NEW YORK (TheStreet) -- Shares of Ubiquiti Networks (UBNT) were climbing on heavy trading volume late Friday afternoon after the company reported better-than-anticipated results for the 2017 fiscal first quarter and gave an upbeat outlook.
After yesterday's closing bell, the San Jose, CA-based performance networking technology developer posted adjusted earnings of 79 cents per diluted share, handily topping analysts' estimates of 69 cents per share.
Revenue for the quarter was $204.8 million, above analysts' projections of $183.6 million.
For the fiscal second quarter, Ubiquiti sees adjusted earnings per diluted share between 73 cents and 79 cents on revenue of $200 million to $210 million.
Wall Street is forecasting earnings of 74 cents per share on revenue of $201 million for the current period, according to FactSet.
More than 1.84 million of the company's shares changed hands so far today vs. its average 30-day volume of 429,110 shares.
Separately, TheStreet Ratings Team has a "Buy" rating with a ratings score of A- on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: UBNT