Ubiquiti Networks (UBNT) Reaches New 52-Week High at $98.91
Ubiquiti Networks Inc (NASDAQ:UBNT) shares reached a new 52-week high on Monday . The stock traded as high as $98.91 and last traded at $97.32, with a volume of 34216 shares. The stock had previously closed at $97.67.
UBNT has been the subject of several recent analyst reports. ValuEngine cut Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 26th. Zacks Investment Research lowered Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Sunday, July 15th. Credit Suisse Group set a $73.00 price objective on Ubiquiti Networks and gave the stock a “hold” rating in a report on Wednesday, July 18th. BMO Capital Markets lifted their price objective on Ubiquiti Networks to $80.00 and gave the stock a “market perform” rating in a report on Monday, August 27th. Finally, BidaskClub raised Ubiquiti Networks from a “hold” rating to a “buy” rating in a report on Thursday, August 23rd. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $78.35.
The company has a debt-to-equity ratio of 1.46, a current ratio of 8.87 and a quick ratio of 7.96. The firm has a market capitalization of $7.10 billion, a P/E ratio of 26.78, a price-to-earnings-growth ratio of 1.52 and a beta of 1.16.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 10th. Investors of record on Tuesday, September 4th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.03%. The ex-dividend date was Friday, August 31st. Ubiquiti Networks’s payout ratio is currently 27.32%.
In other Ubiquiti Networks news, VP Benjamin Moore sold 100,000 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $87.91, for a total transaction of $8,791,000.00. Following the completion of the sale, the vice president now owns 673,206 shares of the company’s stock, valued at $59,181,539.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 70.34% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Ubiquiti Networks by 8.3% during the first quarter. BlackRock Inc. now owns 1,601,726 shares of the Wireless communications provider’s stock valued at $110,198,000 after purchasing an additional 123,254 shares during the period. Anchor Capital Advisors LLC grew its holdings in Ubiquiti Networks by 1.0% during the first quarter. Anchor Capital Advisors LLC now owns 357,459 shares of the Wireless communications provider’s stock valued at $24,593,000 after purchasing an additional 3,679 shares during the period. Renaissance Technologies LLC grew its holdings in Ubiquiti Networks by 9.9% during the second quarter. Renaissance Technologies LLC now owns 332,300 shares of the Wireless communications provider’s stock valued at $28,152,000 after purchasing an additional 29,800 shares during the period. Sei Investments Co. grew its holdings in Ubiquiti Networks by 0.5% during the second quarter. Sei Investments Co. now owns 208,321 shares of the Wireless communications provider’s stock valued at $17,648,000 after purchasing an additional 979 shares during the period. Finally, Millennium Management LLC bought a new stake in Ubiquiti Networks during the second quarter valued at about $15,342,000. 26.06% of the stock is owned by institutional investors and hedge funds.
About Ubiquiti Networks (NASDAQ:UBNT)
Ubiquiti Networks, Inc develops networking technology for service providers, enterprises, and consumers. It focuses on three principal technologies, including high-capacity distributed Internet access, unified information technology, and consumer electronics for home and personal use. The company's service provider product platforms offer carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems, and routing; and enterprise product platforms provide wireless LAN infrastructure, video surveillance products, switching and routing solutions, security gateways, and other WLAN products, as well as offers consumer products under the Ubiquiti Labs brand name.
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