Bank of New York Mellon Corp reduced its stake in Ubiquiti Networks Inc. (NASDAQ:UBNT) by 3.9% during the second quarter, Holdings Channel reports. The institutional investor owned 133,559 shares of the company’s stock after selling 5,488 shares during the period. Bank of New York Mellon Corp owned 0.16% of Ubiquiti Networks worth $5,164,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. HBK Investments L P purchased a new stake in shares of Ubiquiti Networks during the first quarter valued at $1,048,000. Bayesian Capital Management LP raised its position in Ubiquiti Networks by 8.1% in the first quarter. Bayesian Capital Management LP now owns 9,300 shares of the company’s stock valued at $309,000 after buying an additional 700 shares during the last quarter. JPMorgan Chase & Co. raised its position in Ubiquiti Networks by 40.2% in the first quarter. JPMorgan Chase & Co. now owns 286,985 shares of the company’s stock valued at $9,547,000 after buying an additional 82,220 shares during the last quarter. UBS Group AG raised its position in Ubiquiti Networks by 36.3% in the first quarter. UBS Group AG now owns 39,369 shares of the company’s stock valued at $1,310,000 after buying an additional 10,476 shares during the last quarter. Finally, Norges Bank bought a new position in Ubiquiti Networks during the fourth quarter valued at approximately $12,986,000. Institutional investors and hedge funds own 30.22% of the company’s stock.
Shares of Ubiquiti Networks Inc. (NASDAQ:UBNT) traded down 1.83% on Friday, hitting $53.20. The stock had a trading volume of 598,292 shares. The stock has a 50 day moving average price of $51.66 and a 200-day moving average price of $40.92. Ubiquiti Networks Inc. has a 12-month low of $25.75 and a 12-month high of $54.73. The company has a market cap of $4.35 billion, a price-to-earnings ratio of 21.37 and a beta of 1.33.
Ubiquiti Networks (NASDAQ:UBNT) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.64 by $0.05. Ubiquiti Networks had a return on equity of 47.65% and a net margin of 32.06%. The business earned $185.70 million during the quarter, compared to analyst estimates of $174.47 million. During the same period last year, the business posted $0.50 earnings per share. The company’s quarterly revenue was up 27.8% on a year-over-year basis. On average, equities analysts expect that Ubiquiti Networks Inc. will post $2.78 earnings per share for the current year.
Several research analysts have recently commented on UBNT shares. Wunderlich boosted their price target on Ubiquiti Networks from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, August 5th. Zacks Investment Research raised Ubiquiti Networks from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Tuesday, August 9th. Deutsche Bank AG set a $31.00 price target on Ubiquiti Networks and gave the stock a “hold” rating in a research report on Friday, August 5th. Finally, Morgan Stanley set a $35.00 price target on Ubiquiti Networks and gave the stock a “sell” rating in a research report on Thursday, August 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $37.11.
In related news, VP Benjamin Moore sold 150,000 shares of Ubiquiti Networks stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $51.20, for a total value of $7,680,000.00. Following the completion of the transaction, the vice president now directly owns 758 shares in the company, valued at $38,809.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 69.08% of the company’s stock.
Ubiquiti Networks Company Profile
Ubiquiti Networks, Inc, develops high performance networking technology for service providers and enterprises. The Company’s technology platforms for service providers enable carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems and routing. The Company’s technology platforms for enterprises enable wireless local area network (WLAN) infrastructure, video surveillance products, and machine-to-machine communications.
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