Bank of America Raises Ubiquiti Networks (UBNT) Price Target to $62.00

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Ubiquiti Networks (NASDAQ:UBNT) had its target price raised by equities researchers at Bank of America from $52.50 to $62.00 in a note issued to investors on Monday, MarketBeat Ratings reports. The brokerage currently has an “underperform” rating on the Wireless communications provider’s stock. Bank of America’s price target indicates a potential downside of 29.39% from the company’s previous close.

A number of other equities analysts also recently commented on UBNT. Zacks Investment Research downgraded shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a report on Sunday, July 15th. Credit Suisse Group set a $73.00 target price on shares of Ubiquiti Networks and gave the stock a “hold” rating in a report on Wednesday, July 18th. ValuEngine downgraded shares of Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 26th. BidaskClub downgraded shares of Ubiquiti Networks from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. Finally, BMO Capital Markets reiterated a “hold” rating on shares of Ubiquiti Networks in a report on Friday, August 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $75.62.

Ubiquiti Networks stock traded up $1.05 during trading hours on Monday, reaching $87.81. The stock had a trading volume of 50,804 shares, compared to its average volume of 477,041. The company has a market capitalization of $6.48 billion, a PE ratio of 23.99, a P/E/G ratio of 1.39 and a beta of 1.18. The company has a debt-to-equity ratio of 1.46, a quick ratio of 7.96 and a current ratio of 8.87. Ubiquiti Networks has a 52 week low of $49.40 and a 52 week high of $101.33.

Ubiquiti Networks (NASDAQ:UBNT) last announced its earnings results on Friday, August 24th. The Wireless communications provider reported $1.01 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.01. The business had revenue of $269.80 million during the quarter, compared to the consensus estimate of $256.03 million. Ubiquiti Networks had a net margin of 19.30% and a return on equity of 69.24%. The firm’s revenue was up 18.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 earnings per share. On average, equities analysts predict that Ubiquiti Networks will post 3.4 earnings per share for the current fiscal year.

In other news, VP Benjamin Moore sold 100,000 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $87.91, for a total transaction of $8,791,000.00. Following the sale, the vice president now owns 673,206 shares in the company, valued at $59,181,539.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 72.80% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new stake in shares of Ubiquiti Networks during the third quarter worth about $178,000. First Trust Advisors LP grew its stake in shares of Ubiquiti Networks by 683.1% during the third quarter. First Trust Advisors LP now owns 429,092 shares of the Wireless communications provider’s stock worth $42,420,000 after acquiring an additional 374,299 shares during the last quarter. First Hawaiian Bank purchased a new stake in shares of Ubiquiti Networks during the third quarter worth about $530,000. Zweig DiMenna Associates LLC purchased a new stake in shares of Ubiquiti Networks during the third quarter worth about $267,000. Finally, Daiwa SB Investments Ltd. grew its stake in shares of Ubiquiti Networks by 60.8% during the third quarter. Daiwa SB Investments Ltd. now owns 73,957 shares of the Wireless communications provider’s stock worth $7,311,000 after acquiring an additional 27,963 shares during the last quarter. Institutional investors and hedge funds own 26.06% of the company’s stock.

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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