BlueMountain Capital Management LLC trimmed its holdings in Ubiquiti Networks, Inc. (NASDAQ:UBNT) by 38.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,605 shares of the Wireless communications provider’s stock after selling 2,854 shares during the period. BlueMountain Capital Management LLC’s holdings in Ubiquiti Networks were worth $239,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Alliancebernstein L.P. grew its position in Ubiquiti Networks by 15.2% in the second quarter. Alliancebernstein L.P. now owns 45,550 shares of the Wireless communications provider’s stock worth $2,367,000 after acquiring an additional 6,000 shares in the last quarter. State of Tennessee Treasury Department grew its position in Ubiquiti Networks by 8.6% in the second quarter. State of Tennessee Treasury Department now owns 933,563 shares of the Wireless communications provider’s stock worth $48,517,000 after acquiring an additional 73,563 shares in the last quarter. Burney Co. bought a new stake in Ubiquiti Networks in the second quarter worth approximately $2,354,000. Oppenheimer & Co. Inc. grew its position in Ubiquiti Networks by 2.6% in the second quarter. Oppenheimer & Co. Inc. now owns 50,435 shares of the Wireless communications provider’s stock worth $2,621,000 after acquiring an additional 1,293 shares in the last quarter. Finally, Hikari Power Ltd bought a new stake in Ubiquiti Networks in the second quarter worth approximately $205,000. 30.85% of the stock is owned by institutional investors.
Several analysts have commented on the stock. Vetr downgraded shares of Ubiquiti Networks from a “strong-buy” rating to a “buy” rating and set a $65.54 target price for the company. in a research report on Tuesday, September 12th. BidaskClub raised shares of Ubiquiti Networks from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 8th. Deutsche Bank AG boosted their target price on shares of Ubiquiti Networks from $40.00 to $44.00 and gave the stock a “hold” rating in a research report on Monday, August 7th. Credit Suisse Group reaffirmed a “sell” rating and set a $54.00 price objective on shares of Ubiquiti Networks in a report on Friday, August 4th. Finally, ValuEngine downgraded shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $56.31.
In related news, insider Robert J. Pera sold 1,000,000 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $61.25, for a total value of $61,250,000.00. Following the completion of the transaction, the insider now directly owns 56,278,181 shares of the company’s stock, valued at $3,447,038,586.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 70.34% of the stock is currently owned by company insiders.
Shares of Ubiquiti Networks, Inc. (UBNT) opened at 54.18 on Friday. The company’s 50 day moving average is $61.27 and its 200 day moving average is $53.03. The company has a market capitalization of $4.35 billion, a P/E ratio of 17.53 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.
Ubiquiti Networks (NASDAQ:UBNT) last released its earnings results on Thursday, August 3rd. The Wireless communications provider reported $0.75 earnings per share for the quarter, beating the 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 business had revenue of $228.60 million during the quarter, compared to analysts’ expectations of $219.14 million. During the same period last year, the business earned $0.69 earnings per share. The firm’s revenue was up 23.1% on a year-over-year basis. Analysts expect that Ubiquiti Networks, Inc. will post $3.68 earnings per share for the current fiscal year.
Ubiquiti Networks declared that its board has authorized a stock repurchase plan on Tuesday, September 5th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the Wireless communications provider to repurchase up to 18% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
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Ubiquiti Networks 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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