BMO Capital Markets Cuts Ubiquiti Networks, Inc. (UBNT) Price Target to $60.00
Ubiquiti Networks, Inc. (NASDAQ:UBNT) had its target price decreased by BMO Capital Markets from $66.00 to $60.00 in a research report sent to investors on Friday. BMO Capital Markets currently has a positive rating on the Wireless communications provider’s stock.
Other analysts have also issued reports about the company. Vetr upgraded Ubiquiti Networks from a hold rating to a buy rating and set a $58.36 target price for the company in a research note on Wednesday, August 2nd. BidaskClub upgraded Ubiquiti Networks from a hold rating to a buy rating in a research note on Monday, July 31st. Deutsche Bank AG raised their target price on Ubiquiti Networks from $40.00 to $44.00 and gave the company a hold rating in a research note on Monday, August 7th. Zacks Investment Research upgraded Ubiquiti Networks from a hold rating to a buy rating and set a $64.00 target price for the company in a research note on Thursday, October 5th. Finally, ValuEngine lowered Ubiquiti Networks from a buy rating to a hold rating in a research note on Thursday, August 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Ubiquiti Networks has a consensus rating of Buy and an average price target of $56.86.
Shares of Ubiquiti Networks (UBNT) traded down $0.09 during midday trading on Friday, hitting $62.54. The company’s stock had a trading volume of 458,400 shares, compared to its average volume of 412,483. The company has a market capitalization of $4,868.25, a PE ratio of 19.92, a PEG ratio of 1.12 and a beta of 0.50. Ubiquiti Networks has a 12 month low of $45.71 and a 12 month high of $67.80.
Ubiquiti Networks (NASDAQ:UBNT) last announced its earnings results on Thursday, November 9th. The Wireless communications provider reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.06. Ubiquiti Networks had a return on equity of 45.45% and a net margin of 28.76%. The company had revenue of $245.90 million during the quarter, compared to analyst estimates of $240.39 million. During the same period last year, the company posted $0.79 earnings per share. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. analysts predict that Ubiquiti Networks will post 2.78 earnings per share for the current fiscal year.
Ubiquiti Networks announced that its Board of Directors has approved a share buyback program 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, insider Robert J. Pera sold 1,000,000 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was 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 filing with the Securities & Exchange Commission, which is available through this link. 72.80% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of UBNT. BlackRock Inc. grew its position in shares of Ubiquiti Networks by 11,607.1% during the 1st quarter. BlackRock Inc. now owns 1,965,976 shares of the Wireless communications provider’s stock worth $98,810,000 after buying an additional 1,949,183 shares during the period. Jackson Square Partners LLC acquired a new position in shares of Ubiquiti Networks during the 2nd quarter worth about $56,496,000. EdgePoint Investment Group Inc. grew its position in shares of Ubiquiti Networks by 10.0% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 6,325,182 shares of the Wireless communications provider’s stock worth $328,720,000 after buying an additional 575,640 shares during the period. Disciplined Growth Investors Inc. MN grew its position in shares of Ubiquiti Networks by 34.4% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,616,027 shares of the Wireless communications provider’s stock worth $83,985,000 after buying an additional 413,560 shares during the period. Finally, Anchor Capital Advisors LLC acquired a new position in shares of Ubiquiti Networks during the 3rd quarter worth about $20,244,000. Institutional investors own 32.11% of the company’s stock.
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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