Zacks Investment Research downgraded shares of Ubiquiti Networks, Inc. (NASDAQ:UBNT) from a buy rating to a hold rating in a research note published on Thursday morning.

According to Zacks, “Ubiquiti’s first-quarter fiscal 2018 earnings beat the Zacks Consensus Estimate by 16.5%. The company saw impressive momentum in the UniFi product family which drove top-line growth and earnings. Ubiquiti’s shares have charted an impressive trajectory in the past six months, outperforming the industry's gain. Going forward, the company believes traction of the recently launched products will drive top-line growth. However, on the flip side, macroeconomic problems like currency risks, rising labor costs in key locations and natural disasters pose concerns for the company. Also, an extremely competitive environment, which includes big multinational wireless telecom players, poses a threat to the company. In addition, the company faces issues with its sales channel and supply chain execution, which affects operations and can directly impact margins.”

Other equities analysts have also issued reports about the company. Vetr raised Ubiquiti Networks from a hold rating to a buy rating and set a $58.36 price target on the stock in a research report on Wednesday, August 2nd. BidaskClub raised Ubiquiti Networks from a hold rating to a buy rating in a research report on Monday, July 31st. BMO Capital Markets reduced their price target on Ubiquiti Networks from $66.00 to $60.00 and set a positive rating on the stock in a research report on Friday, November 10th. ValuEngine raised Ubiquiti Networks from a hold rating to a buy rating in a research report on Friday, November 10th. Finally, Deutsche Bank AG boosted their price target on Ubiquiti Networks from $40.00 to $44.00 and gave the stock a hold rating in a research report on Monday, August 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $56.86.

Ubiquiti Networks (NASDAQ UBNT) traded up $0.89 during trading on Thursday, reaching $65.59. The company had a trading volume of 335,115 shares, compared to its average volume of 627,024. The firm has a market cap of $5,040.00, a price-to-earnings ratio of 20.54, a PEG ratio of 1.21 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 released its quarterly earnings results on Thursday, November 9th. The Wireless communications provider reported $0.92 EPS for the quarter, topping the consensus estimate of $0.86 by $0.06. The firm had revenue of $245.90 million for the quarter, compared to analyst estimates of $240.39 million. Ubiquiti Networks had a return on equity of 45.45% and a net margin of 28.76%. Ubiquiti Networks’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.79 EPS. research analysts forecast that Ubiquiti Networks will post 2.78 EPS for the current year.

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Ubiquiti Networks declared that its Board of Directors has initiated a share buyback plan on Tuesday, September 5th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the Wireless communications provider to repurchase up to 18% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

In other Ubiquiti Networks news, insider Robert J. Pera sold 1,000,000 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $61.25, for a total value of $61,250,000.00. Following the transaction, the insider now directly owns 56,278,181 shares of the company’s stock, valued at approximately $3,447,038,586.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 70.34% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in UBNT. BlackRock Inc. raised its position in shares of Ubiquiti Networks by 11,607.1% in the 1st quarter. BlackRock Inc. now owns 1,965,976 shares of the Wireless communications provider’s stock valued at $98,810,000 after purchasing an additional 1,949,183 shares in the last quarter. Jackson Square Partners LLC bought a new stake in shares of Ubiquiti Networks in the 2nd quarter valued at approximately $56,496,000. EdgePoint Investment Group Inc. increased its holdings in shares of Ubiquiti Networks by 10.0% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 6,325,182 shares of the Wireless communications provider’s stock valued at $328,720,000 after acquiring an additional 575,640 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its holdings in shares of Ubiquiti Networks by 34.4% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,616,027 shares of the Wireless communications provider’s stock valued at $83,985,000 after acquiring an additional 413,560 shares during the last quarter. Finally, Anchor Capital Advisors LLC bought a new stake in shares of Ubiquiti Networks in the 3rd quarter valued at approximately $20,244,000. 32.11% of the stock is currently owned by institutional investors.

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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