Ubiquiti Networks (UBNT) Upgraded by Vetr to Hold

Ubiquiti Networks (NASDAQ:UBNT) was upgraded by research analysts at Vetr from a “sell” rating to a “hold” rating in a research note issued on Monday. The brokerage currently has a $74.74 price objective on the Wireless communications provider’s stock. Vetr‘s price objective would suggest a potential downside of 2.91% from the stock’s current price.

UBNT has been the topic of several other reports. Zacks Investment Research lowered shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a research report on Thursday, November 16th. BidaskClub upgraded shares of Ubiquiti Networks from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 19th. ValuEngine lowered shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a research report on Thursday, November 16th. Finally, BMO Capital Markets decreased their price target on shares of Ubiquiti Networks from $66.00 to $60.00 and set a “positive” rating on the stock in a research report on Friday, November 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Ubiquiti Networks currently has an average rating of “Hold” and a consensus target price of $62.95.

Shares of Ubiquiti Networks (UBNT) traded down $1.48 on Monday, reaching $76.98. 300,055 shares of the company traded hands, compared to its average volume of 285,040. The company has a market cap of $5,990.00, a P/E ratio of 24.44, a PEG ratio of 1.33 and a beta of 0.58. Ubiquiti Networks has a 12-month low of $45.71 and a 12-month high of $82.30.

Ubiquiti Networks (NASDAQ:UBNT) last posted its quarterly earnings results on Thursday, November 9th. The Wireless communications provider reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.06. The company had revenue of $245.90 million for the quarter, compared to analyst estimates of $240.39 million. Ubiquiti Networks had a net margin of 28.76% and a return on equity of 45.45%. The business’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period last year, the business posted $0.79 EPS. research analysts forecast that Ubiquiti Networks will post 3.08 earnings per share for the current fiscal year.

Ubiquiti Networks announced that its Board of Directors has authorized a stock repurchase plan on Thursday, November 9th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the Wireless communications provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Several institutional investors have recently modified their holdings of UBNT. Alliancebernstein L.P. boosted its position in shares of Ubiquiti Networks by 15.2% during the 2nd quarter. Alliancebernstein L.P. now owns 45,550 shares of the Wireless communications provider’s stock valued at $2,367,000 after acquiring an additional 6,000 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Ubiquiti Networks by 4.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,958 shares of the Wireless communications provider’s stock valued at $102,000 after acquiring an additional 80 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Ubiquiti Networks by 6.1% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 15,894 shares of the Wireless communications provider’s stock valued at $826,000 after acquiring an additional 916 shares in the last quarter. M&T Bank Corp boosted its position in shares of Ubiquiti Networks by 18.1% during the 2nd quarter. M&T Bank Corp now owns 6,351 shares of the Wireless communications provider’s stock valued at $330,000 after acquiring an additional 975 shares in the last quarter. Finally, Voya Investment Management LLC boosted its position in shares of Ubiquiti Networks by 8.6% during the 2nd quarter. Voya Investment Management LLC now owns 12,920 shares of the Wireless communications provider’s stock valued at $671,000 after acquiring an additional 1,027 shares in the last quarter. Institutional investors and hedge funds own 33.48% of the company’s stock.

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About Ubiquiti Networks

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.

To view Vetr’s full report, visit Vetr’s official website.

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