Ubiquiti (NYSE:UI) Issues Quarterly Earnings Results

Ubiquiti (NYSE:UI) posted its earnings results on Friday. The company reported $3.46 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.98, FiscalAI reports. Ubiquiti had a return on equity of 166.22% and a net margin of 27.66%.The business had revenue of $733.77 million during the quarter, compared to analyst estimates of $702.38 million.

Ubiquiti Stock Down 19.4%

NYSE:UI traded down $147.07 during mid-day trading on Friday, hitting $612.50. 381,186 shares of the company traded hands, compared to its average volume of 133,130. The stock’s fifty day moving average price is $671.75 and its 200-day moving average price is $501.81. Ubiquiti has a one year low of $255.00 and a one year high of $803.59. The firm has a market cap of $37.06 billion, a price-to-earnings ratio of 52.04 and a beta of 1.50.

Ubiquiti Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Investors of record on Monday, November 17th will be given a dividend of $0.80 per share. The ex-dividend date is Monday, November 17th. This represents a $3.20 annualized dividend and a yield of 0.5%. Ubiquiti’s payout ratio is 27.19%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in UI. Qube Research & Technologies Ltd increased its holdings in Ubiquiti by 380.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 53,158 shares of the company’s stock valued at $21,882,000 after acquiring an additional 42,092 shares during the last quarter. Squarepoint Ops LLC grew its position in shares of Ubiquiti by 41.9% during the second quarter. Squarepoint Ops LLC now owns 39,919 shares of the company’s stock valued at $16,433,000 after purchasing an additional 11,787 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Ubiquiti by 33.8% in the first quarter. Goldman Sachs Group Inc. now owns 33,836 shares of the company’s stock worth $10,494,000 after purchasing an additional 8,551 shares during the last quarter. Jane Street Group LLC lifted its position in shares of Ubiquiti by 117.7% in the second quarter. Jane Street Group LLC now owns 29,974 shares of the company’s stock worth $12,339,000 after buying an additional 16,206 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in Ubiquiti by 142.8% during the second quarter. Treasurer of the State of North Carolina now owns 20,234 shares of the company’s stock valued at $8,329,000 after buying an additional 11,901 shares during the last quarter. 4.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

UI has been the subject of a number of recent analyst reports. Zacks Research lowered Ubiquiti from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. BWS Financial lifted their price target on shares of Ubiquiti from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Monday, October 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Ubiquiti in a report on Wednesday, October 8th. Barclays raised their target price on shares of Ubiquiti from $247.00 to $299.00 and gave the stock an “underweight” rating in a report on Friday, August 22nd. Finally, UBS Group set a $600.00 target price on shares of Ubiquiti in a research note on Monday, August 25th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $539.67.

Ubiquiti Company Profile

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.