Ubiquiti Networks, Inc. (UBNT) Short Interest Up 37.8% in September
Ubiquiti Networks, Inc. (NASDAQ:UBNT) saw a significant increase in short interest in the month of September. As of September 29th, there was short interest totalling 10,389,049 shares, an increase of 37.8% from the September 15th total of 7,537,851 shares. Approximately 43.2% of the shares of the company are sold short. Based on an average daily volume of 2,368,843 shares, the short-interest ratio is presently 4.4 days.
Shares of Ubiquiti Networks (NASDAQ:UBNT) opened at 56.10 on Thursday. Ubiquiti Networks has a one year low of $45.71 and a one year high of $67.80. The stock has a market capitalization of $4.51 billion, a PE ratio of 18.16 and a beta of 0.51. The firm’s 50-day moving average is $57.33 and its 200-day moving average is $53.60.
Ubiquiti Networks (NASDAQ:UBNT) last posted its earnings results on Thursday, August 3rd. The Wireless communications provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.06. Ubiquiti Networks had a net margin of 29.76% and a return on equity of 45.87%. The firm had revenue of $228.60 million during the quarter, compared to analysts’ expectations of $219.14 million. During the same period in the previous year, the business posted $0.69 EPS. The business’s revenue was up 23.1% compared to the same quarter last year. On average, analysts expect that Ubiquiti Networks will post $3.68 earnings per share for the current fiscal year.
Ubiquiti Networks announced that its Board of Directors has approved a stock repurchase program on Tuesday, September 5th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the Wireless communications provider to buy up to 18% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In related news, insider Robert J. Pera sold 1,000,000 shares of the stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $61.25, for a total transaction of $61,250,000.00. Following the transaction, the insider now owns 56,278,181 shares in the company, valued at $3,447,038,586.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 70.34% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Group LLC grew its holdings in shares of Ubiquiti Networks by 2.1% during the second quarter. Renaissance Group LLC now owns 6,612 shares of the Wireless communications provider’s stock worth $344,000 after buying an additional 136 shares in the last quarter. Kempen Capital Management N.V. boosted its position in shares of Ubiquiti Networks by 81.7% during the 2nd quarter. Kempen Capital Management N.V. now owns 64,721 shares of the Wireless communications provider’s stock valued at $3,364,000 after acquiring an additional 29,111 shares during the last quarter. Virginia Retirement Systems ET AL boosted its position in shares of Ubiquiti Networks by 82.9% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 46,100 shares of the Wireless communications provider’s stock valued at $2,396,000 after acquiring an additional 20,900 shares during the last quarter. EdgePoint Investment Group Inc. boosted its position in shares of Ubiquiti Networks by 10.0% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 6,325,182 shares of the Wireless communications provider’s stock valued at $328,720,000 after acquiring an additional 575,640 shares during the last quarter. Finally, AXA boosted its position in shares of Ubiquiti Networks by 162.9% during the 1st quarter. AXA now owns 18,400 shares of the Wireless communications provider’s stock valued at $925,000 after acquiring an additional 11,400 shares during the last quarter. 30.85% of the stock is owned by institutional investors.
A number of research analysts recently weighed in on UBNT shares. Vetr upgraded shares of Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $58.36 price objective on the stock in a research report on Wednesday, August 2nd. BidaskClub upgraded shares of Ubiquiti Networks from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Zacks Investment Research upgraded shares of Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Thursday, October 5th. Finally, ValuEngine downgraded shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $58.06.
Ubiquiti Networks Company Profile
Ubiquiti Networks, Inc develops performance networking technology for service providers and enterprises. The Company offers a portfolio of networking products and solutions. Its service provider product platforms provide carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems and routing.
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