Ubiquiti Networks, Inc. (NASDAQ:UBNT) Stake Lessened by Navellier & Associates Inc

Navellier & Associates Inc lowered its stake in shares of Ubiquiti Networks, Inc. (NASDAQ:UBNT) by 69.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,345 shares of the Wireless communications provider’s stock after selling 21,343 shares during the period. Navellier & Associates Inc’s holdings in Ubiquiti Networks were worth $486,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in shares of Ubiquiti Networks by 208.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 81,832 shares of the Wireless communications provider’s stock valued at $4,253,000 after buying an additional 55,308 shares during the period. Renaissance Group LLC boosted its stake in shares of Ubiquiti Networks by 2.1% during the 2nd quarter. Renaissance Group LLC now owns 6,612 shares of the Wireless communications provider’s stock valued at $344,000 after buying an additional 136 shares during the period. Kempen Capital Management N.V. boosted its stake in shares of Ubiquiti Networks by 81.7% during the 2nd quarter. Kempen Capital Management N.V. now owns 64,721 shares of the Wireless communications provider’s stock valued at $3,364,000 after buying an additional 29,111 shares during the period. Disciplined Growth Investors Inc. MN boosted its stake 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 valued at $83,985,000 after buying an additional 413,560 shares during the period. Finally, Virginia Retirement Systems ET AL boosted its stake in shares of Ubiquiti Networks by 82.9% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 46,100 shares of the Wireless communications provider’s stock valued at $2,396,000 after buying an additional 20,900 shares during the period. 30.91% of the stock is owned by institutional investors.

Several equities research analysts recently issued reports on the stock. Deutsche Bank AG lifted their price objective on shares of Ubiquiti Networks from $40.00 to $44.00 and gave the company a “hold” rating in a research note on Monday, August 7th. Credit Suisse Group reaffirmed a “sell” rating and issued a $54.00 price objective on shares of Ubiquiti Networks in a research note on Friday, August 4th. BidaskClub raised shares of Ubiquiti Networks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 8th. ValuEngine lowered shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Finally, Vetr raised shares of Ubiquiti Networks from a “buy” rating to a “strong-buy” rating and set a $69.54 target price for the company in a research report on Tuesday, August 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $58.06.

In related 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 shares were 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 in the company, valued at $3,447,038,586.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 70.34% of the stock is currently owned by corporate insiders.

Ubiquiti Networks, Inc. (UBNT) traded up 0.41% on Friday, hitting $65.85. 356,742 shares of the stock traded hands. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 21.31 and a beta of 0.51. Ubiquiti Networks, Inc. has a 52 week low of $45.71 and a 52 week high of $67.80. The firm’s 50 day moving average is $57.27 and its 200 day moving average is $54.40.

Ubiquiti Networks (NASDAQ:UBNT) last posted its quarterly earnings data on Thursday, August 3rd. The Wireless communications provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.06. The company had revenue of $228.60 million for the quarter, compared to analysts’ expectations of $219.14 million. Ubiquiti Networks had a net margin of 29.76% and a return on equity of 45.87%. Ubiquiti Networks’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 earnings per share. Equities analysts anticipate that Ubiquiti Networks, Inc. will post $3.68 earnings per share for the current year.

Ubiquiti Networks declared that its Board of Directors has approved a share repurchase plan on Tuesday, September 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the Wireless communications provider to purchase up to 18% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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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.

Institutional Ownership by Quarter for Ubiquiti Networks (NASDAQ:UBNT)

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