JPMorgan Chase & Co. decreased its stake in shares of Ubiquiti Networks Inc. (NASDAQ:UBNT) by 24.3% during the second quarter, Holdings Channel reports. The firm owned 217,191 shares of the company’s stock after selling 69,794 shares during the period. JPMorgan Chase & Co. owned about 0.26% of Ubiquiti Networks worth $8,397,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of the stock. Emerald Acquisition Ltd. purchased a new position in shares of Ubiquiti Networks during the second quarter valued at about $182,000. Sawgrass Asset Management LLC purchased a new position in shares of Ubiquiti Networks during the second quarter valued at about $205,000. M&T Bank Corp purchased a new position in shares of Ubiquiti Networks during the second quarter valued at about $211,000. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in shares of Ubiquiti Networks during the second quarter valued at about $236,000. Finally, Menta Capital LLC purchased a new position in shares of Ubiquiti Networks during the first quarter valued at about $250,000. 30.22% of the stock is currently owned by institutional investors and hedge funds.
Shares of Ubiquiti Networks Inc. (NASDAQ:UBNT) traded down 1.81% during midday trading on Friday, hitting $53.22. The company’s stock had a trading volume of 133,037 shares. The company has a 50-day moving average price of $52.63 and a 200 day moving average price of $42.30. The company has a market cap of $4.35 billion, a P/E ratio of 21.37 and a beta of 1.32. Ubiquiti Networks Inc. has a 1-year low of $25.75 and a 1-year high of $55.00.
Ubiquiti Networks (NASDAQ:UBNT) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $185.70 million for the quarter, compared to analyst estimates of $174.47 million. During the same quarter last year, the company posted $0.50 EPS. The company’s revenue for the quarter was up 27.8% compared to the same quarter last year. On average, equities research analysts predict that Ubiquiti Networks Inc. will post $2.78 EPS for the current year.
Several equities analysts have recently issued reports on the company. Zacks Investment Research lowered Ubiquiti Networks from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Deutsche Bank AG set a $31.00 target price on Ubiquiti Networks and gave the company a “hold” rating in a research note on Friday, August 5th. Wunderlich increased their target price on Ubiquiti Networks from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Finally, Morgan Stanley set a $28.00 target price on Ubiquiti Networks and gave the company a “sell” rating in a research note on Friday, August 5th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Ubiquiti Networks has a consensus rating of “Hold” and a consensus target price of $37.11.
In other 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 transaction, the vice president now owns 758 shares in the company, valued at approximately $38,809.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 69.08% of the stock is owned by insiders.
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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