Ameriprise Financial Inc. grew its holdings in Ubiquiti Networks Inc (NASDAQ:UBNT) by 106.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 27,651 shares of the Wireless communications provider’s stock after purchasing an additional 14,287 shares during the period. Ameriprise Financial Inc.’s holdings in Ubiquiti Networks were worth $1,549,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. lifted its holdings in Ubiquiti Networks by 4.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,958 shares of the Wireless communications provider’s stock worth $102,000 after buying an additional 80 shares during the period. SG Americas Securities LLC acquired a new position in shares of Ubiquiti Networks in the 2nd quarter valued at about $144,000. Pacer Advisors Inc. lifted its stake 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 purchasing an additional 319 shares during the period. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Ubiquiti Networks in the 3rd quarter valued at about $178,000. Finally, BNP Paribas Arbitrage SA lifted its stake 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 valued at $218,000 after purchasing an additional 2,440 shares during the period. Institutional investors own 33.80% of the company’s stock.
A number of analysts recently commented on UBNT shares. ValuEngine raised Ubiquiti Networks from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Zacks Investment Research raised Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Thursday, October 5th. Vetr lowered Ubiquiti Networks from a “strong-buy” rating to a “buy” rating and set a $62.28 price objective for the company. in a report on Wednesday, October 4th. BidaskClub lowered Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Finally, JMP Securities reissued a “market perform” rating on shares of Ubiquiti Networks in a report on Wednesday, September 27th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $62.21.
Ubiquiti Networks Inc (NASDAQ:UBNT) opened at $73.66 on Tuesday. Ubiquiti Networks Inc has a 12 month low of $45.71 and a 12 month high of $76.93. The company has a market capitalization of $5,733.85, a P/E ratio of 23.38, a P/E/G ratio of 1.15 and a beta of 0.51.
Ubiquiti Networks (NASDAQ:UBNT) last posted its quarterly earnings data on Thursday, November 9th. The Wireless communications provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.86 by $0.06. The business had revenue of $245.90 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business earned $0.79 earnings per share. analysts expect that Ubiquiti Networks Inc will post 3.35 earnings per share for the current fiscal year.
Ubiquiti Networks announced that its board has initiated a stock repurchase program on Monday, September 18th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the Wireless communications provider to reacquire up to 2.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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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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