Covestor Ltd Decreases Stock Position in Ubiquiti Inc. (NYSE:UI)

Covestor Ltd lowered its stake in Ubiquiti Inc. (NYSE:UI) by 75.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 266 shares of the company’s stock after selling 809 shares during the quarter. Covestor Ltd’s holdings in Ubiquiti were worth $59,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Millennium Management LLC increased its holdings in shares of Ubiquiti by 86.2% in the 2nd quarter. Millennium Management LLC now owns 58,349 shares of the company’s stock worth $8,499,000 after buying an additional 27,011 shares during the last quarter. SW Investment Management LLC grew its holdings in Ubiquiti by 9.1% during the 2nd quarter. SW Investment Management LLC now owns 300,000 shares of the company’s stock valued at $43,698,000 after purchasing an additional 25,000 shares during the last quarter. Vanguard Group Inc. grew its holdings in Ubiquiti by 24.1% during the 1st quarter. Vanguard Group Inc. now owns 97,817 shares of the company’s stock valued at $11,332,000 after purchasing an additional 18,986 shares during the last quarter. AQR Capital Management LLC grew its holdings in Ubiquiti by 88.8% during the 2nd quarter. AQR Capital Management LLC now owns 23,546 shares of the company’s stock valued at $3,372,000 after purchasing an additional 11,076 shares during the last quarter. Finally, Maverick Capital Ltd. grew its holdings in Ubiquiti by 76.3% during the 2nd quarter. Maverick Capital Ltd. now owns 19,093 shares of the company’s stock valued at $2,781,000 after purchasing an additional 8,264 shares during the last quarter. Hedge funds and other institutional investors own 4.00% of the company’s stock.

Ubiquiti Price Performance

Ubiquiti stock opened at $343.12 on Friday. The stock has a market cap of $20.75 billion, a price-to-earnings ratio of 52.88 and a beta of 1.13. The company has a debt-to-equity ratio of 2.80, a current ratio of 2.54 and a quick ratio of 1.59. Ubiquiti Inc. has a 1 year low of $104.24 and a 1 year high of $355.31. The firm has a 50-day moving average of $240.05 and a two-hundred day moving average of $185.22.

Ubiquiti (NYSE:UI) last announced its quarterly earnings results on Friday, August 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.17). Ubiquiti had a return on equity of 532.06% and a net margin of 19.36%. The business had revenue of $507.50 million during the quarter, compared to analysts’ expectations of $538.23 million. The firm’s revenue was up 3.3% on a year-over-year basis. On average, research analysts forecast that Ubiquiti Inc. will post 7.09 earnings per share for the current year.

Ubiquiti Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 18th will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $2.40 annualized dividend and a dividend yield of 0.70%. Ubiquiti’s payout ratio is presently 37.15%.

Wall Street Analysts Forecast Growth

UI has been the topic of several analyst reports. StockNews.com upgraded shares of Ubiquiti from a “hold” rating to a “buy” rating in a report on Monday. BWS Financial boosted their price objective on shares of Ubiquiti from $240.00 to $385.00 and gave the company a “buy” rating in a research report on Monday. Finally, Barclays boosted their price objective on shares of Ubiquiti from $104.00 to $236.00 and gave the company an “underweight” rating in a research report on Monday.

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.