Todays Report: The Midas Management Corp Invests $1,815,000 in Ubiquiti Networks Inc. (UBNT)

The Midas Management Corp Invests $1,815,000 in Ubiquiti Networks Inc. (UBNT)

Midas Management Corp bought a new stake in shares of Ubiquiti Networks Inc. (NASDAQ:UBNT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 46,950 shares of the company’s stock, valued at approximately $1,815,000. Ubiquiti Networks comprises 1.0% of Midas Management Corp’s investment portfolio, making the stock its 24th largest position.

Several other hedge funds and other institutional investors have also made changes to their positions in UBNT. JPMorgan Chase & Co. raised its position in shares of 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 period. Teachers Advisors Inc. increased its stake in Ubiquiti Networks by 525.9% in the first quarter. Teachers Advisors Inc. now owns 272,587 shares of the company’s stock valued at $9,069,000 after buying an additional 229,034 shares in the last quarter. Meritage Portfolio Management bought a new stake in Ubiquiti Networks during the second quarter valued at $4,128,000. Old Mutual Global Investors UK Ltd. increased its stake in Ubiquiti Networks by 172.4% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 102,094 shares of the company’s stock valued at $3,946,000 after buying an additional 64,612 shares in the last quarter. Finally, UBS Group AG increased its stake 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 in the last quarter. Institutional investors and hedge funds own 30.22% of the company’s stock.

Shares of Ubiquiti Networks Inc. (NASDAQ:UBNT) traded down 0.61% during trading on Friday, hitting $49.17. The stock had a trading volume of 505,902 shares. Ubiquiti Networks Inc. has a one year low of $25.75 and a one year high of $55.00. The stock’s 50 day moving average price is $52.84 and its 200-day moving average price is $42.94. The stock has a market cap of $4.02 billion, a P/E ratio of 19.75 and a beta of 1.32.

Ubiquiti Networks (NASDAQ:UBNT) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.05. Ubiquiti Networks had a net margin of 32.06% and a return on equity of 47.65%. The business earned $185.70 million during the quarter, compared to analysts’ expectations of $174.47 million. During the same quarter in the prior year, the company posted $0.50 EPS. The business’s revenue for the quarter was up 27.8% on a year-over-year basis. Analysts expect that Ubiquiti Networks Inc. will post $2.78 earnings per share for the current fiscal year.

Several research firms have recently weighed in on UBNT. Zacks Investment Research downgraded shares of Ubiquiti Networks from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 6th. Morgan Stanley set a $35.00 price target on shares of Ubiquiti Networks and gave the company a “sell” rating in a research note on Thursday, August 11th. Deutsche Bank AG set a $31.00 price target on shares of Ubiquiti Networks and gave the company a “hold” rating in a research note on Friday, August 5th. Finally, Wunderlich lifted their price target on shares of Ubiquiti Networks from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $37.11.

In related news, VP Benjamin Moore sold 150,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $51.20, for a total transaction of $7,680,000.00. Following the completion of the transaction, the vice president now owns 758 shares of the company’s stock, valued at approximately $38,809.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 69.08% of the stock is currently owned by insiders.

About Ubiquiti Networks

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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