BMO Capital Markets Cuts Ubiquiti Networks, Inc. (UBNT) Price Target to $60.00

Ubiquiti Networks, Inc. (NASDAQ:UBNT) had its target price lowered by stock analysts at BMO Capital Markets from $66.00 to $60.00 in a report released on Friday, November 10th. The brokerage presently has a “positive” rating on the Wireless communications provider’s stock. BMO Capital Markets’ price objective would suggest a potential downside of 9.32% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Vetr raised 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 raised Ubiquiti Networks from a “hold” rating to a “buy” rating in a research report on Monday, July 31st. Deutsche Bank AG upped their price objective on Ubiquiti Networks from $40.00 to $44.00 and gave the company a “hold” rating in a research report on Monday, August 7th. Zacks Investment Research raised 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 cut Ubiquiti Networks from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $56.86.

Shares of Ubiquiti Networks (NASDAQ UBNT) traded up $0.09 on Friday, hitting $66.17. The stock had a trading volume of 242,700 shares, compared to its average volume of 622,063. Ubiquiti Networks has a 12-month low of $45.71 and a 12-month high of $68.14. The company has a market cap of $5,143.81, a PE ratio of 21.05, a P/E/G ratio of 1.03 and a beta of 0.50.

Ubiquiti Networks (NASDAQ:UBNT) last issued its quarterly earnings results on Thursday, November 9th. The Wireless communications provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. The firm had revenue of $245.90 million for the quarter, compared to analysts’ expectations of $240.39 million. Ubiquiti Networks had a return on equity of 45.45% and a net margin of 28.76%. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.79 EPS. research analysts forecast that Ubiquiti Networks will post 3.35 earnings per share for the current fiscal year.

Ubiquiti Networks announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the Wireless communications provider to purchase up to 18% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

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In other Ubiquiti Networks news, insider Robert J. Pera sold 1,000,000 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 56,278,181 shares in the company, valued at approximately $3,447,038,586.25. The sale was disclosed in a document filed with the SEC, which is available through this link. 70.34% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its stake in 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 buying an additional 80 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Ubiquiti Networks during the 2nd quarter valued at $144,000. Pacer Advisors Inc. raised its stake in Ubiquiti Networks by 11.8% during the 2nd quarter. Pacer Advisors Inc. now owns 3,019 shares of the Wireless communications provider’s stock valued at $157,000 after buying an additional 319 shares during the last quarter. Gilder Gagnon Howe & Co. LLC purchased a new stake in Ubiquiti Networks during the 3rd quarter valued at $178,000. Finally, Hikari Power Ltd purchased a new stake in Ubiquiti Networks during the 2nd quarter valued at $205,000. Institutional investors and hedge funds own 32.47% of the company’s stock.

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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