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Ubiquiti Networks (NASDAQ:UBNT) shot up 7.1% during mid-day trading on Friday following a stronger than expected earnings report, Analyst Ratings Net reports. The company traded as high as $42.98 and last traded at $42.12, with a volume of 2,220,963 shares traded. The stock had previously closed at $39.32.

The company reported $0.56 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.51 by $0.05. The company had revenue of $156.00 million for the quarter, compared to the consensus estimate of $151.03 million. During the same quarter last year, the company posted $0.33 earnings per share. Ubiquiti Networks’s revenue was up 54.2% compared to the same quarter last year.

Separately, analysts at Raymond James upgraded shares of Ubiquiti Networks from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, May 13th. They now have a $50.00 price target on the stock, up previously from $31.57. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $47.20.

The stock has a 50-day moving average of $41.73 and a 200-day moving average of $42.36. The company has a market cap of $3.748 billion and a price-to-earnings ratio of 22.57. Ubiquiti Networks also was the target of unusually large options trading activity on Thursday. Traders purchased 2,343 call options on the stock. This is an increase of 189% compared to the typical daily volume of 811 call options.

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

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