Ubiquiti Networks (UBNT) Given New $55.00 Price Target at Deutsche Bank

Ubiquiti Networks (NASDAQ:UBNT) had its price target hoisted by Deutsche Bank from $47.00 to $55.00 in a research report sent to investors on Friday. The brokerage currently has a hold rating on the Wireless communications provider’s stock.

UBNT has been the subject of several other reports. Zacks Investment Research lowered Ubiquiti Networks from a buy rating to a hold rating in a report on Thursday, November 16th. BidaskClub raised Ubiquiti Networks from a buy rating to a strong-buy rating in a report on Tuesday, December 19th. Vetr raised Ubiquiti Networks from a sell rating to a hold rating and set a $74.74 target price for the company in a report on Monday, February 5th. ValuEngine lowered Ubiquiti Networks from a buy rating to a hold rating in a report on Thursday, November 16th. Finally, BMO Capital Markets reduced their target price on Ubiquiti Networks from $66.00 to $60.00 and set a positive rating for the company in a report on Friday, November 10th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $65.75.

Ubiquiti Networks (NASDAQ:UBNT) traded up $3.09 during mid-day trading on Friday, hitting $70.55. The stock had a trading volume of 802,643 shares, compared to its average volume of 408,848. The company has a market capitalization of $5,240.75, a price-to-earnings ratio of 21.21, a PEG ratio of 1.15 and a beta of 0.58. Ubiquiti Networks has a 52 week low of $45.71 and a 52 week high of $82.30.

Ubiquiti Networks (NASDAQ:UBNT) last released its earnings results on Thursday, February 8th. The Wireless communications provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06. The company had revenue of $250.80 million during the quarter, compared to analyst estimates of $239.89 million. Ubiquiti Networks had a return on equity of 45.49% and a net margin of 15.73%. Ubiquiti Networks’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 earnings per share. research analysts forecast that Ubiquiti Networks will post 3.08 EPS for the current year.

Ubiquiti Networks declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 9th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the Wireless communications provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its holdings in Ubiquiti Networks by 4.3% during the second quarter. PNC Financial Services Group Inc. now owns 1,958 shares of the Wireless communications provider’s stock valued at $102,000 after purchasing an additional 80 shares during the period. UBS Asset Management Americas Inc. grew its holdings in Ubiquiti Networks by 6.1% during the second quarter. UBS Asset Management Americas Inc. now owns 15,894 shares of the Wireless communications provider’s stock valued at $826,000 after purchasing an additional 916 shares during the period. Voya Investment Management LLC grew its holdings in Ubiquiti Networks by 8.6% during the second quarter. Voya Investment Management LLC now owns 12,920 shares of the Wireless communications provider’s stock valued at $671,000 after purchasing an additional 1,027 shares during the period. American International Group Inc. grew its holdings in Ubiquiti Networks by 8.1% during the third quarter. American International Group Inc. now owns 15,508 shares of the Wireless communications provider’s stock valued at $869,000 after purchasing an additional 1,159 shares during the period. Finally, Stifel Financial Corp grew its holdings in Ubiquiti Networks by 2.4% during the second quarter. Stifel Financial Corp now owns 54,400 shares of the Wireless communications provider’s stock valued at $2,827,000 after purchasing an additional 1,250 shares during the period. 33.48% of the stock is owned by institutional investors and hedge funds.

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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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