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Ubiquiti Networks (NASDAQ:UBNT) traded down 23.1% during mid-day trading on Friday after Macquarie lowered their price target on the stock from $65.00 to $55.00, Stock Ratings News reports. The company traded as low as $31.55 and last traded at $31.83, with a volume of 6,547,177 shares trading hands. The stock had previously closed at $41.37.

Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank cut their price target on shares of Ubiquiti Networks from $42.00 to $35.00 in a research note on Friday. Separately, analysts at BMO Capital Markets cut their price target on shares of Ubiquiti Networks from $56.00 to $51.00 in a research note on Friday. Finally, analysts at Wedbush downgraded shares of Ubiquiti Networks from an “outperform” rating to a “neutral” rating in a research note on Friday. They now have a $41.00 price target on the stock. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $45.55.

The stock has a 50-day moving average of $42.34 and a 200-day moving average of $43.31. The company has a market cap of $2.736 billion and a P/E ratio of 28.07.

Ubiquiti Networks (NASDAQ:UBNT) last announced its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.49 by $0.01. The company had revenue of $148.30 million for the quarter, compared to the consensus estimate of $141.92 million. During the same quarter in the prior year, the company posted $0.24 earnings per share. The company’s quarterly revenue was up 78.2% on a year-over-year basis. On average, analysts predict that Ubiquiti Networks will post $1.93 earnings per share for the current fiscal year.

Ubiquiti Networks, Inc (NASDAQ:UBNT) is a communications technology Company.

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