Ubiquiti Networks (NASDAQ:UBNT) announced that its board has initiated a stock repurchase plan, which authorizes the company to repurchase $150.00 million in outstanding shares on Thursday, February 8th, EventVestor reports. This repurchase authorization authorizes the Wireless communications provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Several research firms recently issued reports on UBNT. Deutsche Bank upped their price target on shares of Ubiquiti Networks from $47.00 to $55.00 and gave the company a “hold” rating in a report on Friday. Zacks Investment Research raised shares of Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Friday, January 12th. BMO Capital Markets cut their price target on shares of Ubiquiti Networks from $66.00 to $60.00 and set a “positive” rating on the stock in a report on Friday, November 10th. ValuEngine raised shares of Ubiquiti Networks from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Finally, Vetr raised shares of Ubiquiti Networks from a “sell” rating to a “hold” rating and set a $74.74 price target on the stock in a report on Monday, January 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $65.15.
Shares of Ubiquiti Networks (NASDAQ UBNT) traded up $1.52 during trading hours on Friday, hitting $68.98. 231,670 shares of the company’s stock were exchanged, compared to its average volume of 364,223. The firm has a market capitalization of $6,110.60, a PE ratio of 22.21, a price-to-earnings-growth ratio of 1.33 and a beta of 0.58. Ubiquiti Networks has a 52 week low of $45.71 and a 52 week high of $82.30.
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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.
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