Engineers Gate Manager LP Buys Shares of 3,757 Ubiquiti Inc. $UI

Engineers Gate Manager LP bought a new stake in shares of Ubiquiti Inc. (NYSE:UI) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,757 shares of the company’s stock, valued at approximately $2,006,000.

Several other large investors have also recently made changes to their positions in UI. Corient Private Wealth LLC boosted its position in shares of Ubiquiti by 73,940.4% in the 4th quarter. Corient Private Wealth LLC now owns 1,113,568 shares of the company’s stock worth $616,193,000 after purchasing an additional 1,112,064 shares in the last quarter. BlackRock Inc. bought a new position in Ubiquiti during the 2nd quarter valued at approximately $163,010,000. Arrowstreet Capital Limited Partnership increased its position in Ubiquiti by 11.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 183,464 shares of the company’s stock valued at $101,520,000 after buying an additional 19,504 shares in the last quarter. Capital World Investors raised its stake in Ubiquiti by 16.2% during the fourth quarter. Capital World Investors now owns 100,056 shares of the company’s stock valued at $55,366,000 after buying an additional 13,970 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Ubiquiti during the second quarter valued at $30,086,000. 4.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Barclays cut their target price on Ubiquiti from $672.00 to $489.00 and set an “underweight” rating on the stock in a research note on Monday, August 24th. Weiss Ratings lowered Ubiquiti from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Zacks Research cut shares of Ubiquiti from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 14th. Finally, BWS Financial reiterated a “buy” rating and issued a $980.00 price target on shares of Ubiquiti in a research note on Thursday, August 27th. One equities research 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 MarketBeat, the company has a consensus rating of “Hold” and an average price target of $734.50.

Ubiquiti Trading Up 2.0%

UI stock opened at $564.08 on Wednesday. The stock has a market capitalization of $34.14 billion, a PE ratio of 35.59 and a beta of 1.31. Ubiquiti Inc. has a 12-month low of $500.23 and a 12-month high of $1,099.99. The stock’s 50 day simple moving average is $560.51 and its 200 day simple moving average is $677.14.

Ubiquiti (NYSE:UI) last issued its earnings results on Friday, August 21st. The company reported $4.73 EPS for the quarter, beating the consensus estimate of $4.03 by $0.70. The business had revenue of $937.32 million for the quarter, compared to the consensus estimate of $850.50 million. Ubiquiti had a return on equity of 85.57% and a net margin of 29.33%.During the same period last year, the business posted $4.41 EPS. On average, research analysts predict that Ubiquiti Inc. will post 15.53 earnings per share for the current year.

Ubiquiti Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 31st were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 0.7%. This is a boost from Ubiquiti’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Monday, August 31st. Ubiquiti’s payout ratio is 25.24%.

Ubiquiti Profile

Ubiquiti Inc develops and sells networking technology for businesses, service providers and consumers. Its products include wireless access points, routers, gateways, switches, security cameras, access-control systems and network management software.

The company markets its products through several technology platforms and brands, including UniFi for enterprise and small-business networking, and airMAX, LTU and related products for wireless internet service providers. Ubiquiti also offers consumer-focused networking products under the AmpliFi brand and operates software and services designed to help customers manage their networks.

Founded in 2003 by Robert Pera, Ubiquiti serves customers internationally through distributors, online channels and other sales partners.