Geode Capital Management LLC Purchases 3,094 Shares of Ubiquiti Inc. $UI

Geode Capital Management LLC raised its position in Ubiquiti Inc. (NYSE:UI) by 4.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,152 shares of the company’s stock after purchasing an additional 3,094 shares during the period. Geode Capital Management LLC owned approximately 0.12% of Ubiquiti worth $28,886,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Assetmark Inc. grew its holdings in shares of Ubiquiti by 45.2% in the 1st quarter. Assetmark Inc. now owns 3,314 shares of the company’s stock valued at $1,028,000 after buying an additional 1,032 shares during the period. Federated Hermes Inc. bought a new position in Ubiquiti during the first quarter worth about $404,000. GSA Capital Partners LLP raised its holdings in Ubiquiti by 10.2% during the 1st quarter. GSA Capital Partners LLP now owns 2,858 shares of the company’s stock worth $886,000 after buying an additional 265 shares during the period. Vestcor Inc bought a new stake in Ubiquiti in the 1st quarter valued at $704,000. Finally, Bayforest Capital Ltd acquired a new stake in shares of Ubiquiti in the 1st quarter valued at about $201,000. 4.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on UI. Barclays raised their price target on shares of Ubiquiti from $299.00 to $455.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ubiquiti in a research report on Tuesday. Zacks Research cut shares of Ubiquiti from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. BWS Financial restated a “buy” rating and set a $720.00 price objective on shares of Ubiquiti in a research note on Tuesday, November 11th. Finally, UBS Group set a $600.00 target price on Ubiquiti in a research report on Monday, August 25th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $591.67.

Insider Transactions at Ubiquiti

In other Ubiquiti news, CAO Kevin Radigan sold 350 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $576.58, for a total transaction of $201,803.00. Following the completion of the sale, the chief accounting officer owned 2,768 shares of the company’s stock, valued at $1,595,973.44. This trade represents a 11.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 93.10% of the stock is owned by corporate insiders.

Ubiquiti Price Performance

Shares of UI opened at $583.09 on Friday. The company has a market cap of $35.28 billion, a PE ratio of 49.54 and a beta of 1.50. The firm has a 50-day moving average of $662.86 and a 200-day moving average of $524.59. Ubiquiti Inc. has a one year low of $255.00 and a one year high of $803.59.

Ubiquiti (NYSE:UI) last issued its earnings results on Friday, November 7th. The company reported $3.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.98. The business had revenue of $733.77 million during the quarter, compared to the consensus estimate of $702.38 million. Ubiquiti had a net margin of 27.66% and a return on equity of 166.22%. Analysts expect that Ubiquiti Inc. will post 7.21 earnings per share for the current year.

Ubiquiti Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Monday, November 17th were paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, November 17th. Ubiquiti’s dividend payout ratio is 24.46%.

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.