Ubiquiti Networks (UBNT) shares have plunged 18% pre-bell despite better-than-expected Q3 results reported late Thursday.
Wedbush downgraded the stock to neutral from outperform, with a price target of $41.00 down from $48.00. The stock recently traded at $34.01 in a 52-week range of $15.01 – $56.85.
Non-GAAP net income of $45.2 million, or $0.50 per diluted share, compared with non-GAAP net income of $21.1 million, or $0.24 per diluted share and was above estimates for $0.49.
Total revenue increased 78% to $148.3 million, a record for the company and above the $142 million consensus estimate.
The communications technology company said net cash outflow from operations was $14.0 million, compared to an inflow of $27.6 million in the second quarter of fiscal 2014, and net cash inflow of $35.2 million in the third quarter of fiscal 2013.
Q4 guidance from Ubiquiti was mostly in line. It sees Q4 revenues of between $147 million and $153 million, with analysts looking for $148 million. It expects non-GAAP EPS of $0.48 and $0.52, with analysts looking for $0.50.
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