Renaissance Technologies LLC Buys 29,800 Shares of Ubiquiti Networks Inc (NASDAQ:UBNT)

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Renaissance Technologies LLC raised its stake in Ubiquiti Networks Inc (NASDAQ:UBNT) by 9.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 332,300 shares of the Wireless communications provider’s stock after purchasing an additional 29,800 shares during the period. Renaissance Technologies LLC owned 0.45% of Ubiquiti Networks worth $28,152,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in UBNT. BlackRock Inc. boosted its holdings in shares of Ubiquiti Networks by 8.3% in the first quarter. BlackRock Inc. now owns 1,601,726 shares of the Wireless communications provider’s stock valued at $110,198,000 after acquiring an additional 123,254 shares during the period. Sei Investments Co. boosted its holdings in shares of Ubiquiti Networks by 0.5% in the second quarter. Sei Investments Co. now owns 208,321 shares of the Wireless communications provider’s stock valued at $17,648,000 after acquiring an additional 979 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Ubiquiti Networks by 4.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 154,346 shares of the Wireless communications provider’s stock valued at $10,620,000 after acquiring an additional 6,713 shares during the period. SG Americas Securities LLC boosted its holdings 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 acquiring an additional 75,672 shares during the period. Finally, BlueMountain Capital Management LLC acquired a new stake in shares of Ubiquiti Networks in the second quarter valued at approximately $5,383,000. Institutional investors own 26.05% of the company’s stock.

In other news, VP Benjamin Moore sold 100,000 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $87.91, for a total value of $8,791,000.00. Following the completion of the transaction, the vice president now owns 673,206 shares in the company, valued at $59,181,539.46. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 72.80% of the company’s stock.

Several equities research analysts recently weighed in on the company. BidaskClub downgraded Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a report on Tuesday. ValuEngine downgraded Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 26th. Credit Suisse Group set a $79.00 price target on Ubiquiti Networks and gave the stock a “hold” rating in a report on Monday, August 27th. BMO Capital Markets reaffirmed a “hold” rating on shares of Ubiquiti Networks in a report on Friday, August 24th. Finally, Zacks Investment Research downgraded Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Sunday, July 15th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Ubiquiti Networks has a consensus rating of “Buy” and an average target price of $78.35.

Ubiquiti Networks stock traded up $3.57 during midday trading on Friday, reaching $86.58. The company’s stock had a trading volume of 439,035 shares, compared to its average volume of 462,074. Ubiquiti Networks Inc has a fifty-two week low of $49.40 and a fifty-two week high of $101.33. The company has a debt-to-equity ratio of 1.46, a quick ratio of 7.96 and a current ratio of 8.87. The company has a market cap of $7.32 billion, a P/E ratio of 23.66, a price-to-earnings-growth ratio of 1.57 and a beta of 1.18.

Ubiquiti Networks (NASDAQ:UBNT) last released its earnings results on Friday, August 24th. The Wireless communications provider reported $1.01 EPS for the quarter, meeting analysts’ consensus estimates of $1.01. Ubiquiti Networks had a return on equity of 69.24% and a net margin of 19.30%. The company had revenue of $269.80 million during the quarter, compared to the consensus estimate of $256.03 million. During the same quarter last year, the company earned $0.75 earnings per share. Ubiquiti Networks’s quarterly revenue was up 18.0% compared to the same quarter last year. Sell-side analysts predict that Ubiquiti Networks Inc will post 3.4 EPS for the current year.

About Ubiquiti Networks

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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Institutional Ownership by Quarter for Ubiquiti Networks (NASDAQ:UBNT)

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