Ubiquiti Networks Major Shareholder Peter Chung Unloads 13,000,000 Shares (UBNT)
Ubiquiti Networks (NASDAQ:UBNT) major shareholder Peter Chung sold 13,000,000 shares of Ubiquiti Networks stock on the open market in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $33.00, for a total value of $429,000,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
UBNT has been the subject of a number of recent research reports. Analysts at Wunderlich raised their price target on shares of Ubiquiti Networks (NASDAQ:UBNT) from $33.00 to $40.00 in a research note to investors on Monday, August 26th. They now have a “buy” rating on the stock. Separately, analysts at Craig Hallum initiated coverage on shares of Ubiquiti Networks (NASDAQ:UBNT) in a research note to investors on Wednesday, August 21st. They set a “buy” rating on the stock. Finally, analysts at Zacks upgraded shares of Ubiquiti Networks (NASDAQ:UBNT) from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday, August 13th. They now have a $28.40 price target on the stock.
Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $29.64.
Ubiquiti Networks (NASDAQ:UBNT) traded up 3.05% on Friday, hitting $32.39. 836,962 shares of the company’s stock traded hands. Ubiquiti Networks has a one year low of $9.97 and a one year high of $37.40. The stock has a 50-day moving average of $28.2 and a 200-day moving average of $19.29. The company has a market cap of $2.823 billion and a P/E ratio of 35.31.
Ubiquiti Networks (NASDAQ:UBNT) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.06. The company had revenue of $101.20 million for the quarter, compared to the consensus estimate of $93.28 million. During the same quarter in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. Analysts expect that Ubiquiti Networks will post $1.62 EPS for the current fiscal year.
Ubiquiti Networks, Inc (NASDAQ:UBNT) is a communications technology Company.
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