Ubiquiti (NYSE:UI) Hits New 12-Month High – Here’s What Happened

Ubiquiti Inc. (NYSE:UI)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $657.12 and last traded at $655.64, with a volume of 243947 shares changing hands. The stock had previously closed at $642.14.

Analyst Ratings Changes

Several research analysts have recently issued reports on UI shares. UBS Group set a $600.00 price objective on Ubiquiti in a research note on Monday, August 25th. BWS Financial upped their price objective on Ubiquiti from $440.00 to $600.00 and gave the company a “buy” rating in a research note on Monday, August 25th. Finally, Barclays upped their price objective on Ubiquiti from $247.00 to $299.00 and gave the company an “underweight” rating in a research note on Friday, August 22nd. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $499.67.

Ubiquiti Trading Up 2.1%

The firm has a market cap of $39.66 billion, a price-to-earnings ratio of 55.70 and a beta of 1.42. The business’s 50-day simple moving average is $502.66 and its two-hundred day simple moving average is $409.11.

Ubiquiti (NYSE:UI) last released its earnings results on Friday, August 22nd. The company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $1.31. The business had revenue of $759.15 million during the quarter, compared to the consensus estimate of $618.80 million. Ubiquiti had a net margin of 27.66% and a return on equity of 166.22%. During the same quarter in the prior year, the firm posted $1.74 EPS. On average, analysts forecast that Ubiquiti Inc. will post 7.21 earnings per share for the current fiscal year.

Ubiquiti Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Ubiquiti’s previous quarterly dividend of $0.60. Ubiquiti’s dividend payout ratio (DPR) is currently 27.19%.

Hedge Funds Weigh In On Ubiquiti

A number of institutional investors and hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio boosted its holdings in shares of Ubiquiti by 2.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,307 shares of the company’s stock worth $538,000 after buying an additional 25 shares in the last quarter. Valeo Financial Advisors LLC boosted its holdings in shares of Ubiquiti by 2.5% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,025 shares of the company’s stock worth $422,000 after buying an additional 25 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Ubiquiti by 20.5% during the 2nd quarter. GAMMA Investing LLC now owns 159 shares of the company’s stock worth $65,000 after buying an additional 27 shares in the last quarter. M&T Bank Corp boosted its holdings in shares of Ubiquiti by 2.6% during the 2nd quarter. M&T Bank Corp now owns 1,204 shares of the company’s stock worth $495,000 after buying an additional 30 shares in the last quarter. Finally, Wedmont Private Capital boosted its holdings in shares of Ubiquiti by 4.7% during the 2nd quarter. Wedmont Private Capital now owns 697 shares of the company’s stock worth $281,000 after buying an additional 31 shares in the last quarter. 4.00% of the stock is currently owned by institutional investors.

About Ubiquiti

Ubiquiti Inc develops networking technology for service providers, enterprises, and consumers. The company develops technology platforms for high-capacity distributed Internet access, unified information technology, and consumer electronics for professional, home, and personal use. Its service provider product platforms offer carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems, and routing and related software; and enterprise product platforms provide wireless LAN infrastructure, video surveillance products, switching and routing solutions, security gateways, door access systems, and other WLAN products.