Hot stock to watch: Ubiquiti Networks Inc (NASDAQ: UBNT)

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Ubiquiti Networks Inc (NASDAQ: UBNT) stock surged 16.08% on Feb 8th, 2019 (Source: Google finance) after the company posted better than expected results for the second quarter of FY 19. Total cash and cash equivalents were $293.3 million as of December 31, 2018 compared with $666.7 million as of June 30, 2018. In addition, as of December 31, 2018, the company had held $145.8 million in available-for-sale securities. Finished goods inventory at the end of the second quarter rose by $155.0 million to $251.7 million on a year-over-year basis and increased $116.8 million from the prior quarter. This quarter the company had experienced a decline in days sales outstanding in accounts receivable to 52 days, compared with 54 days in the first quarter fiscal 2019. The company expects DSO’s to fluctuate as the mix of the company’s distributors evolves. The company has reported 59.6% rise in Non-GAAP net income during the quarter to $95.1 million

Hot stock to watch: Ubiquiti Networks Inc (NASDAQ: UBNT)

Meanwhile, On February 3, 2017, Synopsys, Inc. had filed a complaint against the company, which is one of our subsidiaries and an employee in the United States District Court for the Northern District of California, alleging claims under the Digital Millennium Copyright Act. On January 17, 2019, the company and Synopsys entered into a settlement pursuant to which the Company paid $18 million to Synopsys and agreed to a permanent injunction to prevent any unlicensed use of Synopsys’s software. As a result of the settlement, the litigation with Synopsys was dismissed

UBNT in the second quarter of FY 19 has reported the adjusted earnings per share of $1.33, beating the analysts’ estimates for the adjusted earnings per share of 94 cents. The company had reported the adjusted revenue growth of 22.5 percent to $307.28 million in the second quarter of FY 19, beating the analysts’ estimates for revenue by 21.26%. GAAP gross margin of 45.6% increased compared to the comparable prior year period GAAP gross margin of 38.6% and decreased versus the prior quarter GAAP gross margin of 46.5%.

The company had repurchased and retired 356,576 shares of common stock for $34.7 million at an average price of $97.31 per share between November 8, 2018 and February 7, 2019.  The company has $178.2 million of availability remaining under the $200 million share repurchase program announced on November 9, 2018. The company has declared a $0.25 per share cash dividend payable on February 25, 2019 to shareholders of record at the close of business on February 18, 2019.

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