Shares of Ubiquiti Networks Inc (NASDAQ:UBNT) reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $112.38 and last traded at $108.43, with a volume of 60691 shares. The stock had previously closed at $94.54.
The Wireless communications provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.16. Ubiquiti Networks had a return on equity of 69.24% and a net margin of 19.30%. The business had revenue of $282.90 million during the quarter, compared to the consensus estimate of $270.60 million. During the same quarter last year, the firm posted $0.92 EPS. The company’s quarterly revenue was up 15.0% on a year-over-year basis.
Several equities research analysts have issued reports on UBNT shares. Zacks Investment Research downgraded 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 target on Ubiquiti Networks and gave the company a “hold” rating in a report on Wednesday, July 18th. ValuEngine downgraded Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 26th. BidaskClub downgraded Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of Ubiquiti Networks in a report on Friday, August 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $75.62.
In other news, VP Benjamin Moore sold 100,000 shares of Ubiquiti Networks stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. 78.70% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. WealthTrust Fairport LLC acquired a new stake in shares of Ubiquiti Networks during the third quarter worth $117,000. FTB Advisors Inc. lifted its holdings in shares of Ubiquiti Networks by 1,940.8% during the second quarter. FTB Advisors Inc. now owns 2,000 shares of the Wireless communications provider’s stock worth $169,000 after buying an additional 1,902 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Ubiquiti Networks during the third quarter worth $178,000. Public Employees Retirement Association of Colorado lifted its holdings in shares of Ubiquiti Networks by 48.6% during the second quarter. Public Employees Retirement Association of Colorado now owns 2,182 shares of the Wireless communications provider’s stock worth $185,000 after buying an additional 714 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Ubiquiti Networks during the second quarter worth $198,000. 27.13% of the stock is owned by institutional investors.
The company has a quick ratio of 7.96, a current ratio of 8.87 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 30.36, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11.
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Ubiquiti Networks Company Profile (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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