Ubiquiti (NYSE:UI) Hits New 1-Year High – Still a Buy?

Ubiquiti Inc. (NYSE:UI) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $803.60 and last traded at $775.4690, with a volume of 148315 shares trading hands. The stock had previously closed at $787.18.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on UI. UBS Group set a $600.00 price target on shares of Ubiquiti in a research report on Monday, August 25th. BWS Financial lifted their target price on shares of Ubiquiti from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Barclays lifted 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, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ubiquiti in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ubiquiti presently has an average rating of “Hold” and an average target price of $539.67.

Ubiquiti Stock Performance

The business’s fifty day moving average price is $655.94 and its 200-day moving average price is $492.49. The stock has a market cap of $46.92 billion, a PE ratio of 65.89 and a beta of 1.44.

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

Ubiquiti Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.80 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Ubiquiti’s previous quarterly dividend of $0.60. This represents a $3.20 annualized dividend and a dividend yield of 0.4%. Ubiquiti’s dividend payout ratio is presently 27.19%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in UI. Golden State Wealth Management LLC purchased a new position in shares of Ubiquiti during the first quarter valued at approximately $25,000. Envestnet Asset Management Inc. raised its holdings in shares of Ubiquiti by 15.9% during the first quarter. Envestnet Asset Management Inc. now owns 7,541 shares of the company’s stock valued at $2,339,000 after purchasing an additional 1,033 shares during the last quarter. Raleigh Capital Management Inc. increased its holdings in Ubiquiti by 26.2% during the first quarter. Raleigh Capital Management Inc. now owns 361 shares of the company’s stock valued at $112,000 after buying an additional 75 shares during the last quarter. M&T Bank Corp increased its holdings in Ubiquiti by 7.2% during the first quarter. M&T Bank Corp now owns 1,174 shares of the company’s stock valued at $364,000 after buying an additional 79 shares during the last quarter. Finally, Trek Financial LLC purchased a new stake in Ubiquiti during the first quarter valued at approximately $536,000. 4.00% of the stock is owned by hedge funds and other 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.