Ubiquiti Networks (NASDAQ:UBNT)‘s stock had its “positive” rating restated by investment analysts at Bank of America in a note issued to investors on Thursday, StockRatingsNetwork reports.
The analysts wrote, “Following recent discussion with management, we maintain our Buy and increase our price objective from $50 to $60, highlighting three reasons for our bullish view: strong business momentum and upcoming product launches; good uptake on the announced distribution agreement with Ingram Micro; and substantial upside to our 2015/2016 estimates. We believe the stock remains attractive despite the recent strong run up, trading at ~22x our 2015E EPS, vs. a 67% cumulative revenue growth in the last four quarters. Our PO is based on ~26x our 2015E P/E, which we think is more aligned with the future growth potential.”
Shares of Ubiquiti Networks (NASDAQ:UBNT) traded up 4.11% during mid-day trading on Thursday, hitting $51.39. The stock had a trading volume of 212,270 shares. Ubiquiti Networks has a 52-week low of $12.81 and a 52-week high of $53.58. The stock has a 50-day moving average of $45.2 and a 200-day moving average of $40.00. The company has a market cap of $4.511 billion and a price-to-earnings ratio of 33.49.
Ubiquiti Networks (NASDAQ:UBNT) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.03. The company had revenue of $138.40 million for the quarter, compared to the consensus estimate of $133.33 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 84.8% on a year-over-year basis. On average, analysts predict that Ubiquiti Networks will post $1.92 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of Ubiquiti Networks from a “neutral” rating to an “outperform” rating in a research note on Tuesday, February 11th. They now have a $49.00 price target on the stock. Separately, analysts at Raymond James raised their price target on shares of Ubiquiti Networks from $47.00 to $50.00 in a research note on Friday, February 7th. Finally, analysts at BMO Capital Markets raised their price target on shares of Ubiquiti Networks from $52.00 to $56.00 in a research note on Friday, February 7th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Ubiquiti Networks currently has an average rating of “Buy” and an average target price of $44.10.
In other Ubiquiti Networks news, VP Benjamin Moore sold 34,000 shares of the stock on the open market in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $45.63, for a total transaction of $1,551,420.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Ubiquiti Networks, Inc (NASDAQ:UBNT) is a communications technology Company.
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