Ubiquiti Networks Inc (UBNT) Position Reduced by Principal Financial Group Inc.
Principal Financial Group Inc. trimmed its holdings in shares of Ubiquiti Networks Inc (NASDAQ:UBNT) by 16.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,622 shares of the Wireless communications provider’s stock after selling 890 shares during the quarter. Principal Financial Group Inc.’s holdings in Ubiquiti Networks were worth $259,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also bought and sold shares of UBNT. PNC Financial Services Group Inc. boosted its holdings in shares of Ubiquiti Networks by 4.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,958 shares of the Wireless communications provider’s stock worth $102,000 after purchasing an additional 80 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Ubiquiti Networks in the 2nd quarter worth about $144,000. Pacer Advisors Inc. boosted its holdings in shares of Ubiquiti Networks by 11.8% in the 2nd quarter. Pacer Advisors Inc. now owns 3,019 shares of the Wireless communications provider’s stock worth $157,000 after purchasing an additional 319 shares in the last quarter. Hikari Power Ltd purchased a new position in shares of Ubiquiti Networks in the 2nd quarter worth about $205,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of Ubiquiti Networks by 138.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,198 shares of the Wireless communications provider’s stock worth $218,000 after purchasing an additional 2,440 shares in the last quarter. Institutional investors and hedge funds own 33.83% of the company’s stock.
A number of equities analysts have recently issued reports on the company. BidaskClub cut Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. ValuEngine cut Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Thursday, November 16th. Zacks Investment Research cut Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Thursday, November 16th. BMO Capital Markets dropped their target price on Ubiquiti Networks from $66.00 to $60.00 and set a “positive” rating for the company in a report on Friday, November 10th. Finally, Vetr upgraded Ubiquiti Networks from a “buy” rating to a “strong-buy” rating and set a $69.54 target price for the company in a report on Tuesday, August 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $56.86.
Shares of Ubiquiti Networks Inc (NASDAQ:UBNT) opened at $65.79 on Friday. The firm has a market capitalization of $5,107.22, a PE ratio of 20.90, a P/E/G ratio of 1.03 and a beta of 0.51. Ubiquiti Networks Inc has a fifty-two week low of $45.71 and a fifty-two week high of $68.14.
Ubiquiti Networks (NASDAQ:UBNT) last issued its earnings results on Thursday, November 9th. The Wireless communications provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. The company had revenue of $245.90 million during the quarter, compared to analysts’ expectations of $240.39 million. Ubiquiti Networks had a return on equity of 45.45% and a net margin of 28.76%. Ubiquiti Networks’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.79 EPS. analysts forecast that Ubiquiti Networks Inc will post 3.35 EPS for the current year.
Ubiquiti Networks declared that its board has approved a share repurchase plan on Tuesday, September 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the Wireless communications provider to reacquire up to 18% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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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