Ubiquiti Networks (UBNT) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Ubiquiti Networks (NASDAQ:UBNT) from a hold rating to a buy rating in a research report sent to investors on Friday morning. The firm currently has $82.00 target price on the Wireless communications provider’s stock.
According to Zacks, “Ubiquiti is experiencing impressive momentum in the UniFi product family recently. Ubiquiti’s excellent global business model, which is highly flexible and adaptable to any kind of change in markets, has helped it steer past challenges and maximize growth. Over the past few quarters both of Ubiquiti’s business segments are experiencing solid prospects, which, in turn, have stoked its top line. Especially, the Enterprise Technology business is expected to grab a higher market share for the rest of the fiscal year, fuelled by strong demand for its products. Going forward, the company believes traction of the recently launched products will drive top-line growth. The company’s shares have charted an impressive trajectory in the past six months, outperforming the industry's gain. However, macroeconomic problems like currency risks, rising labor costs in key locations and natural disasters pose concerns for the company.”
A number of other equities analysts have also recently issued reports on UBNT. Vetr cut Ubiquiti Networks from a hold rating to a sell rating and set a $71.07 target price for the company. in a report on Thursday, January 4th. JMP Securities reiterated a market perform rating on shares of Ubiquiti Networks in a report on Wednesday, September 27th. BidaskClub cut Ubiquiti Networks from a strong-buy rating to a buy rating in a report on Saturday, December 2nd. ValuEngine upgraded Ubiquiti Networks from a hold rating to a buy rating in a report on Friday, November 10th. Finally, BMO Capital Markets lowered 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. Two research analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $62.21.
Ubiquiti Networks (NASDAQ:UBNT) opened at $73.66 on Friday. The stock has a market capitalization of $5,730.00, a PE ratio of 23.38, a price-to-earnings-growth ratio of 1.15 and a beta of 0.51. Ubiquiti Networks has a 1-year low of $45.71 and a 1-year high of $76.93.
Ubiquiti Networks (NASDAQ:UBNT) last released its earnings results on Thursday, November 9th. The Wireless communications provider reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.06. The firm 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%. The company’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. equities analysts expect that Ubiquiti Networks will post 3.35 earnings per share for the current year.
Ubiquiti Networks declared that its Board of Directors has authorized a stock buyback plan on Monday, September 18th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the Wireless communications provider to buy up to 2.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew 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 valued at $102,000 after acquiring an additional 80 shares in the last quarter. Pacer Advisors Inc. grew 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 valued at $157,000 after acquiring an additional 319 shares in the last quarter. UBS Asset Management Americas Inc. grew its holdings in shares of Ubiquiti Networks by 6.1% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 15,894 shares of the Wireless communications provider’s stock valued at $826,000 after acquiring an additional 916 shares in the last quarter. M&T Bank Corp grew its holdings in shares of Ubiquiti Networks by 18.1% in the 2nd quarter. M&T Bank Corp now owns 6,351 shares of the Wireless communications provider’s stock valued at $330,000 after acquiring an additional 975 shares in the last quarter. Finally, Voya Investment Management LLC grew its holdings in shares of Ubiquiti Networks by 8.6% in the 2nd quarter. Voya Investment Management LLC now owns 12,920 shares of the Wireless communications provider’s stock valued at $671,000 after acquiring an additional 1,027 shares in the last quarter. Institutional investors own 33.80% of the company’s stock.
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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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