Wellington Management Group LLP Buys New Position in Ubiquiti Inc. $UI

Wellington Management Group LLP purchased a new position in shares of Ubiquiti Inc. (NYSE:UI) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,431 shares of the company’s stock, valued at approximately $764,000.

Several other institutional investors also recently added to or reduced their stakes in UI. North Star Asset Management Inc. purchased a new stake in Ubiquiti in the second quarter valued at approximately $267,000. Empowered Funds LLC purchased a new position in shares of Ubiquiti during the second quarter worth approximately $252,000. United Capital Financial Advisors LLC purchased a new position in shares of Ubiquiti during the second quarter worth approximately $237,000. Public Employees Retirement System of Ohio acquired a new position in shares of Ubiquiti in the 2nd quarter valued at $646,000. Finally, Corient Private Wealth LP acquired a new position in shares of Ubiquiti in the 2nd quarter valued at $3,165,000. Institutional investors and hedge funds own 4.00% of the company’s stock.

Analysts Set New Price Targets

UI has been the subject of a number of recent research reports. Barclays decreased their price target on shares of Ubiquiti from $672.00 to $489.00 and set an “underweight” rating for the company in a research note on Monday, August 24th. BWS Financial restated a “buy” rating and issued a $980.00 price objective on shares of Ubiquiti in a research note on Thursday, August 27th. Zacks Research cut shares of Ubiquiti from a “strong-buy” rating to a “hold” rating in a report on Friday, August 14th. Finally, Weiss Ratings downgraded shares of Ubiquiti from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. One equities research analyst has rated the stock with a Buy rating, two have given 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 a consensus price target of $734.50.

Ubiquiti Stock Performance

Shares of Ubiquiti stock opened at $561.34 on Friday. The company has a market cap of $33.98 billion, a P/E ratio of 35.42 and a beta of 1.31. Ubiquiti Inc. has a one year low of $500.23 and a one year high of $1,099.99. The firm has a fifty day moving average of $559.38 and a two-hundred day moving average of $680.24.

Ubiquiti (NYSE:UI) last released its earnings results on Friday, August 21st. The company reported $4.73 EPS for the quarter, topping the consensus estimate of $4.03 by $0.70. Ubiquiti had a net margin of 29.33% and a return on equity of 85.57%. The company had revenue of $937.32 million during the quarter, compared to analysts’ expectations of $850.50 million. During the same quarter last year, the business earned $4.41 EPS. As a group, equities analysts predict that Ubiquiti Inc. will post 15.53 earnings per share for the current year.

Ubiquiti Increases Dividend

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

About Ubiquiti

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.