Northern Trust Corp lowered its holdings in Ubiquiti Networks Inc (NASDAQ:UBNT) by 0.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 308,254 shares of the Wireless communications provider’s stock after selling 1,438 shares during the quarter. Northern Trust Corp’s holdings in Ubiquiti Networks were worth $21,207,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Amalgamated Bank bought a new stake in Ubiquiti Networks in the fourth quarter valued at about $216,000. Raymond James & Associates bought a new stake in Ubiquiti Networks in the fourth quarter valued at about $1,640,000. MetLife Investment Advisors LLC bought a new stake in Ubiquiti Networks in the fourth quarter valued at about $762,000. Schwab Charles Investment Management Inc. increased its stake in Ubiquiti Networks by 3.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 147,633 shares of the Wireless communications provider’s stock valued at $10,485,000 after acquiring an additional 4,928 shares during the period. Finally, Burney Co. increased its stake in Ubiquiti Networks by 1.6% in the fourth quarter. Burney Co. now owns 56,998 shares of the Wireless communications provider’s stock valued at $4,048,000 after acquiring an additional 921 shares during the period. 30.38% of the stock is currently owned by institutional investors and hedge funds.
UBNT has been the topic of a number of analyst reports. Credit Suisse Group initiated coverage on shares of Ubiquiti Networks in a research note on Wednesday, May 9th. They issued a “neutral” rating and a $74.00 target price on the stock. ValuEngine raised shares of Ubiquiti Networks from a “hold” rating to a “buy” rating in a research note on Friday, March 2nd. BidaskClub cut shares of Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, April 11th. TheStreet upgraded shares of Ubiquiti Networks from a “c+” rating to a “b+” rating in a research report on Wednesday, May 23rd. Finally, BMO Capital Markets restated a “market perform” rating and issued a $74.00 price target on shares of Ubiquiti Networks in a research report on Friday, May 11th. Six investment analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $71.95.
Ubiquiti Networks opened at $81.23 on Tuesday, MarketBeat reports. The stock has a market capitalization of $6.17 billion, a price-to-earnings ratio of 26.29, a PEG ratio of 1.85 and a beta of 0.75. Ubiquiti Networks Inc has a 12 month low of $47.78 and a 12 month high of $89.99. The company has a current ratio of 6.69, a quick ratio of 6.08 and a debt-to-equity ratio of 1.63.
Ubiquiti Networks (NASDAQ:UBNT) last released its quarterly earnings results on Thursday, May 10th. The Wireless communications provider reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.05. The firm had revenue of $250.40 million for the quarter, compared to analyst estimates of $247.92 million. Ubiquiti Networks had a net margin of 19.15% and a return on equity of 56.13%. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 earnings per share. research analysts predict that Ubiquiti Networks Inc will post 2.42 earnings per share for the current fiscal year.
Ubiquiti Networks declared that its board has approved a share buyback plan on Tuesday, March 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the Wireless communications provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Ubiquiti Networks Company Profile
Ubiquiti Networks, Inc develops networking technology for service providers, enterprises, and consumers worldwide. 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 complimentary WLAN products.
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