Ubiquiti Networks Provides Upbeat Guidance (UBNT)
Ubiquiti Networks Inc. (NASDAQ: UBNT) on Thursday provided upbeat forecast both for the fiscal third and fourth quarter, sending shares soaring about 18.50% on Friday.
For the fiscal third quarter, the Company provided earnings guidance of $20.7 million or 23 cents a share compared to $27.9 million or 30 cents a share, in the year-earlier quarter.
Non-GAAP earnings came at $21.1 million or 24 cents a share. Analysts’ most recent estimate was for 22 cents a share. Revenue fell 9% to $83.2 million from $91.7 million, in the same quarter of last year but topped analysts’ consensus estimate of $80.10 million.
For the fiscal fourth quarter, Ubiquiti Networks’ expect earnings of 25 cents to 28 cents a share on non-adjusted basis. On adjusted basis, earnings are expected to be in the range of 26 cents to 29 cents a share.
Revenue during the fourth quarter is expected between $90 million and $96 million. Analysts’ consensus forecast was for earnings of 23 cents a share in revenue of $86.02 million.
Earlier on Monday, analysts at Zacks lifted their rating on the stock to “outperform” from “neutral” and set a price target of $17.30 a share. On May 3rd, analysts at Wedbush raised their price target on the stock to $17.00 from $16.00. The firm has “neutral” rating on the stock.
Currently, five equity research firms maintain “hold” rating on the stock while three research firms have assigned “buy” rating on the stock. On average, the stock has “hold” rating and price target of $16.55.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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