Ubiquiti Networks (NASDAQ:UBNT) released its quarterly earnings data on Friday. The Wireless communications provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.34, Morningstar.com reports. Ubiquiti Networks had a net margin of 19.30% and a return on equity of 69.24%. The company had revenue of $282.90 million during the quarter, compared to the consensus estimate of $270.60 million. During the same period in the previous year, the firm earned $0.92 earnings per share. Ubiquiti Networks’s revenue for the quarter was up 15.0% on a year-over-year basis. Ubiquiti Networks updated its FY19 guidance to $4.00-4.80 EPS.
UBNT opened at $111.13 on Friday. The company has a quick ratio of 7.96, a current ratio of 8.87 and a debt-to-equity ratio of 1.46. Ubiquiti Networks has a 52-week low of $49.40 and a 52-week high of $112.38. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 30.36, a price-to-earnings-growth ratio of 1.97 and a beta of 1.11.
In other Ubiquiti Networks news, VP Benjamin Moore sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $87.91, for a total transaction of $8,791,000.00. Following the completion of the sale, the vice president now directly owns 673,206 shares in the company, valued at $59,181,539.46. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 78.70% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in UBNT. First Trust Advisors LP boosted its stake in shares of Ubiquiti Networks by 683.1% in the third quarter. First Trust Advisors LP now owns 429,092 shares of the Wireless communications provider’s stock valued at $42,420,000 after purchasing an additional 374,299 shares during the period. Millennium Management LLC purchased a new position in shares of Ubiquiti Networks in the second quarter valued at $15,342,000. Paloma Partners Management Co purchased a new position in shares of Ubiquiti Networks in the second quarter valued at $9,607,000. Rational Advisors LLC purchased a new position in shares of Ubiquiti Networks in the third quarter valued at $7,790,000. Finally, SG Americas Securities LLC boosted its stake in shares of Ubiquiti Networks by 2,104.9% in the second quarter. SG Americas Securities LLC now owns 79,267 shares of the Wireless communications provider’s stock valued at $6,716,000 after purchasing an additional 75,672 shares during the period. Institutional investors and hedge funds own 27.13% of the company’s stock.
UBNT has been the subject of several research reports. Zacks Investment Research downgraded shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a research note on Sunday, July 15th. Credit Suisse Group set a $73.00 price objective on shares of Ubiquiti Networks and gave the stock a “hold” rating in a research note on Wednesday, July 18th. ValuEngine downgraded shares of Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 26th. BidaskClub downgraded shares of Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Finally, BMO Capital Markets reiterated a “hold” rating on shares of Ubiquiti Networks in a research note on Friday, August 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $75.62.
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Ubiquiti Networks Company Profile
Ubiquiti Networks, Inc develops networking technology for service providers, enterprises, and consumers. It focuses on three principal technologies, including high-capacity distributed Internet access, unified information technology, and consumer electronics for home and personal use. The company's service provider product platforms offer carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems, and routing; and enterprise product platforms provide wireless LAN infrastructure, video surveillance products, switching and routing solutions, security gateways, and other WLAN products, as well as offers consumer products under the Ubiquiti Labs brand name.
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