Raymond James Cuts Ubiquiti Networks to Market Perform (UBNT)
Ubiquiti Networks (NASDAQ: UBNT) was downgraded by equities research analysts at Raymond James (NYSE: RJF) from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday.
Several other analysts have also recently commented on the stock. Analysts at Wunderlich downgraded shares of Ubiquiti Networks from a “buy” rating to a “hold” rating in a research note to investors on Wednesday. They now have a $35.00 price target on the stock. Separately, analysts at Auriga reiterated a “buy” rating on shares of Ubiquiti Networks in a research note to investors on Thursday, April 26th.
Ubiquiti Networks traded down 6.22% on Wednesday, hitting $26.99. Ubiquiti Networks has a 1-year low of $16.25 and a 1-year high of $35.99. The company’s market cap is $2.479 billion.
The company last announced its quarterly results on Tuesday, May 1st. It reported $0.30 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.27 EPS by $0.03. The company’s quarterly revenue was up 79.1% on a year-over-year basis. Analysts expect that Ubiquiti Networks will post $0.29 EPS next quarter.
Ubiquiti Networks, Inc. (Ubiquiti) designs, manufactures and sells broadband wireless solutions worldwide.